Bitcoin, looks very concerning, Chart should target Max Pain!
Hello fellow bulls and bears,
And welcome to our Bitcoin, $BTCUSD analysis,
The chart is mimicking several previous "top" formations with key fibonacci rejections.
In our opinion if BTC fails to rally above $37,000 and close above, then the coming weeks will be full of pain and misery for bulls.
-One of the fundamental problems with being bullish, is that 99% of bulls have no backup plan, and their original plan is fueled by hope and greed. Markets tend to not reward the hopeful, nor the greedy, and charts can only rally to new highs after all hope is gone.
The above being said, and by the appearance of the chart, our maximum pain target is around $23k, possibly $18k.
All the above is contingent on a close above $37000.
If BTC can push above, then forget the Max Pain scenario. But if it doesn't..
Trade safe, no fud, stay objective, and learn from the chart's historical candles, and not from your own mistakes. One is free the other costs $$.
Stage a backup plan, and let the market do the decide.
In terms of fundamentals, the "demand" looks strong, with $WSB $DOGE $GME hype, so in terms of being a short seller, yesterday's spike and 61.8 rejection was the perfect rally to short into.
Distribution during peak of new demand is a recipe for crushing hope of all new buyers with a max pain scenario.
Attract new market participants, give them some green candles, then distribute into that high volumeme rally.
Many institutions accumulated their BTC during the 2018-2019 bear market, at $3k, others at $4k during the covid dip, and they've enjoyed an astronomical ride up.
When distribution? If not during yesterday's hype and in the coming week, then I'm not sure..
And welcome to our Bitcoin, $BTCUSD analysis,
The chart is mimicking several previous "top" formations with key fibonacci rejections.
In our opinion if BTC fails to rally above $37,000 and close above, then the coming weeks will be full of pain and misery for bulls.
-One of the fundamental problems with being bullish, is that 99% of bulls have no backup plan, and their original plan is fueled by hope and greed. Markets tend to not reward the hopeful, nor the greedy, and charts can only rally to new highs after all hope is gone.
The above being said, and by the appearance of the chart, our maximum pain target is around $23k, possibly $18k.
All the above is contingent on a close above $37000.
If BTC can push above, then forget the Max Pain scenario. But if it doesn't..
Trade safe, no fud, stay objective, and learn from the chart's historical candles, and not from your own mistakes. One is free the other costs $$.
Stage a backup plan, and let the market do the decide.
In terms of fundamentals, the "demand" looks strong, with $WSB $DOGE $GME hype, so in terms of being a short seller, yesterday's spike and 61.8 rejection was the perfect rally to short into.
Distribution during peak of new demand is a recipe for crushing hope of all new buyers with a max pain scenario.
Attract new market participants, give them some green candles, then distribute into that high volumeme rally.
Many institutions accumulated their BTC during the 2018-2019 bear market, at $3k, others at $4k during the covid dip, and they've enjoyed an astronomical ride up.
When distribution? If not during yesterday's hype and in the coming week, then I'm not sure..