The RSI day graph is showing clearly that support is holding horizontally while the ceiling is getting lower. I didn't expect much resistance at the 60000 line giving the momentum that was built a few week ago, but I had expected tougher resistance on the medium term. This only enforces my view. The fragility of the situation is due to some factors:
* Threats of restrictions in many countries.
* Asia always going bearish, and NASDAQ, the technology heavy index is currently hesitant between the bear and the bull. There's some correlation.
* Shifting towards Corona-hit stocks and assets seem more viable at the moment.
The most significant change, in my view, in this Crypto cycle is that we haven't seen much pumping for the ALT coins. This might signal the beginning of a bit of distrust for the Crypto environment in general, and NFTs are not helping either. Another thing is that the down cycle this time was much faster than the previous ones. Perhaps, that's expected as we go higher and volatility increases, but it's something to be considered when reading bullish analysts who only want you to pump their positions.
BTC is being regarding, rightfully more or less, as a highly speculative asset with not much inherent value. The support level is the current inherent value of BTC. If it breaks down the 45000 range, we will enter a bearish market, in my opinion. My expectation for the short term is that it will brush with 50000 in the coming days, to complete the pattern, before it goes up again breaking the 60000 barrier, which eventually will be the support and the range in which BTC will stay for quiet some time.
As matters stand, I am bullish on the short-term, neutral on the medium term.
* Threats of restrictions in many countries.
* Asia always going bearish, and NASDAQ, the technology heavy index is currently hesitant between the bear and the bull. There's some correlation.
* Shifting towards Corona-hit stocks and assets seem more viable at the moment.
The most significant change, in my view, in this Crypto cycle is that we haven't seen much pumping for the ALT coins. This might signal the beginning of a bit of distrust for the Crypto environment in general, and NFTs are not helping either. Another thing is that the down cycle this time was much faster than the previous ones. Perhaps, that's expected as we go higher and volatility increases, but it's something to be considered when reading bullish analysts who only want you to pump their positions.
BTC is being regarding, rightfully more or less, as a highly speculative asset with not much inherent value. The support level is the current inherent value of BTC. If it breaks down the 45000 range, we will enter a bearish market, in my opinion. My expectation for the short term is that it will brush with 50000 in the coming days, to complete the pattern, before it goes up again breaking the 60000 barrier, which eventually will be the support and the range in which BTC will stay for quiet some time.
As matters stand, I am bullish on the short-term, neutral on the medium term.
