$BTC is technically bearish, fundamentally bullish
NOT FINANCIAL ADVICE: Bitcoin has been on an absolute rip. Up 23% in the last month and 385% in the last year. Large corporate institutions are becoming involved and the supply is limited. Decentralized currency is an opportunity equal to the printing press, the discovery of oil, or the Internet. The only fundamental risk I see (and it's a big one) is the risk of governments. While it's true no government can stop a decentralized cryptocurrency, they certainly could outlaw it and make holding it illegal just as the US has done with gold in the past. Any regulation would be devastating to the price of this volatile asset. Make no mistake, Bitcoin is not in the best interest of powerful oligarchs, central banks, and corrupt politicians. The risk is real and you should consider it before you invest. Bitcoin is also very easily manipulated by large mining pools who can dump large amounts of coin onto the market and drive the price down in a flash while shorting it to make a fortune. They can also buy it back at the lower prices to keep the easy, unethical money-making cycle going. Make no mistake, 
BTC is no "freedom coin", devoid of market maker manipulation. It is even more susceptible than stocks since crypto is still in an unregulated wild west phase. This creates huge opportunity to make money on the volatility short term, but it also has huge upside, long term potential. The question you need to ask yourself is: do you trust your government to do the right thing for the people, or do you expect them to protect the financial system that enriches them ?
Technically,BTC is currently close to its all time high and in an upward trend. However, it broke down from a rising wedge pattern on Valentine's Day 2021 with big volume. It has recovered much, but there is obvious bearish divergence against the MACD. More concerning is the divergence between the big volume of the selloff compared to the weak volume of the recovery. Traditionally, this would be a sign to exit. However, this could simply be due to a very limited supply on the market. BTC has become a buy and hold hedge asset like gold, but on steroids. If you believe the pattern we continue to see is manipulative dumps, you could make huge profits by playing the flow, but you have to be ready to move often while managing risk.
If you believe the technicals are indicative of a free, non-manipulated market, it's time to get out and watch for a bit until you see volume resume on positive price action.
BTC is no "freedom coin", devoid of market maker manipulation. It is even more susceptible than stocks since crypto is still in an unregulated wild west phase. This creates huge opportunity to make money on the volatility short term, but it also has huge upside, long term potential. The question you need to ask yourself is: do you trust your government to do the right thing for the people, or do you expect them to protect the financial system that enriches them ? Technically,
BTC is currently close to its all time high and in an upward trend. However, it broke down from a rising wedge pattern on Valentine's Day 2021 with big volume. It has recovered much, but there is obvious bearish divergence against the MACD. More concerning is the divergence between the big volume of the selloff compared to the weak volume of the recovery. Traditionally, this would be a sign to exit. However, this could simply be due to a very limited supply on the market. BTC has become a buy and hold hedge asset like gold, but on steroids. If you believe the pattern we continue to see is manipulative dumps, you could make huge profits by playing the flow, but you have to be ready to move often while managing risk. If you believe the technicals are indicative of a free, non-manipulated market, it's time to get out and watch for a bit until you see volume resume on positive price action.
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.