BitcoinShort
Bearish BTC? Again??
Well well... many people was claiming "BTC cannot go under previous ATH" and here we are, just getting out of a 17.5k drop, which is aproximatelly -10% from previous ath.
The thing is, for me, this idea is as valid as saying "BTC will hit 100k on 2021" --> makes no sense from a trading perspective.
Right now, we've got btc sitting at aproximatelly 20.7k. We basically bounced 3.2k from the last drop, which is pretty good. The thing is, the chart does not look as good as it sounds...
Bitcoin seems to just be doing some kind of Rising Wedge (which is bearish) combined with a triangle... after a big drop (which is also bearish). MACD does not show any signs of strength, and RSI got out of oversold area. Also volume is so weak it does not bring me confidence.
All this things points to the same direction --> bearish movement.
Can't get out of my mind we are, for sure, gonna hit the nearest support. Then, we will see what happens.
Hopefully i'm wrong and the diamond holders will see some recovery, but remember that we are in a bearish mindset, with lots of problems (war, crisis, inflation...) so we could still go down... much more.
Take care!
Have a nice day!!!
DISCLAIMER:
That's not a financial or investment advise in any case. That's just my opinion and my ideas. Always do your own research, and manage your capital with head. Please, play with stop loses; dont fomo on things and dont let them run till they get to 0.
Feel free to comment!! :)
The thing is, for me, this idea is as valid as saying "BTC will hit 100k on 2021" --> makes no sense from a trading perspective.
Right now, we've got btc sitting at aproximatelly 20.7k. We basically bounced 3.2k from the last drop, which is pretty good. The thing is, the chart does not look as good as it sounds...
Bitcoin seems to just be doing some kind of Rising Wedge (which is bearish) combined with a triangle... after a big drop (which is also bearish). MACD does not show any signs of strength, and RSI got out of oversold area. Also volume is so weak it does not bring me confidence.
All this things points to the same direction --> bearish movement.
Can't get out of my mind we are, for sure, gonna hit the nearest support. Then, we will see what happens.
Hopefully i'm wrong and the diamond holders will see some recovery, but remember that we are in a bearish mindset, with lots of problems (war, crisis, inflation...) so we could still go down... much more.
Take care!
Have a nice day!!!
DISCLAIMER:
That's not a financial or investment advise in any case. That's just my opinion and my ideas. Always do your own research, and manage your capital with head. Please, play with stop loses; dont fomo on things and dont let them run till they get to 0.
Feel free to comment!! :)
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.