Still Bearish on Bitcoin

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
Bitcoin got a nice little pump today. THIS DOES NOT MEAN BTC IS MOONING! A temporary increase in price is a common side effect of previous rapid downfall (the past 5 days). No need to jump on the bitcoin train just yet. If you buy in now you will most likely loose money short term. There still is no major news coming up, nothing to get hyped up about yet. BTC will need a catalyst like that in order to moon.

My TA backs my thesis up as well. BTC is not mooning because BTC has not shown any strong patterns that indicate a rise in price on the daily. I believe that bitcoin is still in its decent and we really just have to wait for new all time lows to predict exactly when and where this selloff will stop. There is a possibility BTC will get a double bottom at around 6k, but I doubt that. Even if BTC does stop at 6k, that still means bitcoin will drop down from where its currently at, 8.3k. In the next few hours, we could see BTC ride to the next Fibonacci line at around 8.5k. I believe that bitcoin will stop its rally there because there is previous resistance that it will not overcome with ought massive volume .

Anyways, that's my 2 cents on bitcoin today.

Hope you enjoyed :)
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