Bitcoin head & shoulders to 30k?
Updated
To be clear, I love crypto and I would like that pattern does not happen but there is few bearish indications:
* governments, if they don't ban, they want to regulate crypto market very soon and if it happens retailers will panic sell, tether will collapse as it is a scam. Many politics already talked about USDT.
* several ETF were rejected by SEC and not looking to be accepted soon.
* Big CEO are selling their stocks (Elon Musk, Sergey Brin, Larry Page, Bill Gates,...)
* The global economy looking bad despite printed dollars.
* SEC will rise interest rates in march which will push investors to exit risky assets like crypto
* Many are talking about bitcoin as a protection from inflation but if you bought it in November, you have already lost 40% of your capital. Can dollar do that?
* The volume is still decreasing and there is no buyers. Who will buy? Institutions? USDT cannot be printed indefinitely.
* The market is still over leveraged
* Too many moon boys.
* Retailers get rekt.
* ...
In my opinion we need a good flush out till at leat 30k to start a new clean bull run till 100k and more. Volatility is increasing and we can make this ride very quickly.
* governments, if they don't ban, they want to regulate crypto market very soon and if it happens retailers will panic sell, tether will collapse as it is a scam. Many politics already talked about USDT.
* several ETF were rejected by SEC and not looking to be accepted soon.
* Big CEO are selling their stocks (Elon Musk, Sergey Brin, Larry Page, Bill Gates,...)
* The global economy looking bad despite printed dollars.
* SEC will rise interest rates in march which will push investors to exit risky assets like crypto
* Many are talking about bitcoin as a protection from inflation but if you bought it in November, you have already lost 40% of your capital. Can dollar do that?
* The volume is still decreasing and there is no buyers. Who will buy? Institutions? USDT cannot be printed indefinitely.
* The market is still over leveraged
* Too many moon boys.
* Retailers get rekt.
* ...
In my opinion we need a good flush out till at leat 30k to start a new clean bull run till 100k and more. Volatility is increasing and we can make this ride very quickly.
Note
The neckline was backtested and rejected at 44k$. We are looking for the 30k$.
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