Bitcoin has broken structure on the daily and closed below the previous market structure creating a new lower low close around 56669 area
One way to see this from a story telling perspective would be a push higher to grab liquidity left from the drop and price moving too quickly to the downside. This would lure new buyers into the market as they see it starting to rise (suckers rally) before price is taken lower to allow better positioning for whales bleed into DCA and then to position lower to mitigate out of any negative positions.
POV: Every fake out to the top side brings in new money that will be bag holding and most likely have to either DCA over a few months or be shaken out by a bit of volitility.
100k isn't out of the question this year but if this next push up doesn't find support i wouldn't be surprised to see a drop to at least 50k or 44k zones. From here it really is a 50/50 though. Either way. IF there is blood....sure its a bummer if you're holding the bag and have to wait. but a drop always means the opportunity to Lower the average of your buys or to stock up on more at a discount
Apologies for any sniffles or unclear words. I'm gonna go sleep now.
HEALTH IS WEALTH GUYS!
Keep Stacking it
-HP
One way to see this from a story telling perspective would be a push higher to grab liquidity left from the drop and price moving too quickly to the downside. This would lure new buyers into the market as they see it starting to rise (suckers rally) before price is taken lower to allow better positioning for whales bleed into DCA and then to position lower to mitigate out of any negative positions.
POV: Every fake out to the top side brings in new money that will be bag holding and most likely have to either DCA over a few months or be shaken out by a bit of volitility.
100k isn't out of the question this year but if this next push up doesn't find support i wouldn't be surprised to see a drop to at least 50k or 44k zones. From here it really is a 50/50 though. Either way. IF there is blood....sure its a bummer if you're holding the bag and have to wait. but a drop always means the opportunity to Lower the average of your buys or to stock up on more at a discount
Apologies for any sniffles or unclear words. I'm gonna go sleep now.
HEALTH IS WEALTH GUYS!
Keep Stacking it
-HP