🚨 BITCOIN IS MOVING FAST BUT I WOULD NOT CHASE IT YET
$BTC has made a strong comeback over the past few weeks, moving back above $70K and $75K before reaching toward $80K. That has many people thinking the next bull run may already be starting.
But I think there is more to this move.
A large part of the rally came from short positions being forced out. More than $1 billion in BTC shorts were liquidated in around an hour, adding extra buying pressure to the market.
There are still some warning signs worth watching.
• The daily chart is showing weakness
• The monthly chart has not confirmed a clear new uptrend
• RSI is getting close to overheated levels
• Futures open interest is rising again as leverage returns
One thing stands out to me.
Bitcoin still has not made a new all time high.
This could be a strong recovery after the recent drop rather than the start of a completely new breakout.
I remain optimistic about $BTC , but I would rather protect my position than chase every green candle.
The market can move higher without giving everyone a perfect entry.
#USStrikesIranianRocketLaunchers
$BTC has made a strong comeback over the past few weeks, moving back above $70K and $75K before reaching toward $80K. That has many people thinking the next bull run may already be starting.
But I think there is more to this move.
A large part of the rally came from short positions being forced out. More than $1 billion in BTC shorts were liquidated in around an hour, adding extra buying pressure to the market.
There are still some warning signs worth watching.
• The daily chart is showing weakness
• The monthly chart has not confirmed a clear new uptrend
• RSI is getting close to overheated levels
• Futures open interest is rising again as leverage returns
One thing stands out to me.
Bitcoin still has not made a new all time high.
This could be a strong recovery after the recent drop rather than the start of a completely new breakout.
I remain optimistic about $BTC , but I would rather protect my position than chase every green candle.
The market can move higher without giving everyone a perfect entry.
#USStrikesIranianRocketLaunchers
