Last Breath of BITCOIN
Scalpers, Day Traders are all getting destroyed for the past 2 months due to high volatility and wide range of price movements.
Profiting is not limited to BUY LOW and SELL HIGH. However, people are trapped by historical data and biased to buy/long.
Before I summarise my analysis, ask yourself, are you capable to adapt to bear market? Are you willing to sell your holdings with no emotions involved?
BTC technical Analysis:
1H, 4H and Daily charts are all looking bullish with a wide Ascending Triangle. It is also building Higher Low, Same High. Positive with no doubt technically.
However, it has failed the attempts on breaking above the MA50 and previous Support at $45000. IF you are not biased, you should be able to spot the Triple Top on Daily chart or failure of testing resistance (Previous Weekly Support) on Weekly Chart.
BTC Fundamental Analysis:
1.Mining cost is rising high due to high cost of energy. Miners will be actively sell their BTC to cover the cost and avoid of the risk of holding this volatile asset.
2. Also, GOLD is making ATH and once again proved that Institutional Traders or Investors are more willing to hedge with GOLD than BTC. Clearly BTC is an alternative now since Dividend Stocks or Growth Stocks is also a better choice to hold against this current crisis.
3. Most of the central banks are going to increase their interest rate in Q1,Q2 or Q3. Dont tell me that you see no effects on BTC from this increment of interest rate. High interest rate will destroy the cash flow for most of the business and making them harder to reinvest any risky assets.
Buy or Sell, its all up to you BUT be rational and understand the relationship between these factors. Stay Safe.
Profiting is not limited to BUY LOW and SELL HIGH. However, people are trapped by historical data and biased to buy/long.
Before I summarise my analysis, ask yourself, are you capable to adapt to bear market? Are you willing to sell your holdings with no emotions involved?
BTC technical Analysis:
1H, 4H and Daily charts are all looking bullish with a wide Ascending Triangle. It is also building Higher Low, Same High. Positive with no doubt technically.
However, it has failed the attempts on breaking above the MA50 and previous Support at $45000. IF you are not biased, you should be able to spot the Triple Top on Daily chart or failure of testing resistance (Previous Weekly Support) on Weekly Chart.
BTC Fundamental Analysis:
1.Mining cost is rising high due to high cost of energy. Miners will be actively sell their BTC to cover the cost and avoid of the risk of holding this volatile asset.
2. Also, GOLD is making ATH and once again proved that Institutional Traders or Investors are more willing to hedge with GOLD than BTC. Clearly BTC is an alternative now since Dividend Stocks or Growth Stocks is also a better choice to hold against this current crisis.
3. Most of the central banks are going to increase their interest rate in Q1,Q2 or Q3. Dont tell me that you see no effects on BTC from this increment of interest rate. High interest rate will destroy the cash flow for most of the business and making them harder to reinvest any risky assets.
Buy or Sell, its all up to you BUT be rational and understand the relationship between these factors. Stay Safe.
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.