Bitcoin | 50% Down vs 20% Down
Updated
➖ If Bitcoin were trading at 37,000, which is 50% below the All-Time High, this would be good before a major political event. We could say, "Bitcoin is trading pretty low already, the correction was really strong so it can recover anytime." This is if the price was trading at 37K, below 40,000 or around 50% below the All-Time High.
➖ Bitcoin is currently trading at 60,000 which can be considered really strong. Bitcoin is trading near resistance. Since Bitcoin is trading near resistance we can say, "Bitcoin is really strong right now. Any kind of unexpected event, market shakeout or strong dynamic can produce a major crash. It has been sideways with a bearish bias for more than six months so be careful."
➖ A descending triangle is a bearish pattern. On this monthly chart, this pattern already broke to the downside. The down-move has been confirmed.
Namaste.
Comment
Focus on the Altcoins. Visit my profile to see all the ones that are growing now.Trade active
It seems people are excited because Bitcoin went up $3,000 dollars.
It is good to see Bitcoin rising and this is support our Altcoins, this is great, but remember that this is only a short-term move. Be careful.
A strong confirmation above $70,000 is necessary to consider Bitcoin bullish.
Say a one or two weekly or monthly close above $71,000. This would definitely mean bullish. Right now, we are only seeing over-leveraged traders being liquidated, nothing more... While the Altcoins grow.
Comment
➖ If Bitcoin moves to 70,000, 3.00B worth of leveraged SHORTs would get liquidated.
➖ If Bitcoin moves to 53,000, 7.78B worth of leveraged LONGs would get liquidated.
Where is the liquid now, up or down?
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