Bitcoin: Bulls Remain Hopeful (December 2019)
- 4 years ago
Bitcoin: Bulls Remain Hopeful (December 2019)
The near-term outlook of Bitcoin remains as confusing as it did for the last 24 hours. Traders still have no idea which way the price is going to swing next. However, the direction in which the price has been manipulated gives us meaningful insights as to what might happen next. We have recently seen the market makers try to inject fear in the market with wild moves around key turning points. As aggressive as those moves seemed, they have been mostly inconsequential as their sole purpose has been shaking out retail bulls, encouraging retail bears and discouraging the bulls from longing the market just when we are likely to see a major breakout towards $8,000.
The near-term outlook of Bitcoin remains as confusing as it did for the last 24 hours. Traders still have no idea which way the price is going to swing next. However, the direction in which the price has been manipulated gives us meaningful insights as to what might happen next. We have recently seen the market makers try to inject fear in the market with wild moves around key turning points. As aggressive as those moves seemed, they have been mostly inconsequential as their sole purpose has been shaking out retail bulls, encouraging retail bears and discouraging the bulls from longing the market just when we are likely to see a major breakout towards $8,000.