There is currently a lot of manipulation going on in Bitcoin, but looking out it is simply consolidation. Once we break out in either direction, will the mid-term (3-4 months) direction be more clear. I am extremely confident there is an 80% chance that we are headed back to the $20,000's, possibly $17k-$18k.
The 50MA and 200MA are looking like they are about to cross, forming what's known as the "death cross". However, beware that the effect will almost 100% occur before the event. So by the time it crosses, we could already have entered the inevitable consolidation phase if and when we were to break down and below $30k.
This however will create an enormous short opportunity in alts as they tend to react more dramatically than their pair BTC.
For full disclosure, I am currently short XRP. Considering every alt (most especially occurring now...) tends to react in parallel with BTC, making the same trade in an alt as you would in BTC is proven to be more financially rewarding (sometimes).
I still think that we are still in a bull market, even if we were to go as low as $17k, however that does not mean I am going to just "HODL" which in my opinion is the stupidest thing you can do if you are even a casual trader.
Obviously, if you are not up for the risk and suck at trading, "HODLing" is a viable option. However, I don't suck so I will be taking advantage of this clear short oppurtunity. In my opinion of course...
The 50MA and 200MA are looking like they are about to cross, forming what's known as the "death cross". However, beware that the effect will almost 100% occur before the event. So by the time it crosses, we could already have entered the inevitable consolidation phase if and when we were to break down and below $30k.
This however will create an enormous short opportunity in alts as they tend to react more dramatically than their pair BTC.
For full disclosure, I am currently short XRP. Considering every alt (most especially occurring now...) tends to react in parallel with BTC, making the same trade in an alt as you would in BTC is proven to be more financially rewarding (sometimes).
I still think that we are still in a bull market, even if we were to go as low as $17k, however that does not mean I am going to just "HODL" which in my opinion is the stupidest thing you can do if you are even a casual trader.
Obviously, if you are not up for the risk and suck at trading, "HODLing" is a viable option. However, I don't suck so I will be taking advantage of this clear short oppurtunity. In my opinion of course...
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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.