Does it mean the end of crypto If this scenario plays out and we are in a massive bubble? - No, we just got a bit ahead of ourselves, need to blow off some steam and continue with a healthy growth-rate
But If it looks like a duck, swims like a duck, and quacks like a duck, then it probably is a duck.
"The four most dangerous words in investing are; This time it's different" - Sir John Templeton
Freedom vs Security. Unregulated market vs regulations.
I saw someone pointing out a bullish scenario and i drew it out. So the bear case; Bear pennant, Death cross and broken trendline. Bull case; Bitcoins gonna bitcoin.
The trendline that has been holding for a couple of months has been broken and a death cross has appeared on the 4h chart.
Tesla is not out of the woods yet. There is still a death-cross and what appears to be a bear pennant on the chart.
50 MA has moved around the 200 MA and now crossed below.
50 MA has crossed below the 200MA
Right now BTC is in a place where it could either end up as a "blow-off top" or form a cup and handle and continue to a new ATH.
I give BTC a 10/10 in speculation bubble rating.
Are we seeing a head and shoulders formation within the right should of a head and shoulders formation? The market open will be interesting, the new stimulus pack might boost the fear of inflation which could result in a sell-off.
I expect there will be attempts to turn the tide but I think we are going down.
See you all next cycle. Bitcoin is going full speculation bubble burst.
COINBASE:BTCUSD I think we might be stuck here until external news comes around to decide where we are heading.
The latest earnings beat expectations, Transocean could end up as the sole survivor within it's market segment & we might see a mighty short squeeze in a very near future.