RomanXIV

Bitcoin's next move: Rise or Fall?

COINBASE:BTCUSD   Bitcoin / U.S. Dollar
Hello Everyone,

I wanted to make a post about my current opinions of Bitcoin . Although I am a bull, I do believe bitcoin is overdue for at least one red month or two and we are starting to see signs of market exhaustion. With what seems as if every large financial institution and tech company is investing in bitcoin , why do I think this?

Well, the market is still an algorithm. People are people and need to take home profit to support themselves. Some people have held since $20,000 and may want to take some profit. These types of things will trigger a sell off.

Let's also not forget about the technicals:

1. Bitcoin's monthly, weekly, and daily charts are showing bearish price action with volume going down as price going higher. This could also be known as market exhaustion.

2. Bitcoin has failed to close a daily and weekly candle above $60,000.

3. Bitcoin continues to fail to close above our "Heart-line" which is the dotted line in the middle. Rejection could lead to another sell off.

4. Bitcoin has yet to bounce off the weekly 20MA or 50MA which it did several times in the 2017 bull market.

5. RSI is showing bearish "tops" as we are moving higher in price and lower in RSI .

6. MACD is showing clear waning buying momentum or possible exhaustion on the weekly and daily charts .

Now, with all of this said, these are the technicals. Volume could come in and we could pump to considerably higher price points. We could just consolidate between $50,000-$60,000 for a while. But in my opinion, if volume does not start to come in, we will not hold above $60,000 and honestly a 15-25% correction would be very beneficial and healthy.

I am personally waiting to DCA on a large dip. My buying targets are: $45,000, $50,000, and $55,000.

Please leave a thumbs up if you liked the post and comment your opinion below.

As always, be patient, use risk management, and good luck trading.


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