BTC still not convincing..
Forgive the sloppy drawing but the point is clear. It seems like Bitcoin has peaked this time at around $8,996, failed to break $9,000 and break out of the downtrend or the 200MA.
This current trend is eerily similar to the 2018 bust.. lots of selling with the occasional bear market rally. Bear market rallies are quite common, especially in stock markets (2009-11) had lots of bear market rallies.
Coupled with lower volume, weak buyers, we can expect a sudden selling putting Bitcoin back below $8,000, unless of course we see volume increase and buyers coming in. As BTC is now listed through CME, it could be that lots of BTC investors have went into the stock market and got greater returns through stocks that BTC as the markets are setting records almost weekly.
This current trend is eerily similar to the 2018 bust.. lots of selling with the occasional bear market rally. Bear market rallies are quite common, especially in stock markets (2009-11) had lots of bear market rallies.
Coupled with lower volume, weak buyers, we can expect a sudden selling putting Bitcoin back below $8,000, unless of course we see volume increase and buyers coming in. As BTC is now listed through CME, it could be that lots of BTC investors have went into the stock market and got greater returns through stocks that BTC as the markets are setting records almost weekly.
Order cancelled
Broke out of descending channel.
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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.