[BTC] My take on the latest price movement and some important price position
Hi All, Crypto Sludge here.
As with all my BTC calls, I only post when I see something important.
My take on the latest BTC price rise is caused due to the SEC announcement to re-evaluate the rejection of a number of Bitcoin ETF's and some other positive BTC related announcements such as Baktt and CME and CBOE Future's expiration. Although this alone is not enough for a long sustained rally, if the SEC takes enough time with their re-evaluation, the price can potentially rise high enough to kick in the FOMO effect, and flood the market with all the people that witnessed the 2017 rally on the side. But yet again, i don't see any major macro changes that indeed are enough to cause any big movement.
So i would be super careful with jumping in right now, things can turn 180 in a heart beat.
However! if the price of BTC hold's > 7100$ , tomorrow we will see a technical breakout out of the ichomoku cloud on the daily chart, and if you look back on my posts, you will see that BTC usually pumps strong if the breakout is confirmed, a specially on the Daily chart which will turn it yet again Bullish.
On the flip side, we are heavily overbought on the StochRSI indicator, so trade with caution and always hedge yourself.