Fundamental thoughts
Well Lads, bitcoin looks weak, but what's new? This entire move has been driven by the largest scam actor in the space Bitfinex in an attempt to recover/cover up their $850 million dollar in funds. There is no doubt the only reason bitcoin is still trading in the 4 digits is because of Bitfinex and their desperate attempts to prop up the market thereby extending their scam and eeking out a few more dollars before the game is up. Have no doubt, at some point bitfinex will collapse (or be seized). Bitfinex is a cancer to the digital coin space and has essentially done for bitcoin what the FED did to the banks in 2008. However, this can not last forever and at some point the proverbial chickens will come home to roost.
Technically
Now, looking at the picture technically bitcoin seems to be ready for a correction, we are printing continually weaker and weaker RSI pictures as well as absolutely pathetic volume. We also have the fabled untested breaker zone of 4700-4900 that should soon act as a magnet for price. Technically speaking bitcoin seems weak.
Thanks for reading, please don't take my opinions as an attack against you personally. I know some of you are very psycologically attached to bitcoin and crypto in general so please don't take my opinions personally. We are a diverse community and can share different opinions while respecting those of others. I think bitcoin is going to collapse, you think it's going to the moon...cool! That is what makes the world go round. All this to say, thank you for reading and I truly wish all of you the best.
@Libertymmmm
Comment:
another look at what we could be seeing
