BitcoinShort
BTC- Road map to the bottom
Following Bitcoin to the bottom before entering a long term-Long position. I'm not confident in $6,400 being the bottom, but $5,400-$5,700 should be the bottom. Keep in mind, this will likely take a significant amount of time to actually get there with corrections to the upside in between, but we should not make any substantial moves to the upside before we get there. $7,400-$7,500 may be a solid short entry to hold the rest of the way down, assuming we don't get any holiday pump above $8,000. Although it is a little far out for legitimate speculation, after we bottom, I'm anticipating a long term pump to break the last intermediate high around $13,500 to $16,000. While a break of the ATH is entirely in play, over the course of this year I've lost a fair amount of confidence in the demand and integrity for the Bitcoin market and I wonder if it is strong enough anymore. In 2019 it has become extremely apparent that Bitcoin is much more of a tool for big players to manipulate than any kind of asset of secure store of value, which as a result has drastically degraded confidence in long term investors thus in congruous impacting demand. However I'm still under the impression that there will be significant upside gains to be made in the near future. Just maybe not as high as many in this space are speculating. But markets are inherently dualistic, there will be bulls and there will be bears, and recently over the past two years Bitcoin's performance and the patterns it has followed have only led me to become more bearish. To each their own, but I hope everyone interested in these markets gets to experience the potential Bitcoin has to offer whether it is to the upside or to the downside. Happy holidays and safe trading everybody.
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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.