Q&A_ Where would bitcoin price move from here? My analysis.
Namaste!
Bitcoin is currently in a medium-term downtrend in weekly charts. Bitcoin has faked-out many bullish people in this daily candle. If 29240 level is broken here, then there will be a massive sell-off, according to my analysis. There is also a news supporting this, "CBDCs could 'kill' case for private cryptocurrencies, says RBI Deputy Governor".
I am assuming a bull charge again only if price moves above 32015 levels. But I don't think it will sustain longer. Consolidation generally have a higher probability of price moving in current direction, i.e. "down" in current scenario. Interpretation is that, the buyer's are not interested to buy, hence it is consolidating. If they were more willing to buy, they would have done it fast (neither consolidate).
There are mainly two types of people in the world.
Type 1:
a: They believe god does not exist.
b. They believe alien does not exist.
c. They believe Bitcoin will be the future of federal currency system.
Type 2 people think the exact opposite. I am a type 2 person.
Disclaimer: Do not take positions based on my analysis.
Bitcoin is currently in a medium-term downtrend in weekly charts. Bitcoin has faked-out many bullish people in this daily candle. If 29240 level is broken here, then there will be a massive sell-off, according to my analysis. There is also a news supporting this, "CBDCs could 'kill' case for private cryptocurrencies, says RBI Deputy Governor".
I am assuming a bull charge again only if price moves above 32015 levels. But I don't think it will sustain longer. Consolidation generally have a higher probability of price moving in current direction, i.e. "down" in current scenario. Interpretation is that, the buyer's are not interested to buy, hence it is consolidating. If they were more willing to buy, they would have done it fast (neither consolidate).
There are mainly two types of people in the world.
Type 1:
a: They believe god does not exist.
b. They believe alien does not exist.
c. They believe Bitcoin will be the future of federal currency system.
Type 2 people think the exact opposite. I am a type 2 person.
Disclaimer: Do not take positions based on my analysis.
Comment:
Next important support according to me is 14000-15000 levels. Why? Because it had more consolidation as compared to 20000 levels. You know what, consolidation means more and more people got in, they have memories, so it is more trustworthy support.
Comment:
I am still confident about the 15000 level, mainly because of two reasons, 1. Bitcoin is creating a "bearish flag" pattern in daily time frame; 2. It is creating an "inside candle" pattern in monthly TF. Both are very reliable and should reach targets after a breakdown.
Disclaimer: This is not a trading advice.
Disclaimer: This is not a trading advice.
Comment:
Any daily candle closing below 18550 level I hope will take bitcoin to 15000 levels. Because, head and shoulders pattern have a defined target of neck-line height, which hasn't been achieved till now.
Comment:
It has been consolidating for quite a long time. My experience on price action tells, "consolidation most probably means a continuation in the direction of prices closing". So, in my opinion, it should continue falling in the coming months.
Comment:
It gave a "fake-breakout" on 14th March daily candle again. It should fall further in my opinion. Maybe I am biased because I belong to the other class of investors who don't believe in BTC. I think BTC have no future in the space of an asset class.
Comment:
I expect anyone who is reading my writings to know that there is nothing "certain" in the markets. Neither the %gain on stock nor "out-performance" or "under-performance". There is a risk and opportunity cost involved in both, buying and selling. Selling at any price can often result in "opportunity loss" when the stock moves higher and higher. Human psychology is a culprit here. For e.g. I post any stock which seems undervalued or overvalued to me on tradingview. When anyone makes money on that, they wont appreciate me "a single word". But when they lose or it results in opportunity loss, they are bound to blame me. I don't criticize any person, because I know their psychology has defeated them. At last, there is nothing like "easy money" in the markets. The survival of the fittest holds absolutely true here.