Bitcoin is in a bearfight. Taking hits to the sternum.
Watching how perfectly a new lower high has formed, almost perfectly following the trendline since March where we have already put 4 lower highs to rest. The most concerning part though, is that the trendline is getting cut off and starting to form a new and even more aggressive trendline to the downside. The very low end still declining volume is confirming the downtrend.
The price of bitcoin is certainly not parallel with bitcoins value at the moment. The price is far too high, because the infrastructure is far from build. The idea of bitcoin as a fully fuctional system, has in my opinion, a price that is indeed very high and a value that way exceeds it´s price in any given context. Even the news about Bakkt and etf´s as a means to drive institutional investors to the space is overrated. They will simply not put their money into a market with such poor infrastructure. Big investors and institutions evaluate the cryptomarket as buying a brand or a product. They like the idea, just not the product, YET.. And some of them want to dominate the cryptomarket with their own currency. So much speculation.
In my opinion, bitcoin and the cryptomarket as a whole is in for a big correction. Trade with caution and make swing trades at 5000$ levels. Potentially BTC will hit 4000$. At these lower levels a good trade can be made. Have patience and use TA not emotions. Look at the bigger picture.
Hodling as a early investor in BTC is no problem. And hodling, if you bought in december/january, is really your only choice, unless your getting extorted. If you have bought at 5000-6000$ range, hodling might be a bad idea. You might catch a better deal at lower levels.
The idea of a world free from banks and having a more free currency is beautiful. But getting there is still a future story.
Whats your thoughts?
Have a nice day.
Best regards, Mr Project.
Watching how perfectly a new lower high has formed, almost perfectly following the trendline since March where we have already put 4 lower highs to rest. The most concerning part though, is that the trendline is getting cut off and starting to form a new and even more aggressive trendline to the downside. The very low end still declining volume is confirming the downtrend.
The price of bitcoin is certainly not parallel with bitcoins value at the moment. The price is far too high, because the infrastructure is far from build. The idea of bitcoin as a fully fuctional system, has in my opinion, a price that is indeed very high and a value that way exceeds it´s price in any given context. Even the news about Bakkt and etf´s as a means to drive institutional investors to the space is overrated. They will simply not put their money into a market with such poor infrastructure. Big investors and institutions evaluate the cryptomarket as buying a brand or a product. They like the idea, just not the product, YET.. And some of them want to dominate the cryptomarket with their own currency. So much speculation.
In my opinion, bitcoin and the cryptomarket as a whole is in for a big correction. Trade with caution and make swing trades at 5000$ levels. Potentially BTC will hit 4000$. At these lower levels a good trade can be made. Have patience and use TA not emotions. Look at the bigger picture.
Hodling as a early investor in BTC is no problem. And hodling, if you bought in december/january, is really your only choice, unless your getting extorted. If you have bought at 5000-6000$ range, hodling might be a bad idea. You might catch a better deal at lower levels.
The idea of a world free from banks and having a more free currency is beautiful. But getting there is still a future story.
Whats your thoughts?
Have a nice day.
Best regards, Mr Project.