The crypto world let out a collective groan yesterday as bitcoin again headed south. The market was starting to look like it was building for a move higher then it didn't. There are some key levels I am watching before I am overly bullish or bearish. I share those with you in this video. Enjoy!
The problem with your bullishness is the fact that when we were first hitting the lower 6000’s, we had literally came off the downhill of 20k range, and it should be easy to surmise that we got back over 10k on the first dip because of trajectory... same with the next 3 major Elliot Waves.
The problem is we are all the way down at the lowest possible hill we can be on before MAJOR selloff because of previous support levels. There is really not a lot of good places from here to left to go. And frankly there isn’t enough NEW money in the market because of stricter regulations and it’s simply choking this market.
Alts seemed to have responded well simply because they were cheap, but in the end the long rules over them all, and when it goes down hard, so will the rest.
We must come to the realization that the very same market level investors that trade in markets also have holding here, and right now they are responding to the global selloff that’s going to start to get pretty hairy.
Overall, I’m not positive I see good investment from the players that manipulate the crypto market... And that’s where traders get their money from, how exchanges keep open (from fees) and how the whole market stays alive.
Without new blood or an infusion of another major market.... We are more than likely dead in the water. Ive been hopeful in this market for years, and it has turned into a great investment, but not all markets climb the amounts crypto has in the many years it has and have always had extremely bullish years. It could be time for it to go backwards, a lot.
Governments are cracking down on it too hard, MAYBE if ETFs finally get cleared we see a nice break... But guys... Frankly, I’ve seen traders not make trades for weeks if not at least a month because the risk is so high.
Those of us that have been trading for a while have to accept that Bitcoin may be going through tough times ahead. At least for the rest of the year.
And no, I’m not saying it can’t come back up, I’m just saying the chances aren’t good especially because it seems like now BTC is in lock step with world market sentiment... if it hasn’t responded well to record breaking stock market prices, it’s not likely gonna do well when it’s selling off.
We just gotta see the likely scenario no matter how much we love our beloved crypto markets.
TraderCobb
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@zk8619, I don't argue with your points. IN the video I am talking about the levels for bullishness and bearishness. I am not sure when you say "The problem with your bullishness" what you mean as I am building a trading case for both sides. Long term I think bitcoin will survive, how it get's there and if it does is not up to me, I just trade what I see and follow the trend. I agree it could go either way and right now there is more talk of bears than bulls but I don't trade on talk.