Time to get happy yet? Here's a brief market summary of how I personally see things panning out. So, BTC has had a short term pump overnight. We're currently sitting at just over the $6600 mark and the technicals look poised for a move to the upside. Supporting this are the current extreme short positions in BTC, highlighting the fact that a relief rally of some sort may be on the cards. In addition, as long as we're perched on the right side of that $5800-$6000 range, chances are we could get the "big" turnaround we're all waiting for. However, that remains to be seen.
As you can see on the chart, we must clear the $8500 level in even "think" about that possible bullish move in the longer term. For now, the overall bearish sentiment is still well and truly in place and the fact that any move up from here is just a delayed reaction to the huge down move of the past several months, is also very likely. So, what does this all mean for us?
Well, the answer to that is there are potential short term profits on the table, from here on in. We are very close to confirming this scenario. Maybe a day or so way. But the way I see it, waiting for that is just a minor formality. We should be moving up soon. Just watch the $8500 price point. It may very well dip again back to these lows or even much further, as the case may be. But again, this is only for those that may want to capitalize on some fast money in these markets. Me? I'm dollar cost averaging all the way. I've got my limits set on the way down and if they hit, they hit. If not, at least I wasn't caught out in any uncomfortable swing trades. After all, this is BTC we're talking about. And "volatility" is an understatement where this coin is concerned. Be prepared for anything and reduce risk whenever possible.
Bless and have a great day, y'all! :)
