There is a saying: 'When the market is smailing at you... stay away' and this is what I see today on the 4h chart for $BTC. Relax, I am not here to create panic or any kind of prediction like BTC is going to zero or BTC is going to the mon!
The reason why I am making this post is because I want to share my point of view of the market, and maybe, if you find it interesting or helpful, to give you a chance for a better understanding of the market before you jump in!
Here are a few things that make me believe that BTC will go lower:
1. The price was rejected again from the 6800-6900 area of resistance
2. The almost hit the overbought area and is going lower.
3. We have a divergence on the 4h time frame.
4. The market is smiling at you!
My plan was to sell around 6800$ area of resistance (with a stop loss above 7100-7200$) and buy it back all the way down.
I don't advise you to do the same, and if you do, you should do your own research and make a backup plan just in case the market is going against you/us. If this goes well, I will accumulate much more BTC for the long run.
Just another thing: Do not use all your money in one idea!
I hope you will find this idea helpful and interesting and if you do give it a like or leave a comment below.
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The last thing is to use a stop loss accordingly and do not invest all your money in one idea! Take small steps and don't be greedy because now is not the time for that.
$BTC has dropped from the $6800 to almost $6000 and it could go lower!
So far the bears are still in control and they have a lot of power! There are no bullish signals, meaning that the price could go lower and test the support around $5600-$5800 zone.