Last December marked the end of 6 months of downhill for Bitcoin. After that, Bitcoin has resumed the upwards movement and every time it rises, the pullbacks are quicker and shorter.
Now, almost every trader is waiting for a pullback to the region of $8800 or $9600, at the very least.
Will Bitcoin allow them to wait... or will Bitcoin pull a fast leg on every trader and ignore all of their Technical Analysis and keep moving higher and higher, leaving all the day traders in the dust?
After another huge spike up today, all the technical signals showed the same: a downwards move to $9600 was about to happen.
Shortly after, two very bad news for the price of Bitcoin were released almost simultaneously, giving hope to all the traders that the so long awaited pullback was about to happen.
The first news came from Italy, where a massive hack happened in an Exchange, thus forcing them to shut doors after an irrecoverable loss.
The second news came from Asia, saying the culprits behind the PlusToken Scam moved a huge amount of Bitcoin.
PlusToken Scam Moves $123M in Bitcoin Just as BTC Price Regains $10K
These kind of news made a lot of traders believe an imminent dump of Bitcoin was imminent and it was only a matter of hours until it would crash down... So... they all opened short positions. After all, these news came at the same time Bitcoin had a very huge gain in a matter of minutes. It was the logical move to make.
However, Bitcoin didn't care... and just kept creeping higher and higher...
For the first time in 2 years, such massive FUD was completely ignored by the market. Now, everyone is scratching their heads and thinking: "Could I be wrong?"
Now, I want you to pay attention to these charts. Take a good look at the point where Bitcoin cleared the previous psychological line of 6k... and where every trader was very confident on a pullback to 4.5k or less.
See what happened? Bitcoin ignored all the technical signs and didn't give a crap about staging a pullback.
Compare it to the chart today, where Bitcoin has just cleared the next psychological mark of 10k and when almost every trader is, once again, confident it's going down to $8800.
See the similarities? I'm starting to think Bitcoin will do the exact same thing here and, instead of a pullback, it will go up another $1000 or $2000 in a 3 day period.
What are your thoughts on this? Do you think the technical signs will give traders an opportunity to buy lower? Or will the markets move to the unexpected side of the trade, leaving everyone confused again?
Disclaimer: I am not a professional trader. Heck, I am not even a day trader, so don't take this as an investment advice. I can be right or very, very wrong. Do your own thinking and follow your mind.
and you'll get 1 CC when you leave a good comment. Enjoy!
Posted via Steemleo