I'm definitely not that confident, but I have this eerie feeling right now that cryptos are going to make a huge rally and trend higher high. Nothing is really driving this feeling, it's just kind of a gut feeling right now. Will I act on it? I will probably be sorry not to, but don't think I can at this point.....risk still seems too high.
The $9,380 support has seen bulls holding closes above this level. Prices haven't been that low in a month and a half, so as long as this can hold (as it's doing), we are still likely to see more upside.
Volumes are still something I'm looking at. However, with them being this low, there's a lot of possibility to see increasing volumes since it's not hard to add more into the trading space. $11,112 is going to be the big resistance though. Failure to break this level and see follow through is going to continue resulting in a consolidation wedge pattern.
The weekly is still forming the 3rd inside bar, and It's very possible we could see a 4th after this week unless we get breaks of the support and resistance levels.
Bear volume and momentum seems like it's scarce now as well, albeit still stronger than bull volume.
Hope you're all having a great week and happy Thursday!
It’s because of my big shorty position, that’s why we are headed higher!
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