CPR rejection working like a clock
Price can make another try to break the first pivot, but it doesn’t look very good to see such a strong rejection.
Be careful but I wouldn’t discard price still eventually conquering the pivots later this month. We’ll have to monitor what the dollar does. If it gets rejected at 108$ and finally has a decent pull back that would definitely allow Bitcoin to hold temporarily above those pivots.
Most months where we saw a rejection from pivots, that has been enough to throw us to new lows. The only difference now is that most retail is already gone, to sell further they would need to shake out long term whales. Most accounts in play now are doing swing trading with leverage. You can monitor the number of longs on bitfimex which is over 50%. So the option for a short squeeze is now higher than the previous months in the bear market. But only time can tell!
Be careful but I wouldn’t discard price still eventually conquering the pivots later this month. We’ll have to monitor what the dollar does. If it gets rejected at 108$ and finally has a decent pull back that would definitely allow Bitcoin to hold temporarily above those pivots.
Most months where we saw a rejection from pivots, that has been enough to throw us to new lows. The only difference now is that most retail is already gone, to sell further they would need to shake out long term whales. Most accounts in play now are doing swing trading with leverage. You can monitor the number of longs on bitfimex which is over 50%. So the option for a short squeeze is now higher than the previous months in the bear market. But only time can tell!
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