Hi ALL,
Waking up to this huge sell due to news on SEC and Binance hack certainly surprised most of the cryptos enthusiasts.
We are currently facing a pivotal stage where it could be death or live. On the bearish side, the bears are trying to push BTC back down to the downtrend channel in which they did slightly pierced through the downtrend channel but was quickly reversed. However, by looking at the RSI for the past three months, when RSI dropped below 30, there all had double bottom. So, I am expecting that the bears would try another time to put BTC back into the downtrend channel.
On the bullish side, the fractal could play nicely if you look at the trough on the 17th Jan (circled in orange). There is a possibility the whales are once again, manipulating the market by sharing FUDs, just to make BTC looks symmetrical, and the cryptos market could finally reversed. But keep in mind, this is all speculation.
Let's see what will happen from here. If BTC does drop back down to the downtrend channel, then I will exit the market until BTC reaches $7900 or even $6000.
Waking up to this huge sell due to news on SEC and Binance hack certainly surprised most of the cryptos enthusiasts.
We are currently facing a pivotal stage where it could be death or live. On the bearish side, the bears are trying to push BTC back down to the downtrend channel in which they did slightly pierced through the downtrend channel but was quickly reversed. However, by looking at the RSI for the past three months, when RSI dropped below 30, there all had double bottom. So, I am expecting that the bears would try another time to put BTC back into the downtrend channel.
On the bullish side, the fractal could play nicely if you look at the trough on the 17th Jan (circled in orange). There is a possibility the whales are once again, manipulating the market by sharing FUDs, just to make BTC looks symmetrical, and the cryptos market could finally reversed. But keep in mind, this is all speculation.
Let's see what will happen from here. If BTC does drop back down to the downtrend channel, then I will exit the market until BTC reaches $7900 or even $6000.
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.
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.