There is a short term bullish trend, but the market is about to have the death cross on the 1D chart.
What's worst is that it hasn't had the death cross even after a month of bearishness.
If you look at the charts of 2020, 2017-2018, you will see that the real collapse came after the 50 & 100 MA crossed.
Also, they crossed up and down atleast 2-3 times during the bearish phases. Whereas, we haven't had even one cross during this month's collapse. Simply speaking, we are about to enter a 4 to 6 months long bear market.
We need to be honest with ourselves here and not let emotions rule us.
The belief that the market will hold the 35k or 30k support will soon turn untrue.
China mines 50% of the world's bitcoin and is planning to ban it.
Hong Kong, a place with the highest per capita income is planning to ban retail trading.
All of this news came when the price was 40k.
Do you really think that such huge news will only correct the market by 5-10k? I think not.
The Money Flow Index is at 18 and has the potential to go lower.
Save your money. Save your portfolio and exit the market while you can. Don't live on empty hopes.
Note: This is not a financial advice. Do your trades at your own risk.
What's worst is that it hasn't had the death cross even after a month of bearishness.
If you look at the charts of 2020, 2017-2018, you will see that the real collapse came after the 50 & 100 MA crossed.
Also, they crossed up and down atleast 2-3 times during the bearish phases. Whereas, we haven't had even one cross during this month's collapse. Simply speaking, we are about to enter a 4 to 6 months long bear market.
We need to be honest with ourselves here and not let emotions rule us.
The belief that the market will hold the 35k or 30k support will soon turn untrue.
China mines 50% of the world's bitcoin and is planning to ban it.
Hong Kong, a place with the highest per capita income is planning to ban retail trading.
All of this news came when the price was 40k.
Do you really think that such huge news will only correct the market by 5-10k? I think not.
The Money Flow Index is at 18 and has the potential to go lower.
Save your money. Save your portfolio and exit the market while you can. Don't live on empty hopes.
Note: This is not a financial advice. Do your trades at your own risk.
Even then, the fear has already been created and we can see its effects.
Update @4pm 22 May 2021:
Elon Musk made a tweet saying he supports crypto over fiat. We did see a rise from 35k to 38k, but the market still feels bearish and the tweet won't have much power.