Hi, dear crypto lovers & investors,
I know now is a frustrating time for the crypto community but if you focus on the big picture we are in the best year for crypto.
The short term trend for $BTC has 2 possible Scenarios:
SCENARIO 1:
1- $BTC Is testing the support zone @ $42000 so many times and the buying pressure vanished and selling pressure still rules, As we can see RSI on a daily chart dropped below 30, it was never there almost for the last 6 months and it can break the support zone with a little bit more push from bears and drops to the 30k-32k support zone & Chaikin which is volume-based indicator is in the lowest range for last months, which is indicating downtrend continuation.
SCENARIO 2:
2-the current support level will hold and the price will range in this range for a while and then it will go back to +50K again and possibly ATH, However, I think this scenario is less probable due to the below reasons.
* The overall economy is not doing good, the stock market especially small market cap companies had a major correction.
*Inflation is at the highest possible amount almost for the last decade, Even though most Cryptos are deflationary assets but pay attention that they are considered as high_risk assets, token & in these situations, people's appetite for risky assets decrease significantly and will lay more selling pressure in the market.
*Another thing is worth considering is governments are still super confused about how to deal with cryptos and how to control it and any bad news from big guys can lead to more selling pressure.
I think the long-term future for good cryptos is so bright and promising. ✔
Note: This is the work of A Private Trader and NOT A Licensed Professional and can be wrong, Please do your own DD & Research.
Thanks for reading it.
I know now is a frustrating time for the crypto community but if you focus on the big picture we are in the best year for crypto.
The short term trend for $BTC has 2 possible Scenarios:
SCENARIO 1:
1- $BTC Is testing the support zone @ $42000 so many times and the buying pressure vanished and selling pressure still rules, As we can see RSI on a daily chart dropped below 30, it was never there almost for the last 6 months and it can break the support zone with a little bit more push from bears and drops to the 30k-32k support zone & Chaikin which is volume-based indicator is in the lowest range for last months, which is indicating downtrend continuation.
SCENARIO 2:
2-the current support level will hold and the price will range in this range for a while and then it will go back to +50K again and possibly ATH, However, I think this scenario is less probable due to the below reasons.
* The overall economy is not doing good, the stock market especially small market cap companies had a major correction.
*Inflation is at the highest possible amount almost for the last decade, Even though most Cryptos are deflationary assets but pay attention that they are considered as high_risk assets, token & in these situations, people's appetite for risky assets decrease significantly and will lay more selling pressure in the market.
*Another thing is worth considering is governments are still super confused about how to deal with cryptos and how to control it and any bad news from big guys can lead to more selling pressure.
I think the long-term future for good cryptos is so bright and promising. ✔
Note: This is the work of A Private Trader and NOT A Licensed Professional and can be wrong, Please do your own DD & Research.
Thanks for reading it.
Related Ideas
BTCUSD
de3ep_trader
about BTCUSD