Bitcoin’s Bullish Bungle: Did the Bears Pull a Fast One?
One look at the short-term chart for $BTC, and you’ll spot a “fakeout” that would make even the most accomplished stage magician proud. Thursday’s escapade saw prices flirting with the $110,000 level. The bulls—those lovable optimists—were likely clinking glasses and making holiday plans. Alas, dear reader, BTC was breathing the rarefied air of “overboughtness,” and after an initial, rousing confirmation of the breakout, it fell back with all the conviction of a soufflé gone wrong. The bulls promptly lost their trousers (metaphorically speaking), and back into the bull flag the price tumbled.