Breaking News / Bitcoin / Analytics
Bitcoin (BTC) bulls are still too optimistic even though the price has begun the day in red and has embarked upon a downtrend. We have yet to see whether the price has some room to make one last move to the upside before declining hard but the retail bulls seem unconcerned by any of this. The daily chart for BTCUSDLongs shows that bullish positions on BTC/USD have been on the rise in the past few days and they might yet rise further to test the 61.8% fib retracement level once again. Such a rise is likely to coincide with some short term relief or a false signal leading the bulls into thinking a rally is still on the table. This should be a red flag for anyone bullish on Bitcoin (BTC) at this point because this could all come crashing down hard.
It takes a long time for the price to rise but it only takes a few big moves to erase all those gains hence the popular Wall Street saying, “Bulls go up the stairs but bears go out the window”. Considering that BTCUSDLongs is still above the 200 day EMA, those that are still too optimistic and not prepared to get out of the market might want to see a break and close below this level for confirmation. However, by then most of the damage might be done because BTCUSDLongs could crash hard in a matter of days. The bulls have become really complacent this year and I would not be surprised if a lot of them have their stops just below $9,000 thinking “this is the last time to buy below $10,000”.