Hello everyone. I have found it fascinating to observe the correlation between the recent rise and fall of BTC with the ETF application releases. We see a run to $8,000 upon the rumour it will be approved (reports of a 97% positive approval) followed by the news it was postponed pulling support at $8,000. I have stressed in the groups and consistently made it public I am with the bears since December (called a major warning on BTC December 30th) with a target of $5,000-$5,500. I have been in a short position since $16,000 with good profit but I must admit I am beginning to feel the pressure to close it as it becomes evident we may be approaching the bottom of this decline. I have outlined in red boxes targets for price and RSI. The distance to $5,000 on the price chart is similar to the distance to support on the RSI. It would make sense if price where to stop at $5,000 in line with the RSI low.
Expecting a short run to $6,500 before continuing to this $5,000 target which I think may be the lowest. Why $5,000? As human beings, we tend to value simplicity, and our own internal psychology plays a large role with the odd price behaviours that may be exhibited at these ‘psychological level’ Like $5,000. To a human, $5,000 seems like a much more likely price to buy than $5673, or $6,214.