Bitcoin…Bitcoin…What are you doing?
Like a cat jumps for a Cotton ball all the time, Bitcoin has been doing the same. It has undecided of where it is go, what position it should take and whether $5000 or $7000 looks sweeter.
Especially, when some interesting news such as the latest ETF denial will be coming out on Wednesday – According to sources closest to the matter, there is a high possibility it will be a denial.
Moreover, some shocking news, during the New Year Open for Bitcoin, approximately $100,000,000 or 100 Million US dollars worth of Bitcoins traded hands. This was between two positions, $6300 and $6288.
It seems that whoever was on both sides of the trades would’ve
A) Been Stopped out
B) The two traders who were fighting to save their positions are ultimately scared.
Moreover, the bear Whale (a large trader with a lot of Bitcoin) seems to be covering quite a lot of his positions. This means on that basis of F/A based news, we will be seeing a short-term bounce to $6,700/$7,200 before failing to stabilise over there.
Interestingly enough, more than 7000 shorts were added yesterday. If we do see that $7,200 position, that would give the bulls enough juice to ride the waves all the way to $8,300.
Short Term Outlook: Bullish.
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