BTC has recently been a traders dream. since the 12th of May it has been trading within a range been 28k to 31k. Within this range bound zone it did create another pattern of a descending triangle which is indicated a breakout to happen. It broke out of the defending trend line backtested but fell short of the new support but never the less still backtested and then continued up the the upper resistance.
As BTC has recently been under fire, well the whole crypto space has been under fire recently it has taken a beating however I suspect it hasn't yet bottomed. as BTCs intrinsic value is basically 'what someone is willing to pay for it'. every trend from bull to bear to flared jeans has a trend cycle life and right now BTC is no longer trendy and it'll only Gert worse during a recession when the average person forgets all about it.
I suspect due to BTC correlation with tech we see some bullish behaviour however this market cycle isn't going to be a v shaped recovery its a full bear market which is long overdue. buckle up, save cash and get ready to buy on real discounts because when the time arises youll only have a couple of days to act
As BTC has recently been under fire, well the whole crypto space has been under fire recently it has taken a beating however I suspect it hasn't yet bottomed. as BTCs intrinsic value is basically 'what someone is willing to pay for it'. every trend from bull to bear to flared jeans has a trend cycle life and right now BTC is no longer trendy and it'll only Gert worse during a recession when the average person forgets all about it.
I suspect due to BTC correlation with tech we see some bullish behaviour however this market cycle isn't going to be a v shaped recovery its a full bear market which is long overdue. buckle up, save cash and get ready to buy on real discounts because when the time arises youll only have a couple of days to act