In the above chart as we can see BTC in a consodilation phase where Breakout can occur in both directions.
But as we take a look into market the fear index has risen exponentially and decrease in Vol of BTC at the exchanges can not be ignored. Few recent events which can be considered are crackdown on BTC mining from Chinese government and rising interest by MNCs into BTC as a wide area of interest i.e. Twitter confirms making Hardware Wallet for BTC, rumours of Apple trying to invest approx 22B USD into Cryptocurrency and most recent trend Microstrategy selling it's bonds and stocks to buy more BTC and other unknown cryptocurrencies.
We must wait for miners to start mining again for a better comeback.
In my opinion Bear Market is not going to last for more days. BTC will make strong comeback as per the events happening around the world regarding cryptocurrency market.
Please correct me if I am wrong and sorry in advanced for any kind of mistakes in chart.
But as we take a look into market the fear index has risen exponentially and decrease in Vol of BTC at the exchanges can not be ignored. Few recent events which can be considered are crackdown on BTC mining from Chinese government and rising interest by MNCs into BTC as a wide area of interest i.e. Twitter confirms making Hardware Wallet for BTC, rumours of Apple trying to invest approx 22B USD into Cryptocurrency and most recent trend Microstrategy selling it's bonds and stocks to buy more BTC and other unknown cryptocurrencies.
We must wait for miners to start mining again for a better comeback.
In my opinion Bear Market is not going to last for more days. BTC will make strong comeback as per the events happening around the world regarding cryptocurrency market.
Please correct me if I am wrong and sorry in advanced for any kind of mistakes in chart.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.