Hi guys,
Bitcoin has been on its way down since yesterday when it hit $34,800, but we might have to wait a little more before hitting the bottom. There is another bear blag being formed on the 4-h chart.
Basically, all gains from yesterday were erased and we are still below the 26-day EMA on the daily chart.
Still, the big bull flag on the daily chart is still in play
I tend to think, it is just another shakedown by whales and smart money. I mean, if they keep on buying, they will be forced to buy higher and higher, so they will scare retail investors as the price of BTC will become more and more expensive for them to afford. Eventually, they will also run out of BTC to buy. So, what they do - they push the price down, so they can force weak hands to sell and continue accumulating, only to sell it again at the top. It is nothing new, don't fall for it.
I mean, if it is the end of the bull market, so be it, but if you are already balls deep and could not sell at a higher price, don't do it now just for the sake of it. Markets work in cycles. I've been constantly seeing FUD being spread in mainstream media.
Anyway, I don't think we will follow below $30,000. It just won't be profitable for big players. Remember Grayscale ? Do you think they invest BILLIONS just to be rekt two weeks later ?
Regards,
Bitcoin has been on its way down since yesterday when it hit $34,800, but we might have to wait a little more before hitting the bottom. There is another bear blag being formed on the 4-h chart.
Basically, all gains from yesterday were erased and we are still below the 26-day EMA on the daily chart.
Still, the big bull flag on the daily chart is still in play
I tend to think, it is just another shakedown by whales and smart money. I mean, if they keep on buying, they will be forced to buy higher and higher, so they will scare retail investors as the price of BTC will become more and more expensive for them to afford. Eventually, they will also run out of BTC to buy. So, what they do - they push the price down, so they can force weak hands to sell and continue accumulating, only to sell it again at the top. It is nothing new, don't fall for it.
I mean, if it is the end of the bull market, so be it, but if you are already balls deep and could not sell at a higher price, don't do it now just for the sake of it. Markets work in cycles. I've been constantly seeing FUD being spread in mainstream media.
Anyway, I don't think we will follow below $30,000. It just won't be profitable for big players. Remember Grayscale ? Do you think they invest BILLIONS just to be rekt two weeks later ?
Regards,
Comment:
The downtrend channel is taken from the 1-day chart, that's why it is not accurate here.