Morning everyone. From top to bottom...
-50 SMA showing a public display of affection with the 200 SMA - bear
-Trading under the 50 SMA buy/sell line – bear
-Trading under the 200 SMA & not even testing it as resistance – bear
-Previous support from May-June has become resistance at $7500 – bear
-RSI below mid-line & pointing down – bear
-MFI below mid-line & pointing down – bear
Need a massive reversal and a close above $8400 to build a bull case on the daily chart. Next stop is the $6-6.8k range from 2018 followed by $5-5.7k range from April-May.
A test of $7.8k followed by another downturn on the momentum indicator of your choice may be a good short sell entry.
Bitcoin believers rejoice! Everyone wished they had a bigger position when the market ran past $10k. Here it is…a half off sale seven months before halving. I thought this was a bull market as well, but the case for a bear market wave sure is looking credible now. Either way, study of previous halving cycles shows that bull markets show up post-halving. Everything else seems to be the market shaking out excess leverage/mal-investment or traders front running the next big move. Be patient, look left, have a plan. Don't forget about other severely undervalued assets like silver and precious metal mining stocks.
Check out Bob Loukas on YouTube if you’re HODLing a bag of coins. Check out Dr. Charles Nenner if you’re trading and find yourself swimming upstream. I’m not a paid sponsor…just a happy customer.
Not financial advice. Good luck.
-50 SMA showing a public display of affection with the 200 SMA - bear
-Trading under the 50 SMA buy/sell line – bear
-Trading under the 200 SMA & not even testing it as resistance – bear
-Previous support from May-June has become resistance at $7500 – bear
-RSI below mid-line & pointing down – bear
-MFI below mid-line & pointing down – bear
Need a massive reversal and a close above $8400 to build a bull case on the daily chart. Next stop is the $6-6.8k range from 2018 followed by $5-5.7k range from April-May.
A test of $7.8k followed by another downturn on the momentum indicator of your choice may be a good short sell entry.
Bitcoin believers rejoice! Everyone wished they had a bigger position when the market ran past $10k. Here it is…a half off sale seven months before halving. I thought this was a bull market as well, but the case for a bear market wave sure is looking credible now. Either way, study of previous halving cycles shows that bull markets show up post-halving. Everything else seems to be the market shaking out excess leverage/mal-investment or traders front running the next big move. Be patient, look left, have a plan. Don't forget about other severely undervalued assets like silver and precious metal mining stocks.
Check out Bob Loukas on YouTube if you’re HODLing a bag of coins. Check out Dr. Charles Nenner if you’re trading and find yourself swimming upstream. I’m not a paid sponsor…just a happy customer.
Not financial advice. Good luck.