Hi guys.
I was studying about market correction cycles this week and i found out this kind of movement that BTC is presenting lately is somehow inevitable after a parabolic movement which we had in Dec-Jan this year. (hence we are stuck in a bear phase for almost a year).
we need momentum. i'm not seeing any problem in the fundamentals. but if
BTCUSD
take off right now (@ 4k) we won't have the required momentum to continue the upward movement and we will fall soon after. we didn't even reach a reliable support yet. so i think more downward movment is coming.
we didn't hit the overSold territory in our weekly chart yet. if we find support around 3k (which is both a major support level and a psycological one and have a large volume), and after that a re-test, we can hope we hit the bottom.
this is almost identical to 2014 bull run. we had a bull phase, we went parabolic, we had a bear phase and finally the cycle was complete and you know the rest of the story.
i think i made my idea clear in the chart so thank you for your attention in advance.
have a nice day and good luck in your trades.
sorry for my bad english.
I was studying about market correction cycles this week and i found out this kind of movement that BTC is presenting lately is somehow inevitable after a parabolic movement which we had in Dec-Jan this year. (hence we are stuck in a bear phase for almost a year).
we need momentum. i'm not seeing any problem in the fundamentals. but if
BTCUSD
take off right now (@ 4k) we won't have the required momentum to continue the upward movement and we will fall soon after. we didn't even reach a reliable support yet. so i think more downward movment is coming. we didn't hit the overSold territory in our weekly chart yet. if we find support around 3k (which is both a major support level and a psycological one and have a large volume), and after that a re-test, we can hope we hit the bottom.
this is almost identical to 2014 bull run. we had a bull phase, we went parabolic, we had a bear phase and finally the cycle was complete and you know the rest of the story.
i think i made my idea clear in the chart so thank you for your attention in advance.
have a nice day and good luck in your trades.
sorry for my bad english.