Needless to say since the last time I posted a chart that Bitcoin lost 200EMA support and is officially bearish until further notice.
With that being said we got our first glimpse of hope today in the form of the biggest daily volume candle that I have ever seen. Normally that would be an indicator that a reversal is underway. I am not convinced of that quite yet, though. I still think that we will dip further, but that type of buying volume is extremely encouraging.
My speculation is that Wall Street futures mixed with an exuberant and euphoric market mixed with the whales manipulation efforts worked together to drive the price down. Wall Street wanted in cheaper and the big money could help them doing so while shaking out all the weak retail money that jumped in trying to get rich without knowing the first thing about this market and resetting the chart. That is simply my pure speculation, though. And I think that monster buying volume we saw today was from Wall Street as we near their more ideal entry level.
I personally have a feeling that there's at least a retest of the new lows (5.9K last night) in store before a real move back up. There is more weak money that needs to be shook out and there is more Wall Street money wanting to get in for cheap. Because of this my plan is to average up between 5K-6.5K if we see those levels with 5K being my bottom target.
The bottom may not yet be in but I think it is close. If the next dip to the 6K range produces similar volume as it did today then I may be willing to say we won't see that low of levels again for a long time.
With that being said we got our first glimpse of hope today in the form of the biggest daily volume candle that I have ever seen. Normally that would be an indicator that a reversal is underway. I am not convinced of that quite yet, though. I still think that we will dip further, but that type of buying volume is extremely encouraging.
My speculation is that Wall Street futures mixed with an exuberant and euphoric market mixed with the whales manipulation efforts worked together to drive the price down. Wall Street wanted in cheaper and the big money could help them doing so while shaking out all the weak retail money that jumped in trying to get rich without knowing the first thing about this market and resetting the chart. That is simply my pure speculation, though. And I think that monster buying volume we saw today was from Wall Street as we near their more ideal entry level.
I personally have a feeling that there's at least a retest of the new lows (5.9K last night) in store before a real move back up. There is more weak money that needs to be shook out and there is more Wall Street money wanting to get in for cheap. Because of this my plan is to average up between 5K-6.5K if we see those levels with 5K being my bottom target.
The bottom may not yet be in but I think it is close. If the next dip to the 6K range produces similar volume as it did today then I may be willing to say we won't see that low of levels again for a long time.