BTCUSD is at a pivotal spot. It could go either way... right? Not in my view. The structure is bearish. Period. Now, is there a possibility that price could reverse?? Sure. But where are the signs of this reversal?? Why are we still looking for signs that the bull run is not over? Why don't we just read the chart in front of us? I could be wrong, as this crypto stuff doesn't always respect technicals. But... that's all I can hang my hat on. Technical analysis. That's all I got. And in most cases, it is all I need.
My only counter is that US gov printing trillions and much more Institutional investing this time around could throw a wrench in the historical cycles
RT_Money
⋅
@xszzcxn4yq,
I don't disagree with that, at all.
Like I said, BTC and cryptos sometimes don't respect the technical analysis. Investor driven, and can be to volatile to get a proper read on them. One good/bad news item, a tweet, and it's chaos.
ta101970
⋅
I very much appreciate your realistic view. If only people valued reality over their hopes and fantasies this site would have more useful ideas posted.
RT_Money
⋅
@ta101970,
"Hope is a dangerous thing." - Shawshank Redemption
That quote is only true when it blinds you to what is in front of your face.
It is possible that price reverses at 34600, the daily support. But in the world of probabilities, it seems pretty low, in my view.
SaturnoPMA
⋅
Good analysis man, I do believe we're bearish at this point as well, but I'm hoping it goes up because of a position I have. But, sadly I do think there will be movement to the downside. But my overall long-term is bullish. Might start getting into a short if things go the other way to mitigate losses.
RT_Money
⋅
@SaturnoPMA,
I will take what it gives. If it stays bearish, I will short. When it turns around, so will my bias.
I do hope you are able to come out on top, tho.