Bitcoin Correction? Let's See!
I'm tempted to get into a long, drawn-out explanation for why Bitcoin (among other cryptos) may be a buy at the moment, but I'm gonna keep it as simple as I can.
Just so you guys know, I called the crypto top back in 2017 and the top late last year. I said that to say that I have a pretty good idea how to read market direction.
What I currently see if price hitting a weekly demand level between the 1750-2000'ish range and price has responded to that level in a way that you'd want to see if you're a bull. Once you get down to the daily, you see price consolidating as it has been doing since June. if I'm a long-term bull, this is what I want to see because it indicates (not guarantee) that there's possible accumulation at this demand level. If prices happen to breakout to the upside, then I see 30,000 as the next likely target. At 30,000 however, prices may fully reverse and continue down. Personally, I think that's what is more likely, which is why this long recommendation is more of a correction play and not a trend reversal play. However, if 30,000 is taken out, I think that we'll end up back in the 40,000's.
Conclusion: I think that a play on a long side is cool if one wants quick action in cryptos for the time being, especially as the dollar is moving down. The trend is still down, nonetheless, so I wouldn't get TOO excited about any breakout to the upside.
Just so you guys know, I called the crypto top back in 2017 and the top late last year. I said that to say that I have a pretty good idea how to read market direction.
What I currently see if price hitting a weekly demand level between the 1750-2000'ish range and price has responded to that level in a way that you'd want to see if you're a bull. Once you get down to the daily, you see price consolidating as it has been doing since June. if I'm a long-term bull, this is what I want to see because it indicates (not guarantee) that there's possible accumulation at this demand level. If prices happen to breakout to the upside, then I see 30,000 as the next likely target. At 30,000 however, prices may fully reverse and continue down. Personally, I think that's what is more likely, which is why this long recommendation is more of a correction play and not a trend reversal play. However, if 30,000 is taken out, I think that we'll end up back in the 40,000's.
Conclusion: I think that a play on a long side is cool if one wants quick action in cryptos for the time being, especially as the dollar is moving down. The trend is still down, nonetheless, so I wouldn't get TOO excited about any breakout to the upside.
Penafian
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