A New State Change
In my last post I mentioned that above 33500 is a key indicator where it will tip the scale from very bearish to neutral level. 33500 level is a state change in my opinion, and we can look forward to a bullish reversal soon. The price also has rejected staying below 30k level once again and this time the price is very nearing the 200 period moving average (point to note here). This is a big feat for the bulls. Now it suggests that we can ignore the 10k or 20k price predictions based on the points I have indicated. Plus it has been over 62 days, the bears couldn't suppress the price below 30k for more than 2 days in a row. When a price takes this long to make new lows, plus it is nearing the 200p level in 4hrs chart are solid indications that there is serious and quiet BTC accumulation going on for at least for the past one month.
The market makers can still drop the price towards 28k to shake more coins from others and to put them in their pockets or treasuries. So watch for such to happen and that is why I say the current state is still neutral, that means some slight down pressure can be at play in near term just to spook the bulls.
The bullish state can happen when price break above the major resistance or move past the sloping line from the peak as indicated in my chart. I have added my dollar cost average at 32500 level too.
The market makers can still drop the price towards 28k to shake more coins from others and to put them in their pockets or treasuries. So watch for such to happen and that is why I say the current state is still neutral, that means some slight down pressure can be at play in near term just to spook the bulls.
The bullish state can happen when price break above the major resistance or move past the sloping line from the peak as indicated in my chart. I have added my dollar cost average at 32500 level too.
Feragatname
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