Bitcoin is dead, or at least dying
Updated
I've never been a Bitcoin supporter myself although I did some trades on it, mostly to better understand this market and this "commodity" (?). Not being a supporter and not lying about my overall idea on the subject made me "lose" likes and such both here as well as in other social media. I prefer to give an overall correct (at least as far as my idea is concerned) view of the market and I don't really care about negative comments of bots/trolls and so on. I have my idea, that can be totally wrong of course, and I support it. I'm even ready to change my mind if I'm wrong.
After this initial rant, let's get on to business.
If, on the very short term, the high volatility of BTC will allow for some "long position" profits, the overall picture shows a weak asset that is continuing it's downtrend (that I highlighted long ago) through the repetition of lower highs.
I even highlighted a sort of "recurring pattern" (in white) that could be translated in a set of dead cat bounces. Overall trend is negative.
Bitcoin is dead, or at least....it is slowly dying. For whoever calling the "moon" be aware that, although nothing is impossible especially in such an highly manipulated market, it is indeed highly unprobable.
*** As usual, not a trading advice, merely my idea for information and educational purposes only.***
After this initial rant, let's get on to business.
If, on the very short term, the high volatility of BTC will allow for some "long position" profits, the overall picture shows a weak asset that is continuing it's downtrend (that I highlighted long ago) through the repetition of lower highs.
I even highlighted a sort of "recurring pattern" (in white) that could be translated in a set of dead cat bounces. Overall trend is negative.
Bitcoin is dead, or at least....it is slowly dying. For whoever calling the "moon" be aware that, although nothing is impossible especially in such an highly manipulated market, it is indeed highly unprobable.
*** As usual, not a trading advice, merely my idea for information and educational purposes only.***
Note
And BTC is headed downNote
5200 is possible....you had been warned
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.