I am confident that Bitcoin will grow in the long term. Over the past few months, we have been hearing the large investment companies buying Bitcoins in large amounts. I doubt institutional investors will let Bitcoin fly above $ 30,000 over the next few years. I see the following scenario for this movement: big players will continue to accumulate BTC. We see accumulation inside the ascending channel, followed by an upward exit from this channel. I think this way up will take place in 2022-2023. Trading is not a sprint, trading is a marathon, and investing is a life-long marathon.
It is a seemingly possible outcome. But I'd not be long!
3-day chart is clearly overbought with Fear & Greed index @ 86 today - 90 the day before. Let the maximalists be the cannon fodder, I'll eat my popcorn on the sidelines.
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EXCAVO
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@without_worries, for sure. For me also this is not good enrty point for long
alokkumar416
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@without_worries,
Where can I find the feer n greed index buddy?
without_worries
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@alokkumar416, Link below - study it well. When the needle is that far to the right strong market corrections occur and vice versa. Right now greed is overwhelming.
@without_worries, Thanks for sharing! I had never seen this before. I just finished my own idea as well, and see that BTC follows a perfect parabolic ascend at the moment. In my idea I explain a bit more what I expect to happen around the resistance which is relevant for the fear and greed discussion.
"Subsequently, we can expect more attention drawn to bitcoin, increasing the demand while keeping the supply stable. This creates a second influx of demand that can be great for the price. Expect that if BTC breaks above $20,000 we will see an immediate secondary response of another easy +10% gain."
I'm curious to hear your thoughts about this
without_worries
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@Trading-Guru, Good point of view - I've not seen that support before.
I'd be cautious considering 'fundamentals' of crowd behavior (where you talk about news articles) and using a 4-hour chart. A 3-day chart for BTC these days is becoming the minimum lens on such a weighty asset. Perhaps it does reach 20k, perhaps it does not. From my own point of view the risk / reward is highly unacceptable. Remember this rally began at $3800! We've almost gone up 300% in one move. That is incredible. However the majority are now seeking more. That is where you and I must be in the minority, be fearful, be contrarian.
Personally I'm looking for support around 12K and then we should see a possible move towards 300k by the end of the next year. It'll make those swings between 12K-20k seem insignificant.
3-day chart is clearly overbought with Fear & Greed index @ 86 today - 90 the day before. Let the maximalists be the cannon fodder, I'll eat my popcorn on the sidelines.
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