Bitcoin..Crypto…not looking well
I typically look at 4hour candle charts and 1hr charts for back testing.
Looking here at the 1 week chart for BTC which basically acts as an index for all cryptocurrency’s.
Well, it speaks for itself.
After what looked like a promising V shaped recover (see linked posts) BTC has lost all steam.
I expect a new bottom to come in soon after the asset failed to reach the important
46K zone post “recovery”
It looks like to me BTC will have to retest the 30k zone and this will see the entire crypto market hurt as it has to retake 1.7T again before there’s any sign of light.
I would be extremely cautious holding any crypto currency at this point.
These are not discounts. This is an asset that has not finished correcting and soon holders will have to face the reality that another roller coaster ride is in store for the promising asset class.
*This is not financial advice. It is my opinion based on fundamentals, technicals, sentiment, psychology, and trend.
I personally have short contracts on most of the top 10-15 crypto assets by market cap. As I said I am not advising you to do so.
It doesn’t hurt to sideline your funds, de-risk, and take a step back. Becoming a fan of your investment is an incredibly dangerous place to be as an investor.
I know from first hand experience.
Good luck out there traders,
Signing off,
CryptoSlayer
Looking here at the 1 week chart for BTC which basically acts as an index for all cryptocurrency’s.
Well, it speaks for itself.
After what looked like a promising V shaped recover (see linked posts) BTC has lost all steam.
I expect a new bottom to come in soon after the asset failed to reach the important
46K zone post “recovery”It looks like to me BTC will have to retest the 30k zone and this will see the entire crypto market hurt as it has to retake 1.7T again before there’s any sign of light.
I would be extremely cautious holding any crypto currency at this point.
These are not discounts. This is an asset that has not finished correcting and soon holders will have to face the reality that another roller coaster ride is in store for the promising asset class.
*This is not financial advice. It is my opinion based on fundamentals, technicals, sentiment, psychology, and trend.
I personally have short contracts on most of the top 10-15 crypto assets by market cap. As I said I am not advising you to do so.
It doesn’t hurt to sideline your funds, de-risk, and take a step back. Becoming a fan of your investment is an incredibly dangerous place to be as an investor.
I know from first hand experience.
Good luck out there traders,
Signing off,
CryptoSlayer
Related publications
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.