Sill room for BTC so to go more down but BULL market is coming
Updated
Looking at the RSI and MACD valued for longer time frame charts we can see that there is still room for BTC to go more down. However the longer we keep going on this down momentum the stronger btc becomes. The bounce back will most likely be hard and fast. Meanwhile as the bitcoin has been in dip institutions seem to be buying more bitcoin all the time. Grayscale bitcoin balance has grown with some 24000 bitcoins during the dip. That's more than 800M usd more to the market with the current price of bitcoin. Grayscale is the way institutions get into bitcoin which means those are long term investments. I was ready to predict based on the technical indicators that we could still see bitcoin below 30k but now I'm starting to doubt that as I see the amount of institutional money flowing into bitcoin. The support is hard to break and the institutions aren't going to dump their holding they are buying for long term storage.
According to JP Morgan more than 3Billion USD worth of investment has flown from institutions to the market.
I haven't had the courage at least anymore to short the bitcoin and carefully looking for entering into long position.
Only hard thing is that the technical indicators don't yet support for long term bull run but this is bitcoin backed by institutions so who knows...
According to JP Morgan more than 3Billion USD worth of investment has flown from institutions to the market.
I haven't had the courage at least anymore to short the bitcoin and carefully looking for entering into long position.
Only hard thing is that the technical indicators don't yet support for long term bull run but this is bitcoin backed by institutions so who knows...
Trade closed: target reached
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