BTC HIT 83009 AND THE SELLERS THREW IT BACK
80500 Sunday low
83009 Monday top
81916 now
Read those three numbers twice because they tell you the whole story of today
Bitcoin climbed back to the 83000 wall this morning after the Sunday crash scare then gave almost everything back
It is holding up only 1 percent on the day
Here is the part that bothers me
Today was supposed to be a perfect day for Bitcoin
China announced growth that beat expectations
Oil cooled down from the 110 spike
The market cut the odds of a new Fed rate hike in October to 15 percent
Nasdaq futures jumped more than 1 percent
Gold held and the dollar held
When every single macro door opens and you still cannot walk through one of them something is wrong
In simple words a sell wall is a giant pile of sell orders parked at one price
At 83000 that pile has now stopped Bitcoin three times since the middle of last week
First the inflation report knocked it down
Then Friday knocked it down again
Today with all the good news it knocked it down a third time
The buyers are brave but they keep running into the same wall
My read is uncomfortable
The bounce everyone is celebrating is not strength
Strength would have been holding above 83000 on a day this green
A coin that gets a perfect macro setup and still fades is a coin where the sellers are in control until proven otherwise
I weight the test of 80000 coming first
A daily close above 83500 would kill my read and I would say so in the comments because that would mean real buyers finally absorbed the wall
Until then I am not touching the top of this range
The honest trade is waiting
One more number for the bulls
Pullbacks since the August rally stayed under 9 percent so far
Shallow dips are healthy until the day they are not
If 80000 breaks this time the next stop everyone will be watching is 77000
So tell me
Are you buying this dip or waiting for 80000
Name your number in the comments
$BTC
#BinanceSquare #WriteToEarn #Crypto #Bitcoin #BTCHit83009Rejected
80500 Sunday low
83009 Monday top
81916 now
Read those three numbers twice because they tell you the whole story of today
Bitcoin climbed back to the 83000 wall this morning after the Sunday crash scare then gave almost everything back
It is holding up only 1 percent on the day
Here is the part that bothers me
Today was supposed to be a perfect day for Bitcoin
China announced growth that beat expectations
Oil cooled down from the 110 spike
The market cut the odds of a new Fed rate hike in October to 15 percent
Nasdaq futures jumped more than 1 percent
Gold held and the dollar held
When every single macro door opens and you still cannot walk through one of them something is wrong
In simple words a sell wall is a giant pile of sell orders parked at one price
At 83000 that pile has now stopped Bitcoin three times since the middle of last week
First the inflation report knocked it down
Then Friday knocked it down again
Today with all the good news it knocked it down a third time
The buyers are brave but they keep running into the same wall
My read is uncomfortable
The bounce everyone is celebrating is not strength
Strength would have been holding above 83000 on a day this green
A coin that gets a perfect macro setup and still fades is a coin where the sellers are in control until proven otherwise
I weight the test of 80000 coming first
A daily close above 83500 would kill my read and I would say so in the comments because that would mean real buyers finally absorbed the wall
Until then I am not touching the top of this range
The honest trade is waiting
One more number for the bulls
Pullbacks since the August rally stayed under 9 percent so far
Shallow dips are healthy until the day they are not
If 80000 breaks this time the next stop everyone will be watching is 77000
So tell me
Are you buying this dip or waiting for 80000
Name your number in the comments
$BTC
#BinanceSquare #WriteToEarn #Crypto #Bitcoin #BTCHit83009Rejected