Bitcoin, one last drop?
Here are my thoughts on Bitcoin.
The thing I would like to see happen in the next 2 days is represented by the two yellow arrows: one last decline of BTC's price right to the low 3k zone (it is not necessary to test the exact 3000 price).
Now, the thing is, that there is TOO MUCH consensus on bitcoins rebound at the 3k price. For me, this means we could see the rebound happen before those prices get hit, and that's just because the market's FOMO itself.
On the other hand, we could break the falling wedge upwards, aiming targets around the 4200 zone.
There's people who are seeing a double bottom on the 3500 zone.
My advice is to remain patient until we see a breakout even if its up or down. Until we don't have any confirmation, I would stay out of the market. It's easy to get caught in traps.
Bear in mind that a 600usd drop in price meant 10% loss when bitcoin was at 6k, but now a 600usd drop means 20% loss.
For now lets just keep waiting.
I think in the next 2 days the move will happen.
The thing I would like to see happen in the next 2 days is represented by the two yellow arrows: one last decline of BTC's price right to the low 3k zone (it is not necessary to test the exact 3000 price).
Now, the thing is, that there is TOO MUCH consensus on bitcoins rebound at the 3k price. For me, this means we could see the rebound happen before those prices get hit, and that's just because the market's FOMO itself.
On the other hand, we could break the falling wedge upwards, aiming targets around the 4200 zone.
There's people who are seeing a double bottom on the 3500 zone.
My advice is to remain patient until we see a breakout even if its up or down. Until we don't have any confirmation, I would stay out of the market. It's easy to get caught in traps.
Bear in mind that a 600usd drop in price meant 10% loss when bitcoin was at 6k, but now a 600usd drop means 20% loss.
For now lets just keep waiting.
I think in the next 2 days the move will happen.
Follow me up on twitter! @2Flaw7ess
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