The DIP in Bitcoin confirms and persists...
Last week I posted about the suspiciously bearish signal in Bitcoin. Turns out it was correct. *back pat*. The one day spike was followed immediately by a -5.85% reversal. Nothing beats liquidity.
The question now is do we go up from here? My eggs are in the 'no' basket. While it's true that overall we're in a bullish flow state, the yellow countertrend signals should always be respected. After all, they are precursors to trend changes.
... and the times it doesn't signal a trend change, it still portends a short-term move or contextualizes one that has recently occurred.
So my expectation is that we see 28K before 35K. And hey, if the dip reverses with a green bounce, well then probably a good idea to pile in because that would be -- as the kids would say -- bullish af.
The question now is do we go up from here? My eggs are in the 'no' basket. While it's true that overall we're in a bullish flow state, the yellow countertrend signals should always be respected. After all, they are precursors to trend changes.
... and the times it doesn't signal a trend change, it still portends a short-term move or contextualizes one that has recently occurred.
So my expectation is that we see 28K before 35K. And hey, if the dip reverses with a green bounce, well then probably a good idea to pile in because that would be -- as the kids would say -- bullish af.
"Even the wise cannot see all ends." - Gandalf
Connect with me on Twitter. I'm always open to discuss.
Connect with me on Twitter. I'm always open to discuss.
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