A Bigger Picture
Updated
When i scale out like this... it makes me think yeah, sure 9K is still in play... but there is a complete lack of volume at them levels.
TA is great for explaining wider sentiment, and well understood patterns of behaviour within a market. But its bunk when the fundamentals of the market change dramatically over night.
Corona caused the crash but there was low volume preceding it. The only place there is significant interest is sub 3-5K for now until the fundamentals of the market change, which they will do in the coming months with developments in the pandemic and the halvening.
What wins out... mass unemployment, the greatest crash in history and the inevitable depression of all markets we are set to see... or the halvening increasing the cost of mining BTC x2?
Will BTC surge to 12.5k(electricity cost for mining 1 BTC after halvening) from here. People see it as a rising asset and pump money into it moneying it decoupling it from traditional markets??
Or do bulls see abit more pain down to where there is organic interest in time for the halvening and future moon.
Im Bullish Long term but something about the current price TA tells me the current price hasn't baked in the potential turmoil ahead.
TA is great for explaining wider sentiment, and well understood patterns of behaviour within a market. But its bunk when the fundamentals of the market change dramatically over night.
Corona caused the crash but there was low volume preceding it. The only place there is significant interest is sub 3-5K for now until the fundamentals of the market change, which they will do in the coming months with developments in the pandemic and the halvening.
What wins out... mass unemployment, the greatest crash in history and the inevitable depression of all markets we are set to see... or the halvening increasing the cost of mining BTC x2?
Will BTC surge to 12.5k(electricity cost for mining 1 BTC after halvening) from here. People see it as a rising asset and pump money into it moneying it decoupling it from traditional markets??
Or do bulls see abit more pain down to where there is organic interest in time for the halvening and future moon.
Im Bullish Long term but something about the current price TA tells me the current price hasn't baked in the potential turmoil ahead.
Note
so 9k wasnt out of the question at all... but it was fomo that got us there
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.