Resistance & Excessive Sweating
As we come up to bat against this resistance once more, it's important to remember to stay hydrated and keep those electrolytes up as the price does its best impression of the little-engine-that-could in mid-air.
This is not a spot where the TA is super clear, it's primed for a fakeout in either direction.
For the bullish case we have made some lower highs and broken upward out of the downtrend that saw us hit a yearly ATL, the price is is also still bouncing off diagonal support while it holds in the 4k-ish area with more stability than it has in the past.
For da bears it's not a higher high, and the last touch up into the 4k's missed the mark too....which is never a good sign. It's leaning on the support it has established a bit more heavily as well, and there isn't any notable volume going on yet to support a strong break upward. Frankly, the price action looks a bit tired...but Bitcoin has always been willing to play head games that would put Brent Crude traders in a mental ward; so, as always anything can happen.
As far as the psyops, it's a juicy short opportunity since setting a tight ass stop is easy, especially for all the 5m chart scalpers...which can lead to all sorts of types of traders piling on for a short at this point. Bitcoin bulls are also completely irrational when it comes to short term trading and whatever horribly disfigured HODLr's have managed to stay alive and are still waiting for a run to 10k have gone so far beyond suffering they'll be foaming at the mouth to see BTC break upwards.
S t a y f r o s t y .
This is not a spot where the TA is super clear, it's primed for a fakeout in either direction.
For the bullish case we have made some lower highs and broken upward out of the downtrend that saw us hit a yearly ATL, the price is is also still bouncing off diagonal support while it holds in the 4k-ish area with more stability than it has in the past.
For da bears it's not a higher high, and the last touch up into the 4k's missed the mark too....which is never a good sign. It's leaning on the support it has established a bit more heavily as well, and there isn't any notable volume going on yet to support a strong break upward. Frankly, the price action looks a bit tired...but Bitcoin has always been willing to play head games that would put Brent Crude traders in a mental ward; so, as always anything can happen.
As far as the psyops, it's a juicy short opportunity since setting a tight ass stop is easy, especially for all the 5m chart scalpers...which can lead to all sorts of types of traders piling on for a short at this point. Bitcoin bulls are also completely irrational when it comes to short term trading and whatever horribly disfigured HODLr's have managed to stay alive and are still waiting for a run to 10k have gone so far beyond suffering they'll be foaming at the mouth to see BTC break upwards.
S t a y f r o s t y .
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