BTC - Take a step back, breathe and see the bigger picture
As someone who has had no problem in being bearish for the past months, I will never cease to believe in Bitcoin's potential and revolution. I see the change this technology can bring and towards that end, I want to do my part in helping it grow. Through TA education, discussion, anyway. At the same time, I am a trader and I like to make profit. To that end, as BTC is in a continuous downtrend slump, I believe we need to look at the daily chart from afar.
After Last year's bonanza where everyone and their grandmother thought BTC was going to 1 gazillion dollars, the market did what it does best and completely and savagely wreck ignorant players.Our current low after the 20k ath was at a painful 5.8k. After a small bearish uptrend, we hit a higher low at 6.4k. We are now at a crossroads and there are 2 possibilities. Yes, they are more than obvious, yes, it's a classic "it can go up but it can also go down" but it's good to look at the bigger picture and reinforce the obvious:
Personally, I still have a strong bearish bias but as more and more people start being depressed, I am starting to think of potential areas where I can start going long.
After Last year's bonanza where everyone and their grandmother thought BTC was going to 1 gazillion dollars, the market did what it does best and completely and savagely wreck ignorant players.Our current low after the 20k ath was at a painful 5.8k. After a small bearish uptrend, we hit a higher low at 6.4k. We are now at a crossroads and there are 2 possibilities. Yes, they are more than obvious, yes, it's a classic "it can go up but it can also go down" but it's good to look at the bigger picture and reinforce the obvious:
- We will form a higher low (right about at this level to be honest, since new low is $300 away) and then we do a small bullish uptrend into a sideways channel before really getting into it and starting the bullrun of the decade.
- We will form a lower low and signify it as the final capitulation of the downtrend, the final blowtorch to burn the last of the weeds who bought at 20k with no plan in sight before slowly starting to rebuild for a bullrun.
Personally, I still have a strong bearish bias but as more and more people start being depressed, I am starting to think of potential areas where I can start going long.