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RE: Bitcoin (BTC) Morning Update: And So It Begins.....a Breakout!!
Let's not too ahead of ourselves. Trade volume is still low. Ordinarily, the bounce would not have been as high. However, a lot of shorts had to be covered. They got caught with their pants down. Short covering caused the bounce to be explosive. Let's see what happens, as the dust settles. There could be more renewed shorting, if btc fails to stay bullish.
Only 1/3 of shorts covered though... so might still happen again if a major support gets broken. Way to volatile to short without stops which means ups are as violent as down swings.
Yes, usually, the first vertical move retreats deep. Look at Steem and SBD.
It will be interesting to see how deep a retreat it will go. I'm thinking we might see support at $7450. If lower, I'm buying :)
There is a higher chance it would drop again, so now would be bad time to buy. I just think the best thing is to hand on for a bit
Yeah, it tried to reach 8000 again but failed, twice. Now, it's below 7800, as I type this.
yea yesterday in our group chat we saw shorts lined up. So we thought it was going to dip, it did a little but someone came in and wiped the shorts and caught them with their pants down. We didn't expect it to go that direction but big pump wiped it out lol.
@nkd11 It's been above $8000 for the past 5 hours. I'm keeping an eye on it. If this is the peak, people might start selling and shorting. It could be a wild ride. What are the volume levels?
It's not looking as though it will drop. I am getting nervous.......will sleep on it and check it out in the morning. :(
Lol, well it should not, for us that bought at 8000
There is strong resistance at $8500. So be prepared for a drop in price if it doesn't break through the resistance.
Yes I noticed, just hope it doesn’t go below 8000. That would be fatal
Actually, it wouldn't be fatal. It would mean that the next bounce would cement the previous bounce and boost it even higher.
If it breaks past 8500, the next line of resistance is at 9500.
It hasn't retreated deeply yet. But I'm still watching. If it does, I will be bullish for the future. It can only drop so much before the buyers get involved.
I'm still waiting on the deep retreat.......trying to catch it on sale lol.
I guess we will just have to wait it out.