There is a lot of hype in the market right now as BTC touches 38k for the first time since April 2022. But if we zoom out on the monthly chart, there is an obvious bearish breakdown of the ascending channel we held since April of 2013. I find it hard to believe there will not be further pain to the downside as the price runs into the channel bottom (which is now acting as resistance). With the global markets showing real signs of weakness as more wars break out, I'll be focusing on setting short positions rather than longs. Don't be fooled by the possible approval of these ETFs. There's a good chance they won't be approved until 2024, and even then it may take months before they can launch after the approval. Buy the rumor, sell the fact. Big money will be doing exactly that.
you go against the maths, we go up and leave you behind. we will smile and see your cry in the corner from far away.
jpbrown1023
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@ecod3r we will see!
averkie_skila
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@ecod3r, Maybe you won't.) You're one of those guys who hasn't drawn a single idea but shits in other people's ideas. Oh, sorry, you have one. Okay, you've made some progress. And then who is "We"? )))
BizzarTrading
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42k is next station
jpbrown1023
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@BizzarTrading that is a definite possibility. 42K is a major resistance area. I wasn’t suggesting the price couldn’t go up from here. I think many people are convinced that this is the next bull run which will take Bitcoin and alts to new highs. Timing-wise I don’t think this it is. This idea was intended to offer a new look at BTC which might cause them to re-evaluate their outlook.
tek3k
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An interesting interpretation of current events. FYI: there is wide consensus by insiders, and the trading community at large, that ETFs will be approved on or before Jan 10, 2024. The funds are preparing to launch IMMEDIATLY. Will there be a few pullbacks in the next 6 months? Sure. But if you are opening shorts right now my thinking is you are going to get rekt. Good luck!
imansdz
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i have no idea why the experts of trading view are in wrong way in majority.. maybe its a bigger plan than what we think about trading view..
GDuBFX
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seems fairly bullish to me... a price correction is due but that gives a buying opportunity