Bitcoin's price action can be best described by its tendency to create numerous fake S&R levels & S&D zones to confuse retail traders. Now that it's testing the previous cycle high & 200wma(which has historically signaled the cycle bottom), retail can fall once again into the trap of consistently buying the dip on each low.
With the inflation soaring, interest rates at levels the likes of which has not been seen in a long time, and a looming recession, I can't see neither 20k nor 200wma as the cycle bottom.
Bitcoin will most likely visit its origin at around 10k range. Next stop is the flip level at 4k. Each and every rally to supply areas is a fake rally in my opinion.
Significant price action needs significant shift in sentiment & attitude of retail traders. Sub 15k is easily in the cards for now.
Lastly, don't become the big player's exit liquidity at these tough times in the world.
Invest wisely.
(FaN-)
With the inflation soaring, interest rates at levels the likes of which has not been seen in a long time, and a looming recession, I can't see neither 20k nor 200wma as the cycle bottom.
Bitcoin will most likely visit its origin at around 10k range. Next stop is the flip level at 4k. Each and every rally to supply areas is a fake rally in my opinion.
Significant price action needs significant shift in sentiment & attitude of retail traders. Sub 15k is easily in the cards for now.
Lastly, don't become the big player's exit liquidity at these tough times in the world.
Invest wisely.
(FaN-)