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Sniper-Traders
Mar 19, 2024 9:35 AM

BTCUSDT : History might repeat itself Short

BINANCE:BTCUSDT1D
Bitcoin / TetherUSBinance

Description

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The market is currently moving within an ascending channel formation after breaching the all-time high of 69,000 level. There is a high probability that the market could reverse with momentum, similar to past occurrences.

Therefore, it might be wiser to refrain from participating in the current valuation. Instead, consider taking a step back and waiting for more clarity rather than getting involved in this FOMO (Fear of Missing Out) rally.

If my perspective changes or if I gather additional fundamental data that influences my views, I will provide updates accordingly.

Thank you for following along with this journey, and I remain committed to sharing insights and updates as my trading strategy evolves. As always, please feel free to reach out with any questions or comments.

Other posts related to this particular position and scrip, if any, will be attached underneath. Do check those out too.

Disclaimer: The analysis shared here is for informational purposes only and should not be considered as financial advice. Trading in all markets carries inherent risks, and past performance is not indicative of future results. It's essential to conduct your own research and assess your risk tolerance before making any investment decisions. The views expressed in this analysis are solely mine. It's important to note that I am not a SEBI registered analyst, so the analysis provided does not constitute formal investment advice under SEBI regulations.[/quote
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Trend AnalysisChart Patterns
Comments
actionhoney
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Hi, Can you post new analysys as per current situations, As bitcoin moving up again.. Do you think it will drop more or getting back upside.
Sniper-Traders
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@actionhoney My view still stands bro. Whatever I said would require atleast some months to play out.
actionhoney
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What are your views on halving and breakout to upside, as we see history after halving there was surge in price. Is this right time to buy the dip or will market drop more please share your views on this, thanks
Sniper-Traders
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@actionhoney, And regarding halving all I have to say is that, this time is very different from what we saw in the past. This time the interest rate is very high, there is a global economic slowdown and many countries are in a recession or at least in the brink of one. There is a looming unemployment scenario, wars are happening all across the world and countless other factors which may affect the market. All these are new for the crypto market during a halving season. So we may expect the unexpected.
Sniper-Traders
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@actionhoney It's already mentioned in the analysis video above. Anyway, I'm not saying there is 0% chance for Btc to move upwards or anything. Nobody can predict the market to an absolute tee.

All I'm saying is that, I don't consider the current valuation as a favourable one to go for fresh positions, especially in a highly speculative asset class like crypto. There are much safer value buy opportunities out there, in other asset classes, at the moment.

These are just personal opinions based on which I act in the market.
arpitvirus56
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Cry harder soon u gonna prove wrong
Sniper-Traders
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@arpitvirus56, I've been in this space for over 7 years now. I have seen crypto when it was close $3000 and also now at $69000. So there is nothing right now that the market can do to make me cry bro. Better you be prepared for what's ahead.
arpitvirus56
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@Sniper-Traders sorry for my bad language… but this time etf will make things different… it should pump soon.. OI almost flushed… people waiting fr 59k …
Sniper-Traders
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@arpitvirus56, See. The hardcore crypto enthusiasts are never gonna use the ETFs. ETFs will be majorly used by those who are traditionally stock investors, who don't have the technical expertise to handle a crypto exchange, but wanted to invest in crypto for a long time. And this is not gonna be a large influx of money when compared to the money already involved in crypto space.
Sniper-Traders
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@arpitvirus56, I'm not saying that crypto will never rally or anything. Just listen to the analysis video. What I mentioned is that only the dumb money will be believing in these narratives and there is a high probability for the institutions or whales or smart money to consider this as an opportunity to off load their holdings and move towards safer instruments like bonds, in a high interest rate environment like this.
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