We talked about this 2 days ago...a high and tight band may resolve upward initially but it's hard to keep momentum up especially when so far from 20 & 50 dma
Below 50 hour ma (pink line) we back in balance and below 4072 sellers take control
This eventually played out and we're now well into high 40ks on $BTC but now that we've had the bounce, I wanted open up a new thread on what I think are some paths
Let me start by saying I think the most probably path on the weekly picture is⤵️at least into the low 40k area..
As you can see from quoted tweet, I was bullish in the low 30k range between May to June because we had such a notable dump that it turned sentiment very bearish with sellers piling on late and shooting for aggressive sub 30k targets, even HODLers didn't wanna DCA till lower..
However, that sentiment has been washed away by this impressive multi-week rally as well as the NFT resurgence so now I think we have both the sentiment and technical conditions to start a more prolonged weekly downtrend with reduced volatility and narrower spread candles
Down here you're risking what 7-10% for potential 25%+ upside on $BTC imo #Bitcoin
I'm long term bearish and believe likely ATH is set (see quoted tweet) but sentiment is too piss poor right now...a move to low-mid 40k and tilts hard the other way, you bring in fresh🍭to take
I speculate in FinTwit, a community of traders, many are forced to sit at a desk for a significant portion of their day and have back pain 🤕 ...I too struggle with this
Your hip flexors are tight and weak at end range (worst combo for muscle), here are steps to fix it 👇👩⚕️
1. Order one of these "hip circle bands" off of Amazon, there's an amazonbasics version
2. Get a "foam balance pad" , doesn't have to be a pink and you can use towel / couch pillow if you're a cheap fuck... odds are if you buy this you're more likely to do the exercises to justify the purchase
The BBW (Bollinger Bandwidth) squeeze resolved upward but with very little momentum and already waning....a move back under the 50 hour MA (pink) could send us into a nice long liquidation
All right, took some time to reflect on bigger picture of $ES
Imo we closed in no (wo)man's land leaving both sides🤔
There is a fairly sizeable air pocket to the downside but I personally don't like "betting" big on weakness that's so "advertised" thus I'm neutral
/n
First off let's look at $ES , it was actually on its way to a pretty decent close above the +1 std dev on weekly but it's like at 3:45 someone said "fuck that"
I've mentioned before for sellers I prefer closes above as it keeps buyers comfortable and you can shock them on OVN
In fact this weekly close was very similar to the one on Jan 29th (last day of Jan 25th week), after what was supposed to be after our "black swan" event 🙄
See the second pic for how that panned out into Friday close, Sunday open and what was a big reversal into Monday's RTH