Everyone is looking for answers and I wish I had some.. all I can say is level heads will prevail. Don't make hasty or risky decisions like jumping into a 100x trade with your whole portfolio, hoping to recover what you lost. Holding bags is almost always the better choice.
Note: I'm not convinced this is a full bear market we are entering; I think its a short bear cycle and deep correction within the larger bull cycle. For Bitcoin to reach 100k, or higher, it will take some extraordinary consolidation and industry adoptions to get there. Retail isn't enough anymore.. so this is what I expect is playing out. But also trade safely as it seems like MM/whales are fighting each other over price action and its quite volatile still.
Current Situation:After weeks of sometimes very heavy drops, Bitcoin's price appears to be respecting the former January High and January Close, which gives it a 20% range to wander in between 33k and 42k. My hope is that with increasing OTC and whale investments we'll see the price consolidate in a range, preferably over 30k.
Whats Next: Ideally we consolidate, and provide MM the opportunity to accumulate in this range- we already see quite an increase in OTC and whale investments. Failure to hold this level will see us quickly drop, I'd look for 25k, 20k, 17k, and at that point pure capitulation could lead us to 10k or less. The really doomboy permabear traders are pointing to a gap at 9.6k. While I personally have major doubts about that steep of a drop, this market is highly manipulated and at this stage it feels like we have 50/50 odds of bigger drops or consolidation here for weeks to months.
I will say that its probably unlikely we'll see any strong bullish sentiment or patterns in the coming days. The earliest I'd expect even a possibility of a small recovery/proper bull trap would be the third week of the month. But it could continue this choppy pattern for weeks or months even, like another March to April.
Note: I'm not convinced this is a full bear market we are entering; I think its a short bear cycle and deep correction within the larger bull cycle. For Bitcoin to reach 100k, or higher, it will take some extraordinary consolidation and industry adoptions to get there. Retail isn't enough anymore.. so this is what I expect is playing out. But also trade safely as it seems like MM/whales are fighting each other over price action and its quite volatile still.
Current Situation:After weeks of sometimes very heavy drops, Bitcoin's price appears to be respecting the former January High and January Close, which gives it a 20% range to wander in between 33k and 42k. My hope is that with increasing OTC and whale investments we'll see the price consolidate in a range, preferably over 30k.
Whats Next: Ideally we consolidate, and provide MM the opportunity to accumulate in this range- we already see quite an increase in OTC and whale investments. Failure to hold this level will see us quickly drop, I'd look for 25k, 20k, 17k, and at that point pure capitulation could lead us to 10k or less. The really doomboy permabear traders are pointing to a gap at 9.6k. While I personally have major doubts about that steep of a drop, this market is highly manipulated and at this stage it feels like we have 50/50 odds of bigger drops or consolidation here for weeks to months.
I will say that its probably unlikely we'll see any strong bullish sentiment or patterns in the coming days. The earliest I'd expect even a possibility of a small recovery/proper bull trap would be the third week of the month. But it could continue this choppy pattern for weeks or months even, like another March to April.
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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.