We are approaching some critical moments, bitcoin is under a 200MA that it has never been under, and has broken down some boundaries that are just not allowed to be broken in technical analysis and finally finishing the week in red. This is making the bitcoin chart very bearish and the lack of buyers coming in with volume is not helping. We are approaching a crossroad that will ultimately decide. I would prefer to see this asset retest the $5k level to show that people are actually interested in it. If we dont this will give people a very nasty taste in their mouth as they will see their accounts shedding percentages, once again... Capitulation will certainly come in at around $1500-2500
The deeper we pull back means that it may be longer and more difficult for us to make it back to the highs. These market conditions are trader nightmares and are to be approached very cautiously. If you do find yourself buying into these levels you should always trade with a plan and know what your risk and reward ratio is.
Not trading advice,
be careful out there gents.
The deeper we pull back means that it may be longer and more difficult for us to make it back to the highs. These market conditions are trader nightmares and are to be approached very cautiously. If you do find yourself buying into these levels you should always trade with a plan and know what your risk and reward ratio is.
Not trading advice,
be careful out there gents.
