Since my last analysis of bitcoin, it was moving like forecasted to the downside. However, I still strongly believe that Bitcoin will sooner or later make a big push higher. But l still see more downside in short-term to happen like I have drawn in the chart.
Like I have been saying. I have been watching closely the GBTC which is the Bitcoin Investment Trust. It is in the progress of forming a bullish wedge formation and when the formation plays out it will rally significantly higher. That will take bitcoin also higher. You can see the correlation coefficient below. You can clearly see that the correction is overall positive. So when it starts moving higher it should support bitcoin as well. Obviously, it is not a 100% correlation. Which means there are times where they move in there own direction. I am very much open to see and hear your opinion. If you want you can comment down below. I would appreciate it :-)
Lets see and hope this helps.
Disclaimer: Trading is about going with the highest probability, nobody is 100% right and we need to protect ourself in case we are wrong. That is why we need to always use a stop-loss when trading. Trade with care. This my current view, and any view present is not a trading recommendation just personal view.
Cheers
Like I have been saying. I have been watching closely the GBTC which is the Bitcoin Investment Trust. It is in the progress of forming a bullish wedge formation and when the formation plays out it will rally significantly higher. That will take bitcoin also higher. You can see the correlation coefficient below. You can clearly see that the correction is overall positive. So when it starts moving higher it should support bitcoin as well. Obviously, it is not a 100% correlation. Which means there are times where they move in there own direction. I am very much open to see and hear your opinion. If you want you can comment down below. I would appreciate it :-)
Lets see and hope this helps.
Disclaimer: Trading is about going with the highest probability, nobody is 100% right and we need to protect ourself in case we are wrong. That is why we need to always use a stop-loss when trading. Trade with care. This my current view, and any view present is not a trading recommendation just personal view.
Cheers
