Bitcoin sell off on Sunday
Updated
I am not a licensed financial adviser.
Now that that is out of the way, let's look at Bitcoin. It is currently trading below the Ema25 , Ema 50 , Ma 50 , 100 and 200. Rsi has fallen to 39.6, and it is a Thursday. Repeated rejections of 4k have caused BTC to be tightly range bound these past few days , but today, for now at least, it has a direction, and that direction is south. It is my belief that tomorrow and or Saturday it will enter a demand zone, and a rally will be attempted, but the repeated rejections of 4k have very likely left a psychological imprint on the emotional sector of the market , which sadly comprises maybe 65% of it. The rest of us know that it could rise if it were allowed to.
2018 was a brutal year for the crypto sector in general , and it has been only in the past few months that a sleeping bear has awakened and changed into a bull costume. The problem is, it is a costume.
Factor in the crypto press. Despite almost always being wrong, the emotional sector and the newbies haven't realized that yet. Many people seem to still take CCN , Nulltx etc. seriously. They will learn.
One big hope has been institutional commitment , yet in order for that to happen en masse , Bitcoin needs to show stability and or upward movement in a sustained fashion. Something it has failed to do time and time again. Despite this there have been tentative but timid moves by Fidelity and other big names , perhaps part of what led to this latest rally, there has been news from the sec , another positive - but the community is deeply scarred and full of F.U.D.
Weekends being what they usually are, I suspect that Sunday is going to be a bad day for bitcoin , and by proxy altcoins in general. I'm keeping my trades tight, small, and careful at this point.
Best of luck out there.
Fortis fortuna adiuvat
Caveat Emptor.
Now that that is out of the way, let's look at Bitcoin. It is currently trading below the Ema25 , Ema 50 , Ma 50 , 100 and 200. Rsi has fallen to 39.6, and it is a Thursday. Repeated rejections of 4k have caused BTC to be tightly range bound these past few days , but today, for now at least, it has a direction, and that direction is south. It is my belief that tomorrow and or Saturday it will enter a demand zone, and a rally will be attempted, but the repeated rejections of 4k have very likely left a psychological imprint on the emotional sector of the market , which sadly comprises maybe 65% of it. The rest of us know that it could rise if it were allowed to.
2018 was a brutal year for the crypto sector in general , and it has been only in the past few months that a sleeping bear has awakened and changed into a bull costume. The problem is, it is a costume.
Factor in the crypto press. Despite almost always being wrong, the emotional sector and the newbies haven't realized that yet. Many people seem to still take CCN , Nulltx etc. seriously. They will learn.
One big hope has been institutional commitment , yet in order for that to happen en masse , Bitcoin needs to show stability and or upward movement in a sustained fashion. Something it has failed to do time and time again. Despite this there have been tentative but timid moves by Fidelity and other big names , perhaps part of what led to this latest rally, there has been news from the sec , another positive - but the community is deeply scarred and full of F.U.D.
Weekends being what they usually are, I suspect that Sunday is going to be a bad day for bitcoin , and by proxy altcoins in general. I'm keeping my trades tight, small, and careful at this point.
Best of luck out there.
Fortis fortuna adiuvat
Caveat Emptor.
Note
Bitcoin breached 3900; thus far i see little resistance, other than the psychological.. but don't see it going beyond 4k. Despite the claims of the crypto press; it is my belief that if BTC breaches 4k and stays there, this bear market will end and a bull run will be born. This is extremely conditional, as many may feel prompted to sell at 4k, remember though that for it to have gotten to 4k, people BOUGHT in around that level. They may look to short and reclaim their money , just as they may allow it to run wild.Note
Of course, as i wrote the last comment, it fell below 3900. Ces't la vie.Note
This demonstrates the heavy psychological resistance , formed in part by repeated rejections of 4k, even more losses, and the entirety of 2018.Caveat Emptor.
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