Can Someone "Poke the Bear" and Wake Bitcoin Up?
The past couple months we have seen price action from bitcoin like we haven't seen in many years. The action is the lack thereof. Price has been stuck in a range muting volatility, thus chances of price appreciation (and depreciation for that matter).
Set the Alarm!
Looking at the chart you can see several trendlines. The important ones are around 10,400 and 8,400. Those are the levels that will need to be breached for price to become bullish or bearish.
Obviously the upside is preferred, but for those that are hoping to buy in at lower prices, that would be the opportunity.
For now, we continue to wait.
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I'll need a 6 ft pole to maintain social distancing.
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Responsible poking, good job!
what's the problem? bitcoin is a nice stablecoin pegged at $9000 🤣
I'll take it! lol. Better than 5,000 ;-)
If you check the Bitcoin Dominance, you can see that Market Cap has been moving into Altcoins. It looks like we are in a Wyckoff Distribution Phase D, and what appears to be happening is Altcoins are getting pumped, retail is FOMOing into Altcoins from Bitcoin (in a chase for volatility). Institutions are filling the retail buy orders for Alts and and distributing the Bitcoin they received in the current range for fiat with minimal slippage. Honestly the elegance of the operation is a thing to behold.
On my side, I'm expecting Bitcoin to take a significant dive within the next two weeks (more likely this week) as the final Wyckoff Distribution Phase plays out. Not sure if the Selling Climax finishes at $8,600 or somewhere closer to the $7,700 mark, but it should be significant.