Hello everyone, this is my first idea published here. Bitcoin has had a good run this year. However, the bull market could be over.
As long as Bitcoin is under $52000 and does not clear that area, it is looking bad for the bulls. I thought we would hit $100k this year but it won't happen. Maybe next year but it appears that as long as bitcoin is under the last defense at the 200 day MA around $47002 right now, 42000, then 30000 can be next.
On the daily chart, the RSI is not below 30 and not oversold yet so there is more room for downside. Then, if Bitcoin crashes below $29000, $19000 can be next (End of 2017 Bitcoin high) This will also crash alts.
Remember back to the crash that happened this year, during May. Bitcoin crashed 50% from its peak and many alts crashed and burned over 75%. If we are in a bear market, alts can crash 85 to 99% from their peaks. Bitcoin can crash 70-85% from its peak. If you don't want to get burned, it is a good idea to start taking some profit.
Sure, if you believe in the bull case maybe keep some of your safer altcoins or BTC for long term and DCA (I'm also keeping a small amount of my Bitcoin long term) but for now it ain't looking good.
This bear view is invalidated ONLY if Bitcoin retakes $49500 and then $52000 at least. Then $70000 and $100000 are back in play and I might buy back in around that area ($54000) to try to sell around $70k or $100k but I wouldn't count on it.
But it would be a good surprise if it does. Until Bitcoin passes $52000, my view is bearish.
As long as Bitcoin is under $52000 and does not clear that area, it is looking bad for the bulls. I thought we would hit $100k this year but it won't happen. Maybe next year but it appears that as long as bitcoin is under the last defense at the 200 day MA around $47002 right now, 42000, then 30000 can be next.
On the daily chart, the RSI is not below 30 and not oversold yet so there is more room for downside. Then, if Bitcoin crashes below $29000, $19000 can be next (End of 2017 Bitcoin high) This will also crash alts.
Remember back to the crash that happened this year, during May. Bitcoin crashed 50% from its peak and many alts crashed and burned over 75%. If we are in a bear market, alts can crash 85 to 99% from their peaks. Bitcoin can crash 70-85% from its peak. If you don't want to get burned, it is a good idea to start taking some profit.
Sure, if you believe in the bull case maybe keep some of your safer altcoins or BTC for long term and DCA (I'm also keeping a small amount of my Bitcoin long term) but for now it ain't looking good.
This bear view is invalidated ONLY if Bitcoin retakes $49500 and then $52000 at least. Then $70000 and $100000 are back in play and I might buy back in around that area ($54000) to try to sell around $70k or $100k but I wouldn't count on it.
But it would be a good surprise if it does. Until Bitcoin passes $52000, my view is bearish.