Bitcoin - Current Thoughts - Everyone Bearish
Greetings overleveraged friends!
I have no reason to believe we've seen a major top on Bitcoin at this time. I've taken the two measurements from a previous video that created a 161.8% fibonacci extension box around 83.6 ~ 86k area and that was blasted through. Backtesting that would be just fine. I'd actually prefer it.
Many have asked if I am short, well the short answer is no. I have sold some of my btc exposure and have sold some of my alts that I have held, including ALL of my XRP, for example. When you see monster moves, you need to capitalize on them, save some cash for a rainy day, and move on.
Bitcoin backtesting 86k is not guaranteed, but I would prefer it. I'd also prefer if Bitcoin Dominance (BTC.D) started to decline some more as well. I did a quick video update on that yesterday so feel free to check it out.
Here's a link to that video update:
https://www.tradingview.com/chart/BTC.D/6LBWpGhg-BTC-Dominance-When-does-ALT-SEASON-start/
All I would say to those claiming the end is here: Don't overleverage yourself. If you're freaking out over a 7% decline in the crypto markets, either you've only invested in bonds or you have way too much invested in crypto. Diversify your assets and believe me, the risk to reward in crypto is greater than basically any other asset class out there, but the risks are certainly real. Don't lose everything. Be cautious and be responsible with leverage.
I have no reason to believe we've seen a major top on Bitcoin at this time. I've taken the two measurements from a previous video that created a 161.8% fibonacci extension box around 83.6 ~ 86k area and that was blasted through. Backtesting that would be just fine. I'd actually prefer it.
Many have asked if I am short, well the short answer is no. I have sold some of my btc exposure and have sold some of my alts that I have held, including ALL of my XRP, for example. When you see monster moves, you need to capitalize on them, save some cash for a rainy day, and move on.
Bitcoin backtesting 86k is not guaranteed, but I would prefer it. I'd also prefer if Bitcoin Dominance (BTC.D) started to decline some more as well. I did a quick video update on that yesterday so feel free to check it out.
Here's a link to that video update:
https://www.tradingview.com/chart/BTC.D/6LBWpGhg-BTC-Dominance-When-does-ALT-SEASON-start/
All I would say to those claiming the end is here: Don't overleverage yourself. If you're freaking out over a 7% decline in the crypto markets, either you've only invested in bonds or you have way too much invested in crypto. Diversify your assets and believe me, the risk to reward in crypto is greater than basically any other asset class out there, but the risks are certainly real. Don't lose everything. Be cautious and be responsible with leverage.
CE - BitDoctor
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Beware of scams - I'll never DM you asking for funds.
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