So many different opinions right now. How to decide what to do? We are in so called no-trade zone, impossible to predict the next movement. Rise or fall, nobody really knows. Majority of laverage positions were REKT already, more to come, I'm sure about that. So as a trader, back off & observe the situation. Whitin a week or two the new support and resistance levels will appear and it will be clearer how to trade. But as an investor, for me this is a big opportunity to accomulate. It is possible yes, that bitcoin falls to 3k level, uncertanty in the global markets is huge. It is also possible that we already touched the bottom, because many investors jumped in that crash and bought their fair share.
One thing is clear, and has to be clear to everyone. After halvening event the price can't sustain under 5k. Just can't. It will cost more to mine / produce one Bitcoin. Simple logic. Miners can't operate if the ROI is negative. And Bitcoin can't exist without miners. The supply after halvening will fall drastically and with same demand as we have now, well that's pretty logic what that means. No other rule indicator is more important that the core workers of the blockchain network and their business model - ROI.
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If we zoom in a bit we see how important is how Bitcoin is gonna react today.
If Bitcoin can comfirm the support trendline then we can expect sudden rise. and if it fails.. then opening a short position would be a game to play.
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BTC testing my nerves :D
Cmon ... finish above damnet.
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4th candle above support trendline.. Good sign :-)
Really great assessment imo, totally agree with the supply & demand thing after halving. Also reckon it's better to wait for more clear emerging trends before entering anything rn.. Market cycle wise imo it's fairly obvious where this is gonna go after it all calms down-- one thing is for certain, can't say btc lacks fluctuation to trade with XD
Good point about the price after halving...there is some logic behind it. In the optimistic scenario you didn't predict that the price will fall before the event. Is this because price is already very low? If your theory is true, I expect major correlation right after halving in case of pessimistic scenario, because as you said - production costs.
bloodgood
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@Crypto_GH, Hi, thnx for a comment. Yes, in positive scenario price is predicte to fall a little too. But yes, since the great decline it should climb back to major resistance quickly comfirm it, and then from here up to the next one.
Marcel69
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Thanks for the extra explenation. That is what I miss a lot with analyses. Kind regards, Marcel
bloodgood
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@Losttrack, My pleasure. If you have any further questions, don't hesitate to ask :)
CryptoCheck-
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ALT SEASON IS ABOUT TO START -- Watch This and Be Prepared