Bottom test Bitcoin
Updated
This week, we saw powerful Bitcoin sales when ever.
Those bitcoins that have been in a buy-and-hold state for many years have come into motion.
It will be difficult to recover bitcoin after such a fall.
Volatility in financial markets is at the level of the 2008 crisis.
The world has undergone major fundamental shifts that are causing states of uncertainty in the markets.
This is not a typical situation when you should buy all drawdowns and adhere to the buy and hold strategy.
Now you need to act quickly and with minimal periods of holding the position.
According to statistics, the state of uncertainty often causes a change in short-term trends. For this reason, we saw yesterday the redemption of stock indices.
Sales pressure will remain strong for a few more quarters. While we see that, unfortunately, cryptocurrencies did not play the role of safe haven when financial markets collapsed. Attitudes towards cryptocurrencies on the part of large market participants will continue to remain as very risky assets.
Therefore, I expect Bitcoin to continue to correlate with underlying risk assets in the financial markets.
But at the same time, high volatility means good opportunities for short-term trading with minimal stops.
Those bitcoins that have been in a buy-and-hold state for many years have come into motion.
It will be difficult to recover bitcoin after such a fall.
Volatility in financial markets is at the level of the 2008 crisis.
The world has undergone major fundamental shifts that are causing states of uncertainty in the markets.
This is not a typical situation when you should buy all drawdowns and adhere to the buy and hold strategy.
Now you need to act quickly and with minimal periods of holding the position.
According to statistics, the state of uncertainty often causes a change in short-term trends. For this reason, we saw yesterday the redemption of stock indices.
Sales pressure will remain strong for a few more quarters. While we see that, unfortunately, cryptocurrencies did not play the role of safe haven when financial markets collapsed. Attitudes towards cryptocurrencies on the part of large market participants will continue to remain as very risky assets.
Therefore, I expect Bitcoin to continue to correlate with underlying risk assets in the financial markets.
But at the same time, high volatility means good opportunities for short-term trading with minimal stops.
Note
Today there were powerful sales from the level of 5600. This is where the sellers intensified in the plan that was provided earlier. The pressure of the sellers remains quite powerful. To change the situation, we need some kind of powerful fundamental driver. There is no fundamental driver, so the medium-term trend will not be broken. I keep shorting with short-term trades
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