Here some analysis on BTC/EUR.
I do not know if I told you but I am not a big fan of Bitcoin , I rather find opportunities in other cryptos. Due to its "popularity" and high correlation with mostly all the coins out there, the whole crypto space has been going down, down and down... BUT the phase has ended!
It was not surprising a big correction after the huge rally cryptos have experienced. Moreover, I am glad it has happened because it allowed to shake up the market a little bit and kicked out all the inexperienced traders or people who thought they would have become millionaire by buying at the top.
It is just a natural cycle that is mostly supported by behaviors, emotions and psychology. Media and regulators of course play a crucial role to scare the shit out people... but not someone like me who really believes in this revolution.
Besides the above talk, this is THE RIGHT TIME TO GET IN! They are really trading at a discount right now...50% SALES!
Technically here the set up:
- Price bounced off a major LT
- Price has formed 2 major lows and highs supported by small consolidation, breakouts and big volumes!
- There is a divergence possibly indicating the end of a phase
- Plus, we have a breakout of the major descending and we are testing it.
-put a BUY LIMIT order on the last small consolidation area waiting for the breakout.
Hope you enjoyed my analysis. Feel free to share your opinions and ideas in the comments below.