BTC/USDT THE BIG MOVE BUT I AM SELLING....BITBAY:BTCUSDT
If we hit that 30K we can go lower.
I already said that we may trace but one this is for sure the support line that traces our greatest dip or lowest low after all FUDS we received is just another reason for us to go more dip if we break that and most of us will have mixed emotions of FEAR and INDENIAL which is a bad combo for psych trading....
What i did what i sold my 50% of my portfolio... saving it aggressively as I have already taken a lot of profits at the top...
I will not buy if we dont end this week above 30K
30k hit within this week of TF Weekly... if we are below it we are going to have a hard time hitting back up... we made hit 22k the lowest but
if greed of whales sets in and collaboration with the other hodlers that becomes weak as it drops drastically like the 62k to 50k to 48k will shake many of us off the market.
FUD to watch out...
the Trillion dollar investment to Eco-energy research and making this world a better place to live in.
more news about small countries embracing the Bitcoin to save the country and with their dead currency.
more news as well with making the less carbon foods. like veggies tastes like meat and making it look like meat.
news about the famous hodlers and new investors asset view after the dip will scare a lot that bitcoin is dead.
**we may have not traced the actual price but we are tracing the format before the new fud was released...
that's how volatile this market is and how choppy please be safe in trading and trade your plan.
Bitcoinisdead
Gotta love those dipsSo price has seen a huge reset and we might as well not be over with it, is 30K our bottom? one thing is sure, if it want it can drop even further...
What are the good news though, it's a hell of an oportunity to buy cheap, if you want to be in the crypto market, you need to be ready for this kind of movements, it's not easy, I know, but this is not for the faint heart.
If market makers are happy with the drop, then we will see an amazing bounce.
If you have been trading for a few years already, then you know how this things work out, if you don't welcome to crypto.
This is not financial advice, this is just a kind reminder of the intrinsic volatility this market has, right now, we could have just seen the worst of it as well as it can continue, just keep calm and watch the smart money play.
The BTC bear market: 2017 vs nowI overlapped the BTC 2017 top and start of the correction with the current top on a log scale and the phases align really well with what is going on today. I do not want to spread fud, this is pure TA and it tells story as such...
Crypto Market sentiment
I just checked some market sentiment today and overall its very fearful and bearish which indicates we are in the fear phase right now. Sure, there are a bunch of Youtubers spreading hopium; which is nice but not very realistic. So for those real permabulls giving up we will have to capitalize. Given corrections move fast; this can already happen in the coming few weeks.
Crypto Market outlook
The long term outlook for the overall crypto market looks very bullish and I do not think we will enter a years long bear market. However a bear season we will see and there are still substantial corrections on the way. I project bearish sentiment spanning across spring and begin summer. When BTC has bottomed out in the summer we will see great entries and I project bullish continuation from September onwards. So crypto is not over and there will be great opportunities for those who are patient and control their emotions.
The end for Bitcoin?
After a decade of service; we need to really consider if Bitcoin still has a real use case beyond the current cycle. Sure, the economics line and infrastructure line up perfectly with a few innovations - however; the mining dominance and bad imagery around the coin together with increasing alternatives form a threat to Bitcoin's bullish existence. Not its existence as a currency / store of value by itself but rather its place our world as a use case. With a deflationary Ethereum and an influx of revolutionary innovations in the tech space as a whole in the coming decade; its hard to imagine Bitcoin being the store of value of choice.
The role of Ethereum
Ethereum is likely to swap seats with Bitcoin this year (as mentioned in previous analyses linked below) and when we will see this shift; we are ready for increased adoption and percentages in the crypto space and market as a whole. In my opinion, this would be good for the market and is something I personally look out for as the start of a new bull run but unfortunately, this time without Bitcoin as a key figure.
Hope for Bitcoin?
Sure there is still hope for Bitcoin as a store of value if mining dominancy and proof of work can be solved with innovations agreed upon by the network. The crucial support at 18K at the 0.236 will tell the story for Bitcoin. Below that level; we effectively have a dead coin - however; and impulse back above 30K means the return of the crypto legend.
IMPORTANT: this is not financial advice, trade or invest based on your own risk and research.