Correction on the way
Hi Everyone,
Following up bullish run and recent events I believe it is time for a
BTCUSD correction.
Why?
Technical analysis:
Fundamentals?
Crypto is still not functional and all the trades are based off speculations. Yes technology is great and is what we need, but we have seen what COVID has done to businesses, and how governments locked populations in matter of days. The need for control is the opposite of blockchain and what it brings - How is it that GOV's are not involved, not banning, nor investing? I am looking to see some bad news soon.
Tesla's 1,5 billion news is nothing comparing to the FUTURES news that was in Dec. 2018 before the market went big time bearish.
We need a proper momentum to break 49-50k level, which I don't see coming, why?
If we break the 50k then we are going for 100-120k which is another 1,5 Trillion dollars in the market. I don't see how this money will be met as all the people who wanted to invest are already in the market. Some experts say Elon's move showed companies may enter the market, but even if they want to - will find 49-50k being high and will wait for correction to happen. I am puzzled by the fact that people believe this bullish runs don't have an end.
Tesla company is estimated to be worth like the whole crypto market cap, Elon got in with 1,5 billion. To get the momentum and aim for 120 000 dollars we need more than 1,5 trillions- 1, 500 billions of dollars in.
Let me know in the comments how is the market going to meet these digits any soon!;) I'd really like to hear your thoughts
Following up bullish run and recent events I believe it is time for a
BTCUSD correction.Why?
Technical analysis:
- 50 000 is a resistance on weekly chart found with fork tool
We have Bearish divergence forming on a daily chart
Fundamentals?
Crypto is still not functional and all the trades are based off speculations. Yes technology is great and is what we need, but we have seen what COVID has done to businesses, and how governments locked populations in matter of days. The need for control is the opposite of blockchain and what it brings - How is it that GOV's are not involved, not banning, nor investing? I am looking to see some bad news soon.
Tesla's 1,5 billion news is nothing comparing to the FUTURES news that was in Dec. 2018 before the market went big time bearish.
We need a proper momentum to break 49-50k level, which I don't see coming, why?
If we break the 50k then we are going for 100-120k which is another 1,5 Trillion dollars in the market. I don't see how this money will be met as all the people who wanted to invest are already in the market. Some experts say Elon's move showed companies may enter the market, but even if they want to - will find 49-50k being high and will wait for correction to happen. I am puzzled by the fact that people believe this bullish runs don't have an end.
Tesla company is estimated to be worth like the whole crypto market cap, Elon got in with 1,5 billion. To get the momentum and aim for 120 000 dollars we need more than 1,5 trillions- 1, 500 billions of dollars in. Let me know in the comments how is the market going to meet these digits any soon!;) I'd really like to hear your thoughts
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