BTC theory 5/16/22
As suspected, BTC bounced hard shortly after dipping below the green line, and ending the week above that level. However, based on the buying volume I've seen so far, the bulls still don't have control yet. Likely scenarios: a) price goes up until it meets the red midline of the Bollinger bands then get smacked down back to the green level.
b) sharp drop back to the green level.
My opinion is that *for traders*, it's not time to go long yet. More bad news in the world and selling in the stock markets can push for scenario b but I presume scenario a to be more likely. If you prefer DCA/long term investing, none of this matters to you. But for short to midterm traders, I don't see a trade in the short term. We'll analyze and revisit soon.
b) sharp drop back to the green level.
My opinion is that *for traders*, it's not time to go long yet. More bad news in the world and selling in the stock markets can push for scenario b but I presume scenario a to be more likely. If you prefer DCA/long term investing, none of this matters to you. But for short to midterm traders, I don't see a trade in the short term. We'll analyze and revisit soon.
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