thiefofsats on Nostr: Here's my opinion on BTC, 4h chart. BTC is about to hit previous support at $64k. If ...

Here's my opinion on BTC, 4h chart.

BTC is about to hit previous support at $64k. If that falls through then $61k is pretty much guaranteed as it represents the 0.786 FIB which has shown strong support numerous times in the last couple of months. Now, if that falls through then the 0.5 FIB is back on the table sitting at $51k.

Generally, I don't stack sats unless we're in a clear upwards trend or I see a confirmed bounce which, at this moment of time, is still outstanding. We'll know if $64k will hold up in the next 8-16h but with miners transferring coins to the exchanges (adding to the sell pressure) and with shorts stacking the order books I doubt that $64k will hold and expect more of a tiny bounce when automated trading triggers at that level before it breaks downwards.

This could be very well the pre-summer vacation time retracement you're familiar with from previous cycles. As institutions, OTC and leveraged traders don't tend to leave their positions on the markets before the vacation time. They MUST zero-out their positions. Meaning they're neither long nor short. In addition institutional has to take gains on their long positions from last year. You know, when everyone was talking about a bear market while Bitcoin casually went up over 350%.

It's a good time to stack sats on upwards trends rather than on the way down or during tiny recoveries.