As you all should know, the halving is coming in approximately a week. What does this mean for bitcoin?
Well there will probably be a sell off of bitcoin from miners as to cover the loss of rewards from blocks.
Bitcoin has been following this ascending channel since the crash, potentially dipping through the halving and hitting the 0.382 or bounce off the golden trend line from 2017.
The has ribbons are telling us that the hash rate is growing and is a good time to buy, however we do have the halving and some miners will leave.
I'm personally in a short, though would move to a long position after the dip I'm expecting.
If we do bounce off the channel and continue to grow, it could be possible. The fed are printing after all like crazy ;)
Let me know your thoughts and if you think my analysis needs any corrections.
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If we close 9200, I will be bullish
Trade active
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We hit the ascending trend line and instantly got rejected, I increased my short position when we hit 9k.
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Keep bouncing off 9k. Managed to increase short from 8600 to 8900 thanks to these pumps. More short fills at 9k
Trade closed manually
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bull trend still going so given up on this trade. Long next!