LET'S KEEP IT SIMPLE AND STOP TALKING BULL !!
We've all heard the news. Panthera capital says its time to fill our crypto coffers, as a rare buy signal has come about with the price below the 200 day EMA (now crossed). However, myself (and apparently many other analysts) still believe that BTCUSD is still to fully emerge from the woods.
Until we see gains above $11500, BTCUSD is under strong bear control.
Instead of boring you with indicator readings and TA errata, lets consider one important market fundamental:
If you were a large financial institution or hedge fund, would you be interested to buy BTCUSD at a marginal discount or at a rock bottom price? Does anyone think that $6500 was enough FOMO to attract institutional investors? If so, where is the money ?? It makes a lot more sense for "so called whales" to drive the price upwards and then collect all those pretty little bitcoins in pacman style after they ignite a massive selloff.
We don't hold any cards in this poker game and can do little other than placing side bets.
My thoughts are to stay in cash and when the time comes, swim with the whales ! The next 2 - 3 weeks will bear all (excuse the pun!)
If (in the unlikely event that) I am wrong and the BTCUSD prices rises above $ 11 500, we've got little to lose on the road to 20K + !
Hope this post will be helpful to some.
Until we see gains above $11500, BTCUSD is under strong bear control.
Instead of boring you with indicator readings and TA errata, lets consider one important market fundamental:
If you were a large financial institution or hedge fund, would you be interested to buy BTCUSD at a marginal discount or at a rock bottom price? Does anyone think that $6500 was enough FOMO to attract institutional investors? If so, where is the money ?? It makes a lot more sense for "so called whales" to drive the price upwards and then collect all those pretty little bitcoins in pacman style after they ignite a massive selloff.
We don't hold any cards in this poker game and can do little other than placing side bets.
My thoughts are to stay in cash and when the time comes, swim with the whales ! The next 2 - 3 weeks will bear all (excuse the pun!)
If (in the unlikely event that) I am wrong and the BTCUSD prices rises above $ 11 500, we've got little to lose on the road to 20K + !
Hope this post will be helpful to some.
Comment:
I'd like to explain my idea using a different approach. Let's consider Bulkowski's Descending Triangle:
Comment:
Please see my short term suggestion for the downward price move:
Comment:
Please see this idea to track short and long positions, which signals trend direction:
Comment:
Please see my Elliot Wave Suggestion for this idea. Kindly take note that I do not claim to be an EW expert. My interest is to prove the start of a descending wave.
