Bitcoin is up 1.82 percent to 74,483 dollars. Dip bought, or dead cat bounce? 🤔
The case for a real bottom is simple: Bitcoin held the 200 day average near 73,150 dollars, shorts got squeezed for 90.5 million dollars, altcoins bounced harder than Bitcoin, and ETF outflows slowed to 95 million dollars from 430 million a week ago. 📊 The case against it is just as strong: Bitcoin is still down 7.51 percent in 7 days, still below Strategy average cost of 75,456 dollars, still below the 50 week average near 76,100 dollars, and Friday PPI plus the MSCI verdict tonight can still move the market hard. My reading is that one green evening proves buyers exist near 73,000 dollars, but it proves nothing about the trend, because every bounce in a downtrend looks like a bottom until it fails, and the daily close is the only judge that counts.
What is your call: real bottom near 73,000, or dead cat before 70,000? 🤔
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#Crypto #Bitcoin #FuturesTrading #TradingSignals #BTC
The case for a real bottom is simple: Bitcoin held the 200 day average near 73,150 dollars, shorts got squeezed for 90.5 million dollars, altcoins bounced harder than Bitcoin, and ETF outflows slowed to 95 million dollars from 430 million a week ago. 📊 The case against it is just as strong: Bitcoin is still down 7.51 percent in 7 days, still below Strategy average cost of 75,456 dollars, still below the 50 week average near 76,100 dollars, and Friday PPI plus the MSCI verdict tonight can still move the market hard. My reading is that one green evening proves buyers exist near 73,000 dollars, but it proves nothing about the trend, because every bounce in a downtrend looks like a bottom until it fails, and the daily close is the only judge that counts.
What is your call: real bottom near 73,000, or dead cat before 70,000? 🤔
Follow for more trades.
#Crypto #Bitcoin #FuturesTrading #TradingSignals #BTC
