Bitcoin — Turning Bullish?
Although we had extremely low volume during the weekend, the price moved towards 63k. Once the Asian markets opened, $BTC continued to climb and currently aims for 64k.
However, I am still not convinced that this move is sustainable—although the bullish indicators gain more weight again:
* The chart setup looks healthy and bullish
* Many economic indicators turned bullish (U.S. labor market data, European inflation rate, BoJ strategy, etc.)
* And the fact that the 4th quarter has historically been the strongest
On the other side, I can't push the alerts aside:
* Middle East tensions
* Low volume
* Low whale acquisition
As a result, I would enter trades only with a short-term horizon and use a tight stop loss. So, you are safe in case we get another drop to sub-60 levels.
Overall, I don't think the bearish factors have a sustainable impact. On the contrary, I believe they will trigger another short-lived sell-off that initiates a massive upside move.
