BITCOIN and Why The Bulls Can't Fly! - Fibonacci in Play
Updated
I am never good with words so instead of writing paragraphs of clarification to justify my call for SHORT since my last posting, I have explained everything on my chart with the least words possible using Fibonacci. It does not matter how popular Bitcoin has become, or how deep it has disrupted the financial sector, or how many institutional investors have come to invest in it -- the psychology behind a market cycle does not change.
I don't really encourage anyone to short Bitcoin, but in all honesty, don't expect the bulls to fly anytime soon. Like I said before, this correction that we are having right now is the "MOTHER OF ALL CORRECTIONS" after a 4-year-long bull cycle since the 2013 correction... and we are just halfway through.
I don't really encourage anyone to short Bitcoin, but in all honesty, don't expect the bulls to fly anytime soon. Like I said before, this correction that we are having right now is the "MOTHER OF ALL CORRECTIONS" after a 4-year-long bull cycle since the 2013 correction... and we are just halfway through.
Note
I am showing you the same chart but with the Ichimoku cloud indicator applied.The path with the least resistance right now is to the downside.
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