It is not easy to trade Bitcoin at the moment. The bulls and bears are very divided. The majority of retail bulls are still hoping for a move higher because of Bitcoin halving whereas the majority of retail bears are scared to short the market just yet. Aggressive Tether printing that we have seen more and more of recently has discouraged even the most resolute of Bitcoin bears to short the market as they fear that USDT pumping could keep driving the price up.
For me, it does not matter whether Tether pumps it any further or not. We have already seen a break below a key trend line support but that is not enough. I need to see a break below the more significant trend line support as discussed in the video analysis. When that is broken, that is a point where I decide to be overly bearish on the market. For now, I'm going to sit this out and see what happens next. If the price climbs back above the previously broken trend line support and prints a few higher highs and higher lows making a bullish setup, I will buy again. On the other hand, if the price declines below the major trend line support, tests it as resistance and faces a rejection, I will be overly bearish and look for aggressive short entries.
LEARNING NEVER STOPS.
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For me, it does not matter whether Tether pumps it any further or not. We have already seen a break below a key trend line support but that is not enough. I need to see a break below the more significant trend line support as discussed in the video analysis. When that is broken, that is a point where I decide to be overly bearish on the market. For now, I'm going to sit this out and see what happens next. If the price climbs back above the previously broken trend line support and prints a few higher highs and higher lows making a bullish setup, I will buy again. On the other hand, if the price declines below the major trend line support, tests it as resistance and faces a rejection, I will be overly bearish and look for aggressive short entries.
LEARNING NEVER STOPS.
If you liked this analysis, please give it a thumbs up and share it with others. Leave your thoughts and suggestions down below.
Follow for more ideas and posts. Good luck! :')