BTC massive bear flag scenario
BItcoin's sharp decline has put it in a massive bear flag which would most likely bring it to a previous support level of 28.5k in the longer term
Trade analysis:
Personally, I'd hold a short position down to 36k and see if price breaks current trend. For long positions I would wait for an indication of a massive turnaround in the market at either 36k levels or at a 28k dollar level. We are currently in a bear market so taking a long position right now would be extremely bold and risky.
Investment thoughts:
In this type of market dollar cost averaging would be your best bet if you already have a position or scaling into your position at a lower price if you don't have one open already. The crypto space is bound to reach new highs in the coming years but due to bad economical situations across the world (war in Ukraine, inflation, supply chain issues, shortages, and etc), it is a rough patch for long term investors.
Trade analysis:
Personally, I'd hold a short position down to 36k and see if price breaks current trend. For long positions I would wait for an indication of a massive turnaround in the market at either 36k levels or at a 28k dollar level. We are currently in a bear market so taking a long position right now would be extremely bold and risky.
Investment thoughts:
In this type of market dollar cost averaging would be your best bet if you already have a position or scaling into your position at a lower price if you don't have one open already. The crypto space is bound to reach new highs in the coming years but due to bad economical situations across the world (war in Ukraine, inflation, supply chain issues, shortages, and etc), it is a rough patch for long term investors.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.