Well...why am I always right? Because I'm not a one year cryptocurrencies "expert" like most of popular here :). If you wonder why they have so many followers here EVEN when they almost everytime wrong is the answer:
I assume 95% of them are mooners and hodlers with 0 experience in investing so the only think they accept is FAITH that bitcoin will start to grow soon. That's why if someone is anticipating drop they ignore him and call a fool. They want to believe that everyting is gonna be ok and soon they buy a lambo :) . This is how psychology works folks. But guess what - that is wonderful news for everyone who use brain instead of greed and ignorance (like me). Why? Because it means that a lot more downward movement is going to happen.
So be patient and don't read all of these fake news creating by financial institutions or crypto "gurus". They're just trying to pull you in to make you lose money.
For now 6000 re-test is possible, then probably 5200 - strong support there so I suggest to be carefull or even close shorts for a while.
I assume 95% of them are mooners and hodlers with 0 experience in investing so the only think they accept is FAITH that bitcoin will start to grow soon. That's why if someone is anticipating drop they ignore him and call a fool. They want to believe that everyting is gonna be ok and soon they buy a lambo :) . This is how psychology works folks. But guess what - that is wonderful news for everyone who use brain instead of greed and ignorance (like me). Why? Because it means that a lot more downward movement is going to happen.
So be patient and don't read all of these fake news creating by financial institutions or crypto "gurus". They're just trying to pull you in to make you lose money.
For now 6000 re-test is possible, then probably 5200 - strong support there so I suggest to be carefull or even close shorts for a while.
Note
One more view, based on Bitfinex chart, because it looks a little diferent:So after 5200 main support should be around 4700$.
Note
As you saw there wasn't buyers below 5800 so now we have another hope for mooners and HODLers. They sell them some coins and we can go further. I can't tell you for how long but here is my view. Until price stays below main trend line(around 6500/6600) there is nothing to worry about. Note
Is it so simple ? Note
new fractal ?price is ready to move:
Note
please don't be too optimistic, it's just testing resistance and I suppose that we will see maybe 7400 before next dropNote
same pattern, probably drop soon - great place to sell orders with small SL above main resistance area;
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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.