High time frames (3d, 1w) seem to have uptrending stoch and RSI
Bull: Brand new year, here's a narrative... maybe people have taken their tax losses in 2018, and the selling has slowed
People have tax losses to carry forward to 2019... and people may be eager to get some gains? I don't know... as a retail investor I find it hard to enter large positions and help drive the price up. I'm not sure where the buyers come from but I feel like the selling should have slowed.
Will need some front running big money to get this thing moving. Bitcoin doesn't go down in a straight line, should have some relief up to 5,000-6,000.
Bakkt is around the corner. 95% of people believe Bitcoin to be dead.
Bear: There are still plenty of people from the early Bitcoin days in profit. Plenty of distribution could still be happening all the way to 1,000. Bakkt is around the corner and is priced in. There won't be huge institutional buyers of the Bakkt BTC futures product, just like there weren't many buyers on the CME/CBOE openings, and 2019 depression is just beginning. We're still in an extremely strong downtrend. Bull markets don't start until a lot of people have given up hope, and the problem is it seems like Twitter sentiment is still hopeful. It doesn't seem like people will lose hope until we have multiple years under 2k. Dumb money favors the long, so weak hands could enter seeing this possible inverse head and shoulders forming, which big smart money can short on.
Bull: Brand new year, here's a narrative... maybe people have taken their tax losses in 2018, and the selling has slowed
People have tax losses to carry forward to 2019... and people may be eager to get some gains? I don't know... as a retail investor I find it hard to enter large positions and help drive the price up. I'm not sure where the buyers come from but I feel like the selling should have slowed.
Will need some front running big money to get this thing moving. Bitcoin doesn't go down in a straight line, should have some relief up to 5,000-6,000.
Bakkt is around the corner. 95% of people believe Bitcoin to be dead.
Bear: There are still plenty of people from the early Bitcoin days in profit. Plenty of distribution could still be happening all the way to 1,000. Bakkt is around the corner and is priced in. There won't be huge institutional buyers of the Bakkt BTC futures product, just like there weren't many buyers on the CME/CBOE openings, and 2019 depression is just beginning. We're still in an extremely strong downtrend. Bull markets don't start until a lot of people have given up hope, and the problem is it seems like Twitter sentiment is still hopeful. It doesn't seem like people will lose hope until we have multiple years under 2k. Dumb money favors the long, so weak hands could enter seeing this possible inverse head and shoulders forming, which big smart money can short on.