Hey guys, I have been following Bitcoin for a while now and I think this is the moment we see Bitcoin reverse its trend and test the lows.
Bitcoin has been propped up for multiple weeks now by the Federal Reserve, due to the continuous printing. In-fact, the federal reserve has been injecting $1,000,000 per second into the free-market. I want to warn you all that this is no longer a free-market. This is in-fact a giant ‘Ponzi-scheme’ with a blank check. The boomer generation are amassing serious debt for us (the younger generation) to deal with their mess in future years to come.
Recent weeks has shown the ‘coupling’ of Bitcoin with the American markets, but in the recent trading hours, Bitcoin seems to have ‘de-coupled’ from the USA markets, and I believe once trading closes, Bitcoin will fully start it’s decent into oblivion. We saw the increase in the USA unemployment filing, in which now a total of 16.68million Americans are now unemployed. This is the signs of a depression to come, and I believe Bitcoin, a ‘speculative-asset’ will not be in much demand when many people are trying to preserve capital.
Let's focus on the technicals. The price of Bitcoin is trending upwards for the past to weeks. While it's always risky to trade against a trend, we can spot some signs of exhaustion as well as a fractal, which led to a price decline of 12% from 28th of March to the 30th of March.
The price is moving below the SMA 50 (red line) and we will most likely see a Death Cross with the SMA 100 (pink line) in the next couple hours.
This could possibly trigger some big selling pressure and a retracement to the 0.618 Fib. Level, from where a Continuation or a Trend Change might happen.
This trade is also based on the reliability of the Relative Strength Index (RSI). We can see similar patterns that have different meanings.
If the price is moving in a Box / sideways and the RSI is trending downwards, we see actual selling on the market.
In this idea, we combine both indicators to open a position (short) in anticipation for a big move towards $6.600.
cheers,
cryptobuller
Bitcoin has been propped up for multiple weeks now by the Federal Reserve, due to the continuous printing. In-fact, the federal reserve has been injecting $1,000,000 per second into the free-market. I want to warn you all that this is no longer a free-market. This is in-fact a giant ‘Ponzi-scheme’ with a blank check. The boomer generation are amassing serious debt for us (the younger generation) to deal with their mess in future years to come.
Recent weeks has shown the ‘coupling’ of Bitcoin with the American markets, but in the recent trading hours, Bitcoin seems to have ‘de-coupled’ from the USA markets, and I believe once trading closes, Bitcoin will fully start it’s decent into oblivion. We saw the increase in the USA unemployment filing, in which now a total of 16.68million Americans are now unemployed. This is the signs of a depression to come, and I believe Bitcoin, a ‘speculative-asset’ will not be in much demand when many people are trying to preserve capital.
Let's focus on the technicals. The price of Bitcoin is trending upwards for the past to weeks. While it's always risky to trade against a trend, we can spot some signs of exhaustion as well as a fractal, which led to a price decline of 12% from 28th of March to the 30th of March.
The price is moving below the SMA 50 (red line) and we will most likely see a Death Cross with the SMA 100 (pink line) in the next couple hours.
This could possibly trigger some big selling pressure and a retracement to the 0.618 Fib. Level, from where a Continuation or a Trend Change might happen.
This trade is also based on the reliability of the Relative Strength Index (RSI). We can see similar patterns that have different meanings.
If the price is moving in a Box / sideways and the RSI is trending downwards, we see actual selling on the market.
In this idea, we combine both indicators to open a position (short) in anticipation for a big move towards $6.600.
cheers,
cryptobuller
Trade closed: target reached:
Sold 35% of my position at $6.800 - i'm still expecting the price to touch $6.600 in the next hours
Trade closed: target reached
