BitcoinShort
BITCOIN - Weekly - More pain to come
Bitcoin - Weekly - As previously posted bitcoin peaked around 69k and landed down to this nice weekly demand level of 30k.. On monthly and weekly chart, we can see a clean double top reversal pattern which is calling for further downside once 30k is broken. My analysis is based on technicals, correlations and fundamentals so just because I'm showing more downside for bitcoin coming on the charts doesn't mean this is all my analysis is based on. One of the key factors for my analysis is the coming fed rate hikes this year as inflation is getting out of control in the US and Goldman Sachs, JP Morgan and other major investment banks are forecasting the federal reserve to hike rate more 6 times this year. In combination to that, I see the US dollar rising (for a short time) due to these rate hikes and cryptos are priced in US dollars so a stronger dollar will ultimately bring cryptos down. Additionally, the mass adoption of crypto's in general has caused a lot of people to recklessly invest in cryptos and become bias, complacent and greedy with their crypto investments. Markets has a funny way to humble people like that. Now I'm a big supporter of cryptos and I see them growing bigger in the near future but that doesn't mean cryptos can't drop down a lot for a deep correction. Doesn't matter if big institutions have bitcoin holdings or if El-Salvador keeps buying the dips.. they will suffer for their recklessness and FOMO. Patience is a virtue and only the calm, collected, unemotional, well-informed trader/investor can make and keep huge returns from any investment.
Be fearful when others are greedy and be greedy when others are fearful.
I am patiently waiting for bitcoin to land into a monthly demand zone around 10-12k before loading up heavy on them, at the same time I will be waiting for the US Dollar to crash later this year, so once I see the dollar crashing and bitcoin reaching for its monthly demand zone.. and there's blood in the streets.. That's when I buy.
Be fearful when others are greedy and be greedy when others are fearful.
I am patiently waiting for bitcoin to land into a monthly demand zone around 10-12k before loading up heavy on them, at the same time I will be waiting for the US Dollar to crash later this year, so once I see the dollar crashing and bitcoin reaching for its monthly demand zone.. and there's blood in the streets.. That's when I buy.
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