Bitcoin Price Analysis : Get in. Get out. Do it Fast!
Updated
Hello Traders hope you are doing well this fine Sunday Afternoon!
We have very confusing signals from the market right now, as you know most traders have been wrong in recent predictions, some claiming "False Breakouts" and also some even saying "BTC price will not drop before halving". Bullish-Shit !
Although there is some logic behind these arguments many people fail to realize conventional market models are less reliable in times like these. My best guess is that BTC will not be decoupling from traditional markets at least in the near future since the private sector holds allot of BTC and if the companies are doing bad they will resort to selling their BTC. (Some even tamper with market prices).
So why the price drops when the markets open? Because why in the world would there be bullish action when we are seeing all these consecutive lower highs and failed Re-Tests.
I am 90% confident we will not see a price below 4k again, as this put the hash rates and even the future of BTC in jeopardy.
Bears: (those trying to short) go for 6850 - 5900 ( Soon to come)
Bulls: (those trying to put) place your longs in the black box region 5.8k to 6k.
Dogs: Take your pet out on a walk, quarantine is hard for everyone!
The Black Box on Chart: As long as we do not see more bearish action this drop can be seen as a lion crouching down before he pounces on his prey aka BTC's price drop before halving action.
WHY BITCOIN MIGHT PEAK BEFORE HALVING:
Keep in mind the amount of people that know the halving is going to happen has skyrocketed every year, let alone every 4 years. Since social media, YouTube and the news media, have all been discussing this phenomenon the market has a very high chance of prematurely reacting.
(That is not to say, BTC wont shoot up a second time post halving)
As always ,
Take a Deep Breath and Enjoy Life
We have very confusing signals from the market right now, as you know most traders have been wrong in recent predictions, some claiming "False Breakouts" and also some even saying "BTC price will not drop before halving". Bullish-Shit !
Although there is some logic behind these arguments many people fail to realize conventional market models are less reliable in times like these. My best guess is that BTC will not be decoupling from traditional markets at least in the near future since the private sector holds allot of BTC and if the companies are doing bad they will resort to selling their BTC. (Some even tamper with market prices).
So why the price drops when the markets open? Because why in the world would there be bullish action when we are seeing all these consecutive lower highs and failed Re-Tests.
I am 90% confident we will not see a price below 4k again, as this put the hash rates and even the future of BTC in jeopardy.
Bears: (those trying to short) go for 6850 - 5900 ( Soon to come)
Bulls: (those trying to put) place your longs in the black box region 5.8k to 6k.
Dogs: Take your pet out on a walk, quarantine is hard for everyone!
The Black Box on Chart: As long as we do not see more bearish action this drop can be seen as a lion crouching down before he pounces on his prey aka BTC's price drop before halving action.
WHY BITCOIN MIGHT PEAK BEFORE HALVING:
Keep in mind the amount of people that know the halving is going to happen has skyrocketed every year, let alone every 4 years. Since social media, YouTube and the news media, have all been discussing this phenomenon the market has a very high chance of prematurely reacting.
(That is not to say, BTC wont shoot up a second time post halving)
As always ,
Take a Deep Breath and Enjoy Life
Note
Never hurts to admit I was wrong on this one, the indicators and patterns I used were irrelevant when the Re-Test did not fail.
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