If you open twitter, and check the current expectations on Bitcoin, everyone is bullish on everything.
From a logical perspective, this is not really a good sign, because signs of irrational exuberance often lead to large drawdowns in any asset classes.
Even though Bitcoin is yet to reach such a level, we can of course see some signs of euphoria, and altcoin market is showing signs of extreme euphoria, across a lot of 'sectors', especially NFTs and metaverse sectors.
I'm not calling a top here, but, would definitely advice to remain cautious if you are serious with money.
Last three weeks of candles look pretty much indecisive, and Bitcoin failed to sustain above the all time highs, and dips were also bought up very fast.
Lot of altcoins are near to their previous all time highs, and some have even broken above past all time highs as well.
TL:DR;
The pattern you see above is an ascending triangle pattern, which has a high chance of breaking to the upside.
If the weekly closes around 61k, we might get a short term bearish reversal (should be a good buying opportunity around the 52-53k zone IMO).
If it goes below that, 48k is another buy zone.
If it manages to close weekly above 63.5k, HODL in that case, till the next ATH (or series of ATHs) :D
Happy trading.
None of this is financial advice, as I might be wrong, and I'd recommend you to DYOR and manage your risk properly.
Feel free to comment your own opinions.
From a logical perspective, this is not really a good sign, because signs of irrational exuberance often lead to large drawdowns in any asset classes.
Even though Bitcoin is yet to reach such a level, we can of course see some signs of euphoria, and altcoin market is showing signs of extreme euphoria, across a lot of 'sectors', especially NFTs and metaverse sectors.
I'm not calling a top here, but, would definitely advice to remain cautious if you are serious with money.
Last three weeks of candles look pretty much indecisive, and Bitcoin failed to sustain above the all time highs, and dips were also bought up very fast.
Lot of altcoins are near to their previous all time highs, and some have even broken above past all time highs as well.
TL:DR;
The pattern you see above is an ascending triangle pattern, which has a high chance of breaking to the upside.
If the weekly closes around 61k, we might get a short term bearish reversal (should be a good buying opportunity around the 52-53k zone IMO).
If it goes below that, 48k is another buy zone.
If it manages to close weekly above 63.5k, HODL in that case, till the next ATH (or series of ATHs) :D
Happy trading.
None of this is financial advice, as I might be wrong, and I'd recommend you to DYOR and manage your risk properly.
Feel free to comment your own opinions.
Comment:
Long term bags still on track. But, overall, markets don't look good.
Let's see how markets behave in the next few weeks
Let's see how markets behave in the next few weeks
Better to simply hold and add more on confirmation.
Enjoy the ride!