BitcoinShort
Bitcoin needs to Bottom before Moon
Updated
We saw strong buy volume over the past few days fueled by mainstream news (ETF , Coinbase etc), pushing the price up from 6k to 8.5k. However, the overall Crypto market cap did not increase significantly, the rise of BTC was fueled by the sell off of ALTS. This scenario is very similar to last year when BTC Futures was launched.
8.5k region is a very strong resistance zone and would need HUGE buy volume to break it. This resistance zone also coincides with 200MA and 0.618 fib.
Personally I feel that BTC have to capitulate before we will reach new ATH, the old money needs to change hands with the new.
A good way to enter would be to stagger your buys at 3K - 5K region, it is impossible to time the market or buying at the lowest, you will end up with a lot of miss opportunities. Most importantly, have a framework and stick to it, trading crypto requires a strong mental.
This is just my personal opinion of the BTC market, pls do your own homework and invest cautiously
8.5k region is a very strong resistance zone and would need HUGE buy volume to break it. This resistance zone also coincides with 200MA and 0.618 fib.
Personally I feel that BTC have to capitulate before we will reach new ATH, the old money needs to change hands with the new.
A good way to enter would be to stagger your buys at 3K - 5K region, it is impossible to time the market or buying at the lowest, you will end up with a lot of miss opportunities. Most importantly, have a framework and stick to it, trading crypto requires a strong mental.
This is just my personal opinion of the BTC market, pls do your own homework and invest cautiously
Note
With BTC ETF rejected, the main reason for the recent rally, we will be exploring new lows in the near future with no new money being poured in.Note
Low buying volume will bring us to new lows. Alts are bleeding even more.Have a feeling that the recent pump was for the whales to dump alts, once all their alts are dumped, BTC will be dumped.
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.