Everyone thinks a late Sunday pump means buyers finally took control, but actually a lot of that move is just shorts covering rather than new money walking in.
That is the mistake that keeps costing people. The candle turns green, fear of missing the turn kicks in, and there is no plan for the exit when price starts giving it back.
Think of a crowded shop that looks busy only because the earlier customers are leaving through the front door. That is often what a short-covering bounce looks like. $BTC is rejecting the weekly VWAP near 83.7k and the monthly VWAP near 84.2k, so those levels are acting like a ceiling for now. A close back under 83.5k would make a move lower pretty likely, with the weekly low around 80.3k and the 80k area as the first places price tends to test. Into the new weekly open the bias stays bearish, because once that short-covering fuel runs out, $BTC can turn around and flush the longs who bought the bounce.
Anyone else treating 83.5k as the line that matters from here?
#BTC #Bitcoin #PriceAnalysis
That is the mistake that keeps costing people. The candle turns green, fear of missing the turn kicks in, and there is no plan for the exit when price starts giving it back.
Think of a crowded shop that looks busy only because the earlier customers are leaving through the front door. That is often what a short-covering bounce looks like. $BTC is rejecting the weekly VWAP near 83.7k and the monthly VWAP near 84.2k, so those levels are acting like a ceiling for now. A close back under 83.5k would make a move lower pretty likely, with the weekly low around 80.3k and the 80k area as the first places price tends to test. Into the new weekly open the bias stays bearish, because once that short-covering fuel runs out, $BTC can turn around and flush the longs who bought the bounce.
Anyone else treating 83.5k as the line that matters from here?
#BTC #Bitcoin #PriceAnalysis