Guys! It’s been a week, and every Bitcoin pullback is finding a higher low. The bears must be hurting!
Bitcoin has been pretty volatile over the National Day holiday. After several failed attempts to push higher, it pulled back—but each time, the low has been higher than before.
No matter how fast the pullback is, the rebound is just as quick. The price has generally managed to stop above the previous low!
With that, the market has been grinding upward, and the bulls haven’t lost any steam.
There are signs it could keep moving higher. The price is currently around 86,300, just a 1% gain away from the previous high.
Although I’m bullish, I don’t think a breakout—even if it happens—will bring any major surprises, so I’m not planning to add to my position.
Lately, the investment world has just felt weird. Something seems off, though I can’t quite put my finger on it.
U.S. stock indexes are hitting new highs despite pressure from rising interest rates. Treasury yields are also making new highs, while gold is falling! Oil is falling!
It feels like everything in the market is moving independently. Good news comes out and prices still fall; bad news comes out and they rise!
I can’t find any pattern anymore! I’ve even gotten used to seeing prices go up, up, up!
So, based on the 4-hour candlestick chart, the lows keep rising. I see that as a sign of market strength. If we get another breakout to a new high and the pullback still holds above the previous low, I’ll consider adding to my position!
The risk of adding at that point is getting caught out if the market makes a fake breakout!
If you want to build a deeper understanding of crypto but don’t know where to start, or want to get up to speed quickly and learn about information gaps, come chat with me in my chatroom. You’ll get first-hand updates and in-depth analysis!
Bitcoin has been pretty volatile over the National Day holiday. After several failed attempts to push higher, it pulled back—but each time, the low has been higher than before.
No matter how fast the pullback is, the rebound is just as quick. The price has generally managed to stop above the previous low!
With that, the market has been grinding upward, and the bulls haven’t lost any steam.
There are signs it could keep moving higher. The price is currently around 86,300, just a 1% gain away from the previous high.
Although I’m bullish, I don’t think a breakout—even if it happens—will bring any major surprises, so I’m not planning to add to my position.
Lately, the investment world has just felt weird. Something seems off, though I can’t quite put my finger on it.
U.S. stock indexes are hitting new highs despite pressure from rising interest rates. Treasury yields are also making new highs, while gold is falling! Oil is falling!
It feels like everything in the market is moving independently. Good news comes out and prices still fall; bad news comes out and they rise!
I can’t find any pattern anymore! I’ve even gotten used to seeing prices go up, up, up!
So, based on the 4-hour candlestick chart, the lows keep rising. I see that as a sign of market strength. If we get another breakout to a new high and the pullback still holds above the previous low, I’ll consider adding to my position!
The risk of adding at that point is getting caught out if the market makes a fake breakout!
If you want to build a deeper understanding of crypto but don’t know where to start, or want to get up to speed quickly and learn about information gaps, come chat with me in my chatroom. You’ll get first-hand updates and in-depth analysis!
