Bitcoin: well at least now it is official, Btc is crashing.
In the previous charts i was explaining the possibility that Bitcoin was in what appeared to be a correction phase as it was still above the the weekly Smma 50 (blue Smma )
Bad news is that now Bitcoin is below.
Unless it produces a false breakout (if we imagine Bitcoin beeing above this blue Smma for exemple next week), this is trouble.
Bitcoin broke its main structure major support at 6k, and is below both daily Smmas, and below the weekly 50 Smma .
This blue Smma is very important, as it is a weekly kind reminder of Bitcoin temperature: above= bull market, below = bear market.
-When the bull cycle started :
-Bitcoin remained above it until it reached 20k:
So now you got it, Bitcoin is in a bear market unless we assist to a miracle of getting above this blue Smma , which is possible but now less likely.
Breaking below 6k and settling below 5.8k is a classical sell signal.
This is getting dangerous, but who knows, everything is possible with crypto.
Bitcoin needs some buyers to rescue it or it will probably find new lows.
If you are in to invest in the long term, and ready to wait 2,5,10 years holding this asset, then feel free to buy what you can afford to lose, prices are "interesting".
If you are trading, beware, i mean really, beware.
Bad news is that now Bitcoin is below.
Unless it produces a false breakout (if we imagine Bitcoin beeing above this blue Smma for exemple next week), this is trouble.
Bitcoin broke its main structure major support at 6k, and is below both daily Smmas, and below the weekly 50 Smma .
This blue Smma is very important, as it is a weekly kind reminder of Bitcoin temperature: above= bull market, below = bear market.
-When the bull cycle started :
-Bitcoin remained above it until it reached 20k:
So now you got it, Bitcoin is in a bear market unless we assist to a miracle of getting above this blue Smma , which is possible but now less likely.
Breaking below 6k and settling below 5.8k is a classical sell signal.
This is getting dangerous, but who knows, everything is possible with crypto.
Bitcoin needs some buyers to rescue it or it will probably find new lows.
If you are in to invest in the long term, and ready to wait 2,5,10 years holding this asset, then feel free to buy what you can afford to lose, prices are "interesting".
If you are trading, beware, i mean really, beware.
Comment:
Finally a possible daily bullish candle
Lets see how it the day ends
Lets see how it the day ends
Comment:
Bullish candle getting slowly crushed, but day isn't over
Bulls really need to act, because it looks like again that it's gonna fall off the cliff brutally
Bulls really need to act, because it looks like again that it's gonna fall off the cliff brutally
I was still optimistic when Bitcoin was above 6k.
Now this is dangerous, and it's a wait and see time imo.
It starts to get messy: people are starting to panick on social networks, very bullish "experts" are still giving targets of 15k, 20k for end of year.
Translation: experts are trying to stop the panick sell by giving unrealistic end of year targets, hoping people will sell less.
Which means "the experts" are actually starting to panic.