Hello everyone!
I've been looking at that market for a while, and figured it would be a nice time to share my point of view on the current Bitcoin market sentiment.
I'll start by saying I have a conservative approach on drawing the Bitcoin downtrend line on log scale, so I am biased thinking we are not already in a healthy bull market but most likely a media induced temporary bull run. I think right now there is much more opportunities on altcoins that have great news coming this summer (check on coinmarketcal.com). Very respectable crypto enthusiasts, like Big Cheds (check on twitter) share the same conservative approach.
As you can see on the chart, we are reaching the top of the conservative Bitcoin trend line. There is an influx of positive news since a couple weeks. Check on Google or Youtube, you'll see a plethora of "BTC to the Moon" videos as we approach the trend line. The last time(s) it happened, a significant sell off occurred. I am very careful with herd behaviour. It's quite funny to watch actually, there are Youtube channels -like the Hodget Twins- that started making crypto videos even though their core activity is bodybuilding.
I noticed that quite often when we rally to the top of the trendline on Bitcoin, media tend to be extremely bullish. Then it gets boring, FUD happens and the market sentiment goes back to bearish very shortly.
The last few days, some minor FUD popped up and people started to take profits from altcoins (oh my god, look at EOS). I wouldn't be surprised if Bitcoin turns around.
Are you feeling greedy so close to a trend line and with so much media coverage promising you unlimited wealth?
These are my two cents, thanks for reading!
I've been looking at that market for a while, and figured it would be a nice time to share my point of view on the current Bitcoin market sentiment.
I'll start by saying I have a conservative approach on drawing the Bitcoin downtrend line on log scale, so I am biased thinking we are not already in a healthy bull market but most likely a media induced temporary bull run. I think right now there is much more opportunities on altcoins that have great news coming this summer (check on coinmarketcal.com). Very respectable crypto enthusiasts, like Big Cheds (check on twitter) share the same conservative approach.
As you can see on the chart, we are reaching the top of the conservative Bitcoin trend line. There is an influx of positive news since a couple weeks. Check on Google or Youtube, you'll see a plethora of "BTC to the Moon" videos as we approach the trend line. The last time(s) it happened, a significant sell off occurred. I am very careful with herd behaviour. It's quite funny to watch actually, there are Youtube channels -like the Hodget Twins- that started making crypto videos even though their core activity is bodybuilding.
I noticed that quite often when we rally to the top of the trendline on Bitcoin, media tend to be extremely bullish. Then it gets boring, FUD happens and the market sentiment goes back to bearish very shortly.
The last few days, some minor FUD popped up and people started to take profits from altcoins (oh my god, look at EOS). I wouldn't be surprised if Bitcoin turns around.
Are you feeling greedy so close to a trend line and with so much media coverage promising you unlimited wealth?
These are my two cents, thanks for reading!