BTC made a new all-time high, and for those who have been holding since the last time we were here (well done), and I think we a relieved to be back here. As can be expected price has reacted to this level with a strong red candle. It's early but this is starting to look bullish as price has only fallen to the bottom of the channel it has been trading in (better viewed on the 4hr chart). If price action breaks through this channel I would expect larger declines. We did need a pullback as RSI was overstretched and there were too many leveraged traders going long for it to move in that direction. These corrections pave the way for further moves.
Buyers have rushed back in at these slightly discounted levels stabilising the price for the moment. The market (social media) is very bullish, so we need to watch carefully to see if the bulls have what it takes to hold this channel.
I'm holding for the time being, at least until it's clear the bulls have lost control. In a bull market BTC can be relentless in its ability to push back up.
Buyers have rushed back in at these slightly discounted levels stabilising the price for the moment. The market (social media) is very bullish, so we need to watch carefully to see if the bulls have what it takes to hold this channel.
I'm holding for the time being, at least until it's clear the bulls have lost control. In a bull market BTC can be relentless in its ability to push back up.
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