$BTC Not Under Bear Takeover Yet

Bitcoin / U.S. Dollar GEMINI:BTCUSD

raamraj

While the bullish case on BTC was shattered after dropping like 18% from 48k , I would say that the price currently is in a neutral zone. Bullish view is not compelling right now.

I trimmed some of my crypto positions during the pullback which was deeper than I had expected and is definitely not a good sign if you are a bull. This revealed that the market participants were not ready to bring the price up to 52-54k level which is around 61% Fib retracement.

I also think BTC is not yet in a full takeover by the bears. The fight will go on for next several days to establish a bias. Right now, I will remain at the sideline and see how the price develops. If we gets up to 45k level, then I will initiate buys. If BTC drops below 38500, then it is prudent to lighten up on long positions gradually.

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