Looking at Channels and fib time lines it appears that we have a bearish trend on BTC before correcting and going to even higher levels. Due to FOMO, too many investors jumped into bitcoin after the steep rise from $2000->10,000 making it then double. Early bulls now have an opportunity to take their profits before years end (great for industrial money as portfolio performance indicator) and shorts have also now entered the market which might scare investors into selling which would allow them to then have a better entry point into the market.
The exuberance of overpaying for fear of missing out will now completely correct to levels around $8.000 unless there is a strong buyback at higher resistance levels.
This is a healthy correction and will allow for buy in opportunities for the disciplined investor who has kept a balanced portfolio and not been 'all in'.
The exuberance of overpaying for fear of missing out will now completely correct to levels around $8.000 unless there is a strong buyback at higher resistance levels.
This is a healthy correction and will allow for buy in opportunities for the disciplined investor who has kept a balanced portfolio and not been 'all in'.
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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.