BTC Bear Market is knocking the door
Hello again,
After a long silent period, I am back. I had a very good run in the stock market, that's why I almost abandon crypto. Here I am coming back to crypto trading.
BTC had a whole one-year bull run, with the help of smart money and institutions, the crypto market is totally on fire! However, this is also the moment we need to have a clear head about this. I believe in cryptocurrency technology, and I do think BTC in long term have an unimaginable potential, but like every market, when it is getting too hot, the price is overbought. I strongly believe we are in this situation regarding BTC.
Daily chart is forming a resistance area from all time high to current value. DMI local top has been dropping since 20k, which indicates a weaker and weaker bull trend, the buying power is dropping! In the same time, the RSI looks terrible, it follows the same trend as DMI.
And don't forget the most important indicator for the trend reversal -- volume! It has been dropping since the beginning of 2021. Buyers are losing interests in this market, I think many big investors like me are focusing on stock market right now, since there are many exciting companies with incredible technology.
I am shorting the btc with an entry price at 58500 ish, the stoploss is placed above all time high price.
Happy Hunting!
After a long silent period, I am back. I had a very good run in the stock market, that's why I almost abandon crypto. Here I am coming back to crypto trading.
BTC had a whole one-year bull run, with the help of smart money and institutions, the crypto market is totally on fire! However, this is also the moment we need to have a clear head about this. I believe in cryptocurrency technology, and I do think BTC in long term have an unimaginable potential, but like every market, when it is getting too hot, the price is overbought. I strongly believe we are in this situation regarding BTC.
Daily chart is forming a resistance area from all time high to current value. DMI local top has been dropping since 20k, which indicates a weaker and weaker bull trend, the buying power is dropping! In the same time, the RSI looks terrible, it follows the same trend as DMI.
And don't forget the most important indicator for the trend reversal -- volume! It has been dropping since the beginning of 2021. Buyers are losing interests in this market, I think many big investors like me are focusing on stock market right now, since there are many exciting companies with incredible technology.
I am shorting the btc with an entry price at 58500 ish, the stoploss is placed above all time high price.
Happy Hunting!
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