Quote:
Originally Posted by aggo
Volatility down here is has been persistently low every time we were in the 6-6.4k range
Strong signal imo that sell exhaustion is complete. Now have about 25% available position in this range. Moved up some buys to 5800 and 6200. Very heavily loaded at 5k than 4k before
Set it and forget it mode. Btc bless
Agree with this analysis. My current outlook (and open to opinions) is this:
Bear Scenario: If the $5.8k support that everyone is looking at breaks, the market capitulates to a new yearly low which is expected to start around ~$5k. Then who knows.
Bull Scenario: The market has reached almost ATH shorts. If the $5.8k-$6.2k support holds and price rallies to ~$7k-$7.5k, those shorts will be forced to close, which could create higher highs, potentially ending the bear market.
Neutral Scenario: Support ranges holds but market fails to rally to the $7k range. Just more sideways.
Obvious "price will either goes up, down, or sideways" analysis is obvious, but there are some fundamental reasons why this might be a good accumulation level or wait-and-see which way the market breaks.