Hi Steemians,
Here is my take on current BTC situation.
Yesterday i drew a level around $12,500 which in my opinion was critical to hold for the bulls. we tested the level several times since then and in lieu of showing weakness it showed buyers quickly buying bitcoin up quickly from weak hands. This is a show of strength not weakness. A breakout of $14,200 would confirm sellers and weak hands have been exhausted, and I will be looking to add a trade for a target of 18k. Note the higher high and the higher lows where we have consolidated. This does not mean we can not go lower, we can, but the trend is showing dips towards the 13k level are being quickly bought up. I have not initiated a position yet but I am looking to initiate a trade position if we show strength through the consolidation box or we show buying on another dip. This market has been resilient and the inflow of new money is providing some resiliency to the market. I was looking across my holdings and seeing the same picture. This is far from a weak market, but we must be cautious as sentiment can turn quickly and we are still in an overall corrective pullback.
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