Will we have repeat of Gold or will Bitcoin move over our resistance line to breakout from bears? That is the questions many want to know and since we all like to compare Bitcoin ETF to Gold Elf movement, let's also compare other aspects of movement from two 'stocks'.
Let's stat off with some similarities... We have similar movement which is that downward accumulation pattern after sudden correction off top. We have same resistance points with 3 attempted breakouts. We have an overall downward trend. There's just a few that are easily recognizable.
What are our differences? First of all we have moved up over our Ichimoku cloud with Bitcoin which is providing us with solid support as of today. We have also not rejected resistance fully. I know many will bears will be quick to jump in to point out that we have rejected it and are crashing down, but that's simply not true. Resistance has not been broken, support has not been broken. That's that.
What are some other differences between the two? Well there is also aspect of technology adoption to which Gold cannot relate to. That gives Bitcoin an upside since we have institutional investors lining up for entry with wide adoption in progress.
With that said can we still drop to below $4,000 before next bull run?
Answer is yes, and it should not surprise you. We are still in bear market with regulation uncertainty. Will we break down? I do not completely think so since supports are holding just fine and volume is increasing slowly.
I would sat that on break below Ichimoku could we will have over 70% of hitting new low this year. With break into Ichimoku cloud we will have 50/50 chance of drop or bounce. Right now we have 70% bullish 30% bearish sings, whether you agree with me or not, that's just the truth of current market situation. I may be off by 10% but that's what we are looking at.
Enjoy this trade advice my Crypto Maniacs, but remember to invest only what you can afford to lose or you're going right back to poverty on drop. We are not your financial advisors.
Let's stat off with some similarities... We have similar movement which is that downward accumulation pattern after sudden correction off top. We have same resistance points with 3 attempted breakouts. We have an overall downward trend. There's just a few that are easily recognizable.
What are our differences? First of all we have moved up over our Ichimoku cloud with Bitcoin which is providing us with solid support as of today. We have also not rejected resistance fully. I know many will bears will be quick to jump in to point out that we have rejected it and are crashing down, but that's simply not true. Resistance has not been broken, support has not been broken. That's that.
What are some other differences between the two? Well there is also aspect of technology adoption to which Gold cannot relate to. That gives Bitcoin an upside since we have institutional investors lining up for entry with wide adoption in progress.
With that said can we still drop to below $4,000 before next bull run?
Answer is yes, and it should not surprise you. We are still in bear market with regulation uncertainty. Will we break down? I do not completely think so since supports are holding just fine and volume is increasing slowly.
I would sat that on break below Ichimoku could we will have over 70% of hitting new low this year. With break into Ichimoku cloud we will have 50/50 chance of drop or bounce. Right now we have 70% bullish 30% bearish sings, whether you agree with me or not, that's just the truth of current market situation. I may be off by 10% but that's what we are looking at.
Enjoy this trade advice my Crypto Maniacs, but remember to invest only what you can afford to lose or you're going right back to poverty on drop. We are not your financial advisors.
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PLEASE GIVE LIKE ON CHARTS WE POST, IT GIVES US HUGE SUPPORT
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Still above support for now
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Watch for that Ichimoku Cloud support around $7,400
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This chart is actually turning out to be working like GOLD one. Thanks everyone for fudding that you can't compare Gold to Bitcoin haha
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Well how about that? Perfect downward trend line... refill on drops guys
