You are completely right. So many great news when it comes to crypto. China easing on crypto, Soros (not that I like him) buying crypto and so on...However, I think this BART Head game is to scare as much people as possible. People get scared and many eventually sell. Since we have bitcoin futures on stock market exchange bitcoin is shortable especially by big investors. I was not too happy about it at that time. I remember when the futures opened bitcoin was at aroun 17k. These players (I believe institutions) with big money pumped the price of bitcoin to 20k. Then they started selling real bitcoin and at the same time they were shorting it. Until now they had enough to push the price lower and lower and also convince people to sell. Now you can see this weird very quick pumps and dumps. They are mostly doing it. It feels like it can’t go much lower and that’s where big money slowly accumulates as well. They can’t buy all at once. It’s a game, the game of patience. Let’s get this hot potato play time over with and finally start the new uptrend. I wouldn’t do this crazy day-trading for anything. Up and down, up and down... anyone thinks it’s great to day trade? I’ve learned my lesson in the past and it’s in most cases not only nonprofitable, it’s also very very stressful including sleepless nights. Eventually it will break one way or another. If that breaks to the downside (I’m talking about your red/purple line), I can guarantee you, it will scare 😱the hell out of people. Perhaps that’s what we need, to get rid of these up & down speculators as well as weak hands. On the other hand if we break that midline of Bollinger bands, then head for 50DMA, then go for this resistance of reversed H&S or 200DMA. And then finaly to your resistance, just like you mentioned at around 12k. That is lot of resistance!😴😴...If we break all of these lines with strong volume, it will become a very solid support. That’s what we need. I can guarantee you, no one including institutions would sell. It’s about time to get it finally solved. Right now it’s still a game of patience.
No doubt about it that crypto is slowly but surely moving into the hands of professionals. The days when amateurs like myself could make good money swing trading (not day trading: I didn't even try that in the heydays of crypto P&D - as you say, it's harmful to your financial health) are long gone I think. It's a long term speculative play now, IMO. Buy and hold, and now is perhaps one of the last times to get in cheap, or relatively cheap anyway.