I honestly wouldn't want to be as near as 100 meters away from a Bitcoin shorter right now. This thing(Bitcoin) has simply exploded the past 24 hours and the shift in trend is clear. You know that I don't have any TA to post about, but if numbers, trend lines, RSIs and other indicatives turn you on, check Kevin Svenson on twitter.
This man is been nailing it with his analysis for years now. I wished I would have paid much more attention to his "free tips", I'd made much more money, but I'm fine... I bought the LINK(actually a Binance ETF) bottom and just enjoying the upwards movement.
Some could say that the rally happened for a reason and that the guilty one for the trend reversal in the crypto markets and the Sunday boom is due to a rumor of Amazon planning to accept crypto for payments as of this winter, I'd say it's just sellers exhaustion. There's no smoke without fire, but rumors are rumors. If you ask me, the most bullish news we'll probably get is to be able to buy iPhones for Bitcoin when the model 13 launches this fall.
I admit, that I believed a few days ago we will probably go lower. Yes, a move towards $23,000 seemed perfectly fine for me. Nevertheless, my conviction that the bull market is not over and my determination of not getting shaken out has been and still is "more than erected". As I have said a couple of times on my blog, I believe this bull market is rather replicating the 2013 one than the 2017 bull market.
We will never have a perfect mirroring of any event in the world, but often times history rhymes. If it rhymes, then we're left with a few months of serious uptrend. Some say that we could enter a super cycle and that the crypto market will peak for this bull cycle somewhere in 2022, but I doubt about that. I still believe in the four years cycles and parabolic moves ending in blow off tops.
When's that parabolic move going to hit us? I have no clue, probably sometimes in fall... or winter, but one thing is sure, we're not done yet and things are going to get juicy one more time. Maybe this time some of us won't forget to take some profits, if the market goes ballistic one more time ;)
Exchanges are taking measures though to "protect their clients" and encourage them to trade responsibly. Thus FTX reduces max leverage from 101x to 20x to encourage ‘responsible trading’ and Binance Starts Cutting Leverage Limit to 20x Following Similar Move by FTX. Great job stopping gamblers from making massive gains in the next few months...
It's like they knew the market trend is going to change... Anyway, we're having a bullish start of the week and we should continue as such for the rest of the year. Expect pull backs and retests of the previous resistances that turned into support, on the way, and see you on the moon. Just trade responsible :D.
Oh, and $40,000 is closer than $23,000. Which one do you think we will see first?
Thanks for attention,
Adrian