Bitcoin still bearish - Don't be fooled by the bull trap!
Updated
This is a textbook example of a bearish flag, a sharp drop in price followed by a bounce upwards. On top of that, we still have not broken the down trend ever since we started to drop in December. As you can see we have two trend lines to break to even think of becoming bullish again.
I keep reading bullish charts and people screaming it's over.. Come on people, we have to be realistic, not desperate. Just yesterday I read an article saying the bear market is over because BTC reached 9K, WTF?! I believe in Cryptocurrencies but this is not the time to be stupid and "HODL". If you are in profit I would sell and wait for a better entry in the following weeks.
Would you rather take your profits now and buy back in and get even more BTC or would you rather HODL and let BTC drop down to your buy-in price? The answer should be obvious. Just because you sell doesn't mean you have lost faith in crypto or BTC, it's just being smart and managing your risk.
If we do get a bear flag, we're probably going down to retest the 6K area. I am not doing any trading until we've broken resistance 1.
I keep reading bullish charts and people screaming it's over.. Come on people, we have to be realistic, not desperate. Just yesterday I read an article saying the bear market is over because BTC reached 9K, WTF?! I believe in Cryptocurrencies but this is not the time to be stupid and "HODL". If you are in profit I would sell and wait for a better entry in the following weeks.
Would you rather take your profits now and buy back in and get even more BTC or would you rather HODL and let BTC drop down to your buy-in price? The answer should be obvious. Just because you sell doesn't mean you have lost faith in crypto or BTC, it's just being smart and managing your risk.
If we do get a bear flag, we're probably going down to retest the 6K area. I am not doing any trading until we've broken resistance 1.
Note
This is not a confirmed breakout! We need to close above the trend line on the daily for it to be a confirmed bullish breakout.
Note
We have officially opened above the resistance, I would close my short position if I were you.
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