Just a feeling Fakhoury.
Since the downtrend was broken the market is behaving differently. We are basing here and each successive repulsion of 270 means another retest of 300 is more likely. We are still in a bullish upmove and a breakout from this latest triangle - if up - should definitively break 300. Whilst we remain in the triangle all moves are noise.
Furthermore, there is no build up of speculative shorting, despite extremely low borrowing rates for btc to be lent out and sold into the open market. The reason for this is that market participants do not want to risk leveraged selling into this market because no one believes the price will crash and those that did were wiped out with repeated price surges from 219 to 316. Also, even though the orderbook is a mirage of true supply and demand, it is supporting the price and is superficially incredibly bullish.
Remember the halving isn't far away. Ignore the trolls and keep your position.
Since the downtrend was broken the market is behaving differently. We are basing here and each successive repulsion of 270 means another retest of 300 is more likely. We are still in a bullish upmove and a breakout from this latest triangle - if up - should definitively break 300. Whilst we remain in the triangle all moves are noise.
Furthermore, there is no build up of speculative shorting, despite extremely low borrowing rates for btc to be lent out and sold into the open market. The reason for this is that market participants do not want to risk leveraged selling into this market because no one believes the price will crash and those that did were wiped out with repeated price surges from 219 to 316. Also, even though the orderbook is a mirage of true supply and demand, it is supporting the price and is superficially incredibly bullish.
Remember the halving isn't far away. Ignore the trolls and keep your position.
Thank you Inca, Gyrsur and rememberme for elaboration.
Don't worry Inca, I don't know if you know yet or not, I'm long-term holder and I will NEVER change my position, I just like to keep motivated and understanding, from you specially
