Bitcoin (Mid April). Still Bearish. Don't Fall for Bull-Trap
This is my update for Bitcoin in April. I do understand the idea of buying Bitcoin on the weekly swing trade since it is near reaching the 8.5k-9k resistance area it has reached many times before. In the very short term, we do see a bullish ascending penant and it could very well turn out to be an inverse head and shoulders. But the RSI is questionable, and is already near the top, and falling a bit.
Those in it to hold mid to long-term should still wait before reinforcing. Look at the grand pattern. It's still a parabolic rise followed by a descending triangle. Bitcoin's periodic rises throughout this winter and early spring haven't been nearly as much as its hemorrhages to the point where it's a plain descending pattern. This very recent jump is not the real bull-run. Odds of seeing 12k this or next month are slim and odds of seeing it go beyond that within that period are virtually nonexistent. We may go up to 9k again, but Bitcoin is still poised to go to 4000-5800. If you've followed this page for the past few months, you know my projection for the market hitting rock bottom is estimated to be late April throughout May for a while. No FOMO.
Those in it to hold mid to long-term should still wait before reinforcing. Look at the grand pattern. It's still a parabolic rise followed by a descending triangle. Bitcoin's periodic rises throughout this winter and early spring haven't been nearly as much as its hemorrhages to the point where it's a plain descending pattern. This very recent jump is not the real bull-run. Odds of seeing 12k this or next month are slim and odds of seeing it go beyond that within that period are virtually nonexistent. We may go up to 9k again, but Bitcoin is still poised to go to 4000-5800. If you've followed this page for the past few months, you know my projection for the market hitting rock bottom is estimated to be late April throughout May for a while. No FOMO.
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