99% of traders in crypto don't deserve the name trader, because their sentiment changes the minute a big candle appears. During the next sell-off, they will once again lose a high amount of capital and a new supply of newbies will be supplied to serve our liquidity.
As you can see, not much has changes for bitcoin. We'll either fakeout and reach the monthly resistance or reverse here at the daily resistance. 3800$, as some of my colleagues seem to be calling for, does seem a little bit farfetched. I will be buying anything lower than 5000 as I believe we will not be setting a new low.
You know what I like most about this chart? It's simple. The killzones/opens are at the most important demand zones, we had a harsh reversal at our resistance AND most importantly: A breakout can happen in the first quarter of 2021. That would finally conclude our multi-year bear market.
As you can see, not much has changes for bitcoin. We'll either fakeout and reach the monthly resistance or reverse here at the daily resistance. 3800$, as some of my colleagues seem to be calling for, does seem a little bit farfetched. I will be buying anything lower than 5000 as I believe we will not be setting a new low.
You know what I like most about this chart? It's simple. The killzones/opens are at the most important demand zones, we had a harsh reversal at our resistance AND most importantly: A breakout can happen in the first quarter of 2021. That would finally conclude our multi-year bear market.
Comment:
Where are all these bullish TV traders coming from? We still didn't even get close to the 10500 resistance and even struggle to break 9800. It wouldn't surprise me if we jump from 9200 to 10500 during the weekend, create a big CME gap and the get hammered down with lethal force again on monday.
If you don't short a weekend upmove on monday, you're stealing from yourself.
If you don't short a weekend upmove on monday, you're stealing from yourself.
Expect the global financial markets to bleed, and people to sell their bitcoin for cash as uncertainty once again surfaces. Many companies, as mine, are only going to assess the damage once they're allowed to reopen. I know we'll have a surplus of human capital that we cannot afford, so these people will now start losing their jobs.
In q1 2021, I expect either a solid cure or vaccine news and an economy that has adapted to this new standard of working and living. This will trigger a recovery.
No, stocks are not going to die no matter how much cryptofans are now crying for the death of the stock market or even the death of the dollar for that matter. However, expect bitcoin to start profiting from the dollar's loss of value due to inflation. This inflation is what CAN fuel bitcoin's bid for 100k.