Greetings all.
Ill make it clear that my bias towards BTC is short at the moment. There is still a lot of room too move down and I personally feel it would be better for BTC for the following reasons.
Overvalued - With promises of being the new financial ecosystem and the craze that ensued we saw emotions get the best and worse of BTC. Thinking it would be adopted and used within years was overstepping reality. Adoption won't come easy and we still have a long way to go.
Chance for more investors - Again,overvalued, not everyone can enter the market at these prices and the only way smaller traders can get in is through options which doesn't help the market at all. Lower prices will see higher volume.
Looking stable? - Far from it. With BTC being criticized for being too volatile and for good reason we need to see a long term stable price movement for big company's to consider utilizing the crypto. I believe only when we hit lower will we see more stable price movement.
I don't wish bitcoin to go to 200k... Fool's gold... I would love seeing it become stable so we can start utilizing it more.
You have to ask yourself, are you buying crypto in hopes of using it one day to do you're shopping or are you buying it to make more fiat. The majority buy/sell for fiat.
You see the problem?
Anyway that's my ramble.
TA still within the larger triangle/wedge consolidation and we are coming down from the recent test of resistance. High chance we will go down more to test support after this short term symmetrical triangle consolidation. Low volume persists so things may get erratic again.
This was my silly attempt for more reputation :D Please leave a like so can comment on idea's hehe, I'll return the favor.
Not financial advice. Just my idea of things.
Ill make it clear that my bias towards BTC is short at the moment. There is still a lot of room too move down and I personally feel it would be better for BTC for the following reasons.
Overvalued - With promises of being the new financial ecosystem and the craze that ensued we saw emotions get the best and worse of BTC. Thinking it would be adopted and used within years was overstepping reality. Adoption won't come easy and we still have a long way to go.
Chance for more investors - Again,overvalued, not everyone can enter the market at these prices and the only way smaller traders can get in is through options which doesn't help the market at all. Lower prices will see higher volume.
Looking stable? - Far from it. With BTC being criticized for being too volatile and for good reason we need to see a long term stable price movement for big company's to consider utilizing the crypto. I believe only when we hit lower will we see more stable price movement.
I don't wish bitcoin to go to 200k... Fool's gold... I would love seeing it become stable so we can start utilizing it more.
You have to ask yourself, are you buying crypto in hopes of using it one day to do you're shopping or are you buying it to make more fiat. The majority buy/sell for fiat.
You see the problem?
Anyway that's my ramble.
TA still within the larger triangle/wedge consolidation and we are coming down from the recent test of resistance. High chance we will go down more to test support after this short term symmetrical triangle consolidation. Low volume persists so things may get erratic again.
This was my silly attempt for more reputation :D Please leave a like so can comment on idea's hehe, I'll return the favor.
Not financial advice. Just my idea of things.
Comment:
Eyes on
Eyes on
Comment:
The breakout was successful topside but on low volume. If 3700 support can hold up and volume kicks in we can move higher to maybe test the 3900 handle. That is if they manage to cross the 200EMA
If low volume persists it could move down to 3600 again. It looks like there is 2 possible channels that could form (Blue dotted line) and (Red dotted line) with an extended triangle in view.
The breakout was successful topside but on low volume. If 3700 support can hold up and volume kicks in we can move higher to maybe test the 3900 handle. That is if they manage to cross the 200EMA
If low volume persists it could move down to 3600 again. It looks like there is 2 possible channels that could form (Blue dotted line) and (Red dotted line) with an extended triangle in view.
Sorry my line were a bit off ¯\_(- -)_/¯