still not an explosive move as everyone claimed it would be, so I doubt this was the real break out ?
Yeah, I’m thinking this was a fakeout on low volume. But since no bounce I’m leaning towards further breakdown over the next week. Still targeting $5.5K for the first bounce with a struggle back to $6K. I’ll wait to see how the indicators behave. So far it’s looking good and I’m more bullish seeing down moves than up moves right now. Not hitting ~$5K is the equivalent to a groundhog seeing its shadow.
Anyone sitting in tether might want to consider moving to another stable coin.
Stock markets are also down
I’m just patiently waiting for the right buy opportunity (not just Bitcoin but all ALT coins as well). It’s either near or we got another drop coming before it’s time to buy. The jury’s still out for me on recent price action – that is, I feel it’s 50/50 it can climb from here or drop again by nearly same magnitude.
What’s everyone else’s opinion on next 2 days and then going into the weekend?
Since we broke support on the short term market structure (triangles within triangles) It’s possible we could test previous support as resistance again. Overall we still have time within the main descending triangle to play above $6K. Shorts are over leveraged against longs as seems to be the case with every drop now. As for my short term outlook I’m waiting for a set up. I’m not convinced on this low volume sell off as the BIG move the market was anticipating. So I’m split too.
Im bearish. Volume doesnt seem convincing to me at all. There isnt much participation and retail money isnt there to support. Insto money arguement still too early. I think another year of bear market tbh (happy to be wrong) and then likely once capitulation event takes part, then r/r makes sense to get long
Never forget ninja Lee.
I mean i think price just dribbles around here and maybe down to 4.5k or so with no real volume. Sideways dicking around. Everyone is just staring at the magical ‘wedge’ pattern thinking that once that resolves all will be good again. Market patterns fail regularly. They need to be supported with contextual evidence to be valid and to me, yea, its a wedge, but likely to turn into a continuation of down trend.
Coinbase pro. Also don’t expect a big pump. ETC didn’t pump much, did it?
I tend to agree with the group consensus of being bearish. I’m not sure why everyone is in a big rush to see a bull market again. Ive learned a lot in this bear market and just gives us more time to be set up to crush the next bull. As i have been stating for months now i’m still not touching alts until we are in a confirmed bull market again. Not like things are going to shoot up 10x in a day. If you’re not actively trading and feel you need to set aside money for alts you might be better off just DCA into an interest bearing savings acct while waiting. The rates have actually gotten better recently. Not great but better.
In regards to btc i’m looking for short term bounce out of oversold conditions on smaller time frames before potentially dropping further. Looking like the 5k range that people have been saying wont happen may be potentially in play. The volume still sucks and will keep reassessing as things play out.
Was it a knockout punch? Is Coinbase down for the count?
Wait, coinbase let’s you trade other crypto too?
Does anyone know how to load bitcoin dominance on tradingview or another charting app?
I just know how on coinmarketcap