"There are shallow rollers, and there are deep rollers. You can't breed two deep rollers... or their young, their offspring, will roll all the way down... hit and die. Bitcoin is a deep roller."
Bitcoin's fall below the support line established in 2015 remains a source of contention and debate within myself. With the lack of buying pressure and the ever-mounting bearish pressure, things are still not good for BTC. Though the fight is on for $3500 Bitcoin has continuously proven its inability to produce a higher high since topping at $20k. Meaning that BTC is still firmly entrenched in the downward trend. A loss of the $3500 level and the lack of daily support levels underneath is indicative of a major move down for Bitcoin. If Bitcoin fails to maintain the current price level and does indeed fall it is likely to see the cryptocurrency fall to levels as low as $1600 in quick order as support between is paper-thin and at this point long-term investors would be looking to exit positions to save from further loss of profits.
Buyer beware on BTC as with the current extremely high levels of short positions makes a play on Bitcoin too risky to short, and the chart for the bullish case too risky to take a position as well. It appears that the best position, as of right now, is to sit on the sideline and watch how this plays out before making a trade decision. Could it be possible that we are seeing a paradigm shift in the way cryptocurrencies are seen and that the market is determining the future or death of proof-of-work cryptocurrencies? Could this see the rise of consensus cryptocurrencies which have demonstrated not only their security, and speed, but their ability to decentralize themselves to a greater extent than what the PoW mining consortiums have?
Bitcoin's fall below the support line established in 2015 remains a source of contention and debate within myself. With the lack of buying pressure and the ever-mounting bearish pressure, things are still not good for BTC. Though the fight is on for $3500 Bitcoin has continuously proven its inability to produce a higher high since topping at $20k. Meaning that BTC is still firmly entrenched in the downward trend. A loss of the $3500 level and the lack of daily support levels underneath is indicative of a major move down for Bitcoin. If Bitcoin fails to maintain the current price level and does indeed fall it is likely to see the cryptocurrency fall to levels as low as $1600 in quick order as support between is paper-thin and at this point long-term investors would be looking to exit positions to save from further loss of profits.
Buyer beware on BTC as with the current extremely high levels of short positions makes a play on Bitcoin too risky to short, and the chart for the bullish case too risky to take a position as well. It appears that the best position, as of right now, is to sit on the sideline and watch how this plays out before making a trade decision. Could it be possible that we are seeing a paradigm shift in the way cryptocurrencies are seen and that the market is determining the future or death of proof-of-work cryptocurrencies? Could this see the rise of consensus cryptocurrencies which have demonstrated not only their security, and speed, but their ability to decentralize themselves to a greater extent than what the PoW mining consortiums have?