Bitcoin: Buyers maintain near-term control after a brief scare earlier
Keep calm and HODL?
The sharp fall earlier today just before hitting $14,000 prompted a brief scare among buyers but they held their nerves by defending the 100-hour MA (red line) - as they have done over the past few weeks.
That means they continue to maintain a near-term bullish bias and we're seeing more steady price action as Bitcoin slowly climbs back up again towards $13,000.
In the bigger picture:
The parabolic rise in Bitcoin this month has been rather interesting and it's a bit reminiscent of the kind of leap we saw back in late 2017. Price is currently running into some daily resistance around the 61.8 retracement level as pointed out above but when it comes to crypto sentiment, one can argue it's more psychological than it is technical/fundamental.
We're heading back towards peak levels again, minus out all the euphoria back in 2017. There is some buzz and general "excitement" surrounding the latest run in Bitcoin but you generally get the feeling this can carry on for quite some time yet or it could just all come crashing down the next day again.
After all, it's tough to really gauge sentiment on something when you have certain parties i.e. 'whales' pushing prices to serve their own agenda. Believe what you will when it comes to matters like this but regardless of what asset you're trading - be it crypto or forex, always be aware of the risks involved.