I'm not sure why people bother looking at 4 hr charts for BTC tbh. Maybe I'm missing something?
You have to have some real guts to swing trade and short BTC. And my chart shows (hopefully) exactly why.
There isn't any "correction" that needs to happen because we're already very close to the mean. And yes we are a bit over RSI and Bollinger Bands/ Keltner Channels (Not shown) but we have to zoom out and look at BTC's historical behavior.
It'll most likely repeat itself. The longer this stagnation lasts, the more "regression" to the mean (really the mean catches up to the CURRENT price) and the more trader confidence to put money back into the market.
Cryptocurrency interest is still at an all time high, and BTC survived the China/Dimon FUD. Yes, statistically it can go down but I have to disagree with many of the charters on here (those guys are really smart man I'm telling you, they really know how to determine their odds), and say that we're in the beginning of another bull run to $6500 over the next 30 days or so.
I don't see a reason for BTC to not crawl back up, past ATH, increasing not only value of BTC by more BTC owners, but more traders can use the BTC to trade into other alts eventually jump starting the second alt bull run.
Let's hope for the best!
You have to have some real guts to swing trade and short BTC. And my chart shows (hopefully) exactly why.
There isn't any "correction" that needs to happen because we're already very close to the mean. And yes we are a bit over RSI and Bollinger Bands/ Keltner Channels (Not shown) but we have to zoom out and look at BTC's historical behavior.
It'll most likely repeat itself. The longer this stagnation lasts, the more "regression" to the mean (really the mean catches up to the CURRENT price) and the more trader confidence to put money back into the market.
Cryptocurrency interest is still at an all time high, and BTC survived the China/Dimon FUD. Yes, statistically it can go down but I have to disagree with many of the charters on here (those guys are really smart man I'm telling you, they really know how to determine their odds), and say that we're in the beginning of another bull run to $6500 over the next 30 days or so.
I don't see a reason for BTC to not crawl back up, past ATH, increasing not only value of BTC by more BTC owners, but more traders can use the BTC to trade into other alts eventually jump starting the second alt bull run.
Let's hope for the best!
Comment:
of course it dips right after I post this LOL
Trade closed: target reached