BTC Trend is Still Down
Updated
BTCUSDI want to crush a few misconceptions or moments of emotion for the folks who think trading on impulse when the candlestick breaks slightly above the MA signals bullish behavior. A lot of questions regarding whether the BTC price has become bullish or bearish seem to go either unanswered or a few folks leave a very vague and misleading answers. Let me make this clear, trends are your friends. Unless you love going out dressed in '80's clothing attire, you follow trends everyday of your life why not adhere to that same rule while investing and/or trading.
My sentiment over the past few days is that BTC would correct to retest lows of around $2900 after the series of FUD engagements from a few individuals and mostly, the change of demographic when it comes to exchanges in China and their subsequent move of assets to areas like South Korea. This isn't over yet meaning market instability has not been overcome just yet. This does not mean that you can't invest for the long run. I remember someone begging to buy BTC back when it was $5000 and to that person I would say, here's your opportunity. The price point you pick will be entirely up to you because my recommendation at the moment would be to stay neutral, hold your existing investments and wait for markets to stabilize/reduced volatility.
Please note that my views are not to be considered trading advice or knowledge. My thoughts on this matter are exactly that, thoughts. I will not be held liable for losses on your part after your decision to follow what I have mentioned here. That being said, Thank you for reading my perspective. Leave your thoughts below.
Note
A 5 day low of $3500 was reached yesterday with a visible bounce back today. With my next alert set for $2993, we'll be watching the charts to see how it plays out between now and 30th September.
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