I am sorry but i am not feeling the bullish vibe......
Updated
People around me are all jumping up telling me the bullrun is here.
Look just look at ETH it just did 50% up, the time is here we are going to the moon.
Sorry folks i don't feel very bullish when i look at the chart:
- i see a repeating patern that will likely take us to a new low.
- last bear market took BTC down 85% from ath, we still have room to the downside to equal that.
- i see a macro economic climate that does not favour a risk market as crypto, that makes me expect a bear market at least as severe as the last one.
- i see a lot of struggle in BTC as it tries to reach up but gets shot down on the very first 2 fibs (.236 and .328) each and every time.
- on the ETH story, people tend to forget a month or 2 ago ETH decoupled from the BTC drop and dropped way further, all it is doing now is trying to recouple with BTC but it is still laging, in no shape or form it is outperforming BTC over the past 3/4 months.
That is what i had to say today, good luck trading and try not to fomo in.
And yes i have a line in the sand, if BTC breaks 23.250 with big volume i will buy in with maybe 20/25% of my capital on the retest.
This is no financial advice, it's just how i try to survive this bear market.
Look just look at ETH it just did 50% up, the time is here we are going to the moon.
Sorry folks i don't feel very bullish when i look at the chart:
- i see a repeating patern that will likely take us to a new low.
- last bear market took BTC down 85% from ath, we still have room to the downside to equal that.
- i see a macro economic climate that does not favour a risk market as crypto, that makes me expect a bear market at least as severe as the last one.
- i see a lot of struggle in BTC as it tries to reach up but gets shot down on the very first 2 fibs (.236 and .328) each and every time.
- on the ETH story, people tend to forget a month or 2 ago ETH decoupled from the BTC drop and dropped way further, all it is doing now is trying to recouple with BTC but it is still laging, in no shape or form it is outperforming BTC over the past 3/4 months.
That is what i had to say today, good luck trading and try not to fomo in.
And yes i have a line in the sand, if BTC breaks 23.250 with big volume i will buy in with maybe 20/25% of my capital on the retest.
This is no financial advice, it's just how i try to survive this bear market.
Note
Time for a small update on this chart as price broke the 23.250 target.The volume is way to low to make me jump into the market right now, i still suspect a fair chance for BTC to make new lows in the not so long future.
What are the indicators that make me think this:
- Elon Musk sold his BTC (i see him as a pretty smart person) but the market makers don't like it that he sold so they want to make him feel sorry, that is the little pump we see imho.
- Somewhere in august 100.000+ BTC from Mt Gox will be returned to the owners, most of them sold the keys to debt collectors that average bought them for a little below 1k per BTC. These debt collectors will most likely instantly sell those BTC for 20k or higher. They use that liquidity to buy new debts, they will not play the waiting game on BTC as a 20x return is huge.
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