BitcoinShort
Technicals for BITCOIN AREN'T look good at ALL
Technical for bitcoin are looking extremely bearish, i mean if you look at the charts ( and remember at the most fundamental level, supply and demand in the market determine price ) there is nothing pointing that bitcoin will bounce back at this moment, the last hope for bitcoin to recover is if we can closes the weekly candle over the 21 ema at around $9200.
If we fail to close over $9200, technicals point that we are back in a bear market until further confirmation, ITS SIMPLE, there is no need for other theories,
Most of us let our emotion take the decision for us with the fear of missing out, forgetting that the price is determined by the market participants,
We cannot have these conspiracy theories that the market is manipulated by whales, that smart money is accumulating in silence or what ever you can think of. If the market is manipulated (in my opinion, yes) but at this point we cannot concentrate on what is out of our control.
The only thing we can look at is the charts, previous market cycles and indicators indicating us whats really happening behind closed doors.
I am extremely bullish on Bitcoin and i think that bitcoin will reward the patient ones, but if you are trying to play the market and day trade or trade in general without the idea of accumulation for the longer therm.... i would not be bullish on bitcoin for the present moment and AGAIN this is until we have an indication/confirmation by the charts and only the charts, that bitcoin reversed,
P.S: don't forget to keep an eye on the weekly candle for Sundays close
If we fail to close over $9200, technicals point that we are back in a bear market until further confirmation, ITS SIMPLE, there is no need for other theories,
Most of us let our emotion take the decision for us with the fear of missing out, forgetting that the price is determined by the market participants,
We cannot have these conspiracy theories that the market is manipulated by whales, that smart money is accumulating in silence or what ever you can think of. If the market is manipulated (in my opinion, yes) but at this point we cannot concentrate on what is out of our control.
The only thing we can look at is the charts, previous market cycles and indicators indicating us whats really happening behind closed doors.
I am extremely bullish on Bitcoin and i think that bitcoin will reward the patient ones, but if you are trying to play the market and day trade or trade in general without the idea of accumulation for the longer therm.... i would not be bullish on bitcoin for the present moment and AGAIN this is until we have an indication/confirmation by the charts and only the charts, that bitcoin reversed,
P.S: don't forget to keep an eye on the weekly candle for Sundays close
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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.