Its a period of indecision in the markets not just Bitcoin
It may take some time but my overall short-mid term sentiment is bearish.
It can be said that during times of fear and uncertainty that its the perfect time to buy.
Under usual circumstances I would have to agree. But these arent usual.
Common sense needs to play a role along side technical analysis to determine the next move.
Or perhaps the best play is to sit this one out until the move shows its cards.
Many people have lost alot of money and not just in this market.
I don't think there is anything inherently wrong with Bitcoin but with everything going on with this pandemic it has thrown a wrench into the bull run a lot of us had expected this year.
Ask yourself, if you were a whale, would you be long here? Do you think they would be worried about buyers at much a higher price?? Or would you pump it up to provide some liquidity to then dump price? Or would you just dump price without all the foreplay? Those are three possibilities that could happen, but the eventuality at least for me is for price to go lower.
My targets are the $3100 level we hit in late 2018 and a hope for a double bottom recovery. IF this does not happen then thats very bad news for hodlers.
I say this but were talking weeks maybe months to get to this scenario (if it does happen).
I hope it does rebound before then but we already saw it hit 3600 just a few weeks ago, so this would not surprise me one bit. Especially when the apex of the corona virus starts to take place in western Europe and the US.
It may take some time but my overall short-mid term sentiment is bearish.
It can be said that during times of fear and uncertainty that its the perfect time to buy.
Under usual circumstances I would have to agree. But these arent usual.
Common sense needs to play a role along side technical analysis to determine the next move.
Or perhaps the best play is to sit this one out until the move shows its cards.
Many people have lost alot of money and not just in this market.
I don't think there is anything inherently wrong with Bitcoin but with everything going on with this pandemic it has thrown a wrench into the bull run a lot of us had expected this year.
Ask yourself, if you were a whale, would you be long here? Do you think they would be worried about buyers at much a higher price?? Or would you pump it up to provide some liquidity to then dump price? Or would you just dump price without all the foreplay? Those are three possibilities that could happen, but the eventuality at least for me is for price to go lower.
My targets are the $3100 level we hit in late 2018 and a hope for a double bottom recovery. IF this does not happen then thats very bad news for hodlers.
I say this but were talking weeks maybe months to get to this scenario (if it does happen).
I hope it does rebound before then but we already saw it hit 3600 just a few weeks ago, so this would not surprise me one bit. Especially when the apex of the corona virus starts to take place in western Europe and the US.