BTC - Buy the Rumor, Sell the News?
The price of Bitcoin has been rising since the SBF spectacle and many people are getting very confident with the price reaching levels not seen in nearly 2 years, now trading at approximately 46.5k at press time.
Despite the rise in price of nearly 200%, I believe bitcoin is in a markdown phase, and this is what is known as a throwback, where the price is thrown back into the distribution structure. The volume, as shown, is showing there is no interest in the uptrend for it to continue right now, whatever the reason for this is. I still am of the belief, as I have been for the last 2 years that we are seeing the biggest bear market in Bitcoin's history, targeting anywhere from 4.2k to 7.3k for now, maybe with more blood to come.
Let me know what you think of my chart and cheers for looking.
Thanks,
Josh
Despite the rise in price of nearly 200%, I believe bitcoin is in a markdown phase, and this is what is known as a throwback, where the price is thrown back into the distribution structure. The volume, as shown, is showing there is no interest in the uptrend for it to continue right now, whatever the reason for this is. I still am of the belief, as I have been for the last 2 years that we are seeing the biggest bear market in Bitcoin's history, targeting anywhere from 4.2k to 7.3k for now, maybe with more blood to come.
Let me know what you think of my chart and cheers for looking.
Thanks,
Josh