Why I Think the Sell-Off Isn’t Over Yet
Bitcoin is already in the middle of a sharp sell-off, but at least half the market seems convinced the worst is over and that a recovery is underway. I don’t see it that way. Bitcoin has been grinding sideways into the Bollinger Bands on the weekly chart, and now that it’s finally colliding with the basis lines, I think it’s about to plunge straight through them. This doesn’t look like a market that’s ready to bounce—it looks like one that’s about to take another leg down. Maybe I’m wrong, maybe I’m early, but in my experience, when people start celebrating too soon, things tend to get a whole lot worse.
BTCUSD
BTC
MBT1!
BTC1!
MOBILEUSD
RNDRUSD
SHPINGUSD
FXUSD
ALEOUSD
HONEYUSD
ACSUSD
ASMUSD
BATUSD
FILUSD
VTHOUSD
B3USD
As always, this is not investment advice, any trade you make is on you, because good golly Miss Molly, I got my own things to worry about.
Bitcoin is already in the middle of a sharp sell-off, but at least half the market seems convinced the worst is over and that a recovery is underway. I don’t see it that way. Bitcoin has been grinding sideways into the Bollinger Bands on the weekly chart, and now that it’s finally colliding with the basis lines, I think it’s about to plunge straight through them. This doesn’t look like a market that’s ready to bounce—it looks like one that’s about to take another leg down. Maybe I’m wrong, maybe I’m early, but in my experience, when people start celebrating too soon, things tend to get a whole lot worse.
BTCUSD BTC MBT1! BTC1! MOBILEUSD RNDRUSD SHPINGUSD FXUSD ALEOUSD HONEYUSD ACSUSD ASMUSD BATUSD FILUSD VTHOUSD B3USD As always, this is not investment advice, any trade you make is on you, because good golly Miss Molly, I got my own things to worry about.
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Yeah, I'm sorry ladies and gentlemen I think bitcoin is getting sucked down a black hole tonight
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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.
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.