Bitcoin will not be seeing 45,000 any time soon as this “bullish” move has extinguished. Bitcoin’s all time highs are usually parabolic and unusually unpredictable but this chart reads clear as day that the trend formed has a limit.
Rejecting off of key levels with volume supporting the move down, big money is opening positions below 44,000 and the vol oscillator on the daily is sustaining that move. There’s no major money being put on above 44,000, which is why we’re seeing a small grind up and prices oscillating between ranges. All of this combined is confirming a bearish consolidation.
On the fundamentals side, Bitcoin is suffering from an extreme case of greed much like the stock market. It’s getting to a point where anything opposite of bull is met with difficulty. This kind of psychology is ripe for manipulation and rug pulls. Just the other day, I saw advertisements on YouTube of professional Bitcoin related businesses telling people to buy it. I don’t even search for Bitcoin related news on YouTube or Google so this is also what’s setting the alarm bells off.
I don’t believe in fundamentals too much but I trade what I see on the technicals and it’s not looking good for longs, so I’m going to wait to get in. I don’t know how long it’ll take to get to my target but from mid 20,000 to 30,000 I see this reaching before any meaningful support with volume.
Rejecting off of key levels with volume supporting the move down, big money is opening positions below 44,000 and the vol oscillator on the daily is sustaining that move. There’s no major money being put on above 44,000, which is why we’re seeing a small grind up and prices oscillating between ranges. All of this combined is confirming a bearish consolidation.
On the fundamentals side, Bitcoin is suffering from an extreme case of greed much like the stock market. It’s getting to a point where anything opposite of bull is met with difficulty. This kind of psychology is ripe for manipulation and rug pulls. Just the other day, I saw advertisements on YouTube of professional Bitcoin related businesses telling people to buy it. I don’t even search for Bitcoin related news on YouTube or Google so this is also what’s setting the alarm bells off.
I don’t believe in fundamentals too much but I trade what I see on the technicals and it’s not looking good for longs, so I’m going to wait to get in. I don’t know how long it’ll take to get to my target but from mid 20,000 to 30,000 I see this reaching before any meaningful support with volume.