BTC Bearish or Bullish? +24 Hours Later
BTCUSDEverywhere online over the past few days I've read and heard of a number of opinions from people, either bullish or bearish. Short this or go long on that. Personally, based on my past predictions you'll notice that I focused on staying neutral for good reason.
A short position 24 hours ago may have very well been a good opportunity and I'm sure the few people who rode that section of the wave enjoyed nice profits between then and now. Hope you got off before it turned around though. My sentiment at the moment is that the current market volatility is too 'extreme' for me to jump in on new positions. I say this because over the past couple of weeks there has been quite a bit of government regulation, especially in China which caused a big change in the market dynamic and leading exchanges globally. Let's not forget about the FUD from financial titans but I'm not here to propagate their agenda. Right now according to Coinmarketcap, Bithumb is leading in market trade volume making South Korea the leading "crypto exchange hub" at the moment.
Also, I rarely expand my trading portfolio based on feelings or impulse unless there was a significant change in market dynamic that I'd missed prior to securing positions for the long term.
That being said, the chart listed above shows that yesterday's price change between $4000 and $3600 shows us that the market was mostly bearish. The break below the 0.618 retracement level indicated a significant downturn and I'll be monitoring the charts as the next support level develops around the 0.5 retracement level. The last correction support level is what I would expect to be the most extreme price correction before a significant price turnaround. [d] indicates a potential correction to find support at 0.5 retracement before turnaround to [e]. Any significant change in price will call for an updated prediction on my part. The price also broke below the moving average and is holding steady at , we'll be watching that for future predictions.
Please note that my views are not to be considered trading advice or knowledge. My thoughts on this matter are exactly that, thoughts. I will not be held liable for losses on your part after your decision to follow what I have mentioned here. That being said, Thank you for reading my perspective. Leave your thoughts below.
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