BtcUsd still remains in a bearish trend and we can not rule out that the pair can reach 6,000 in the short term. From the technical point of view, around this area, the pair should develop an interesting technical rebound, but that should only be considered as a corrective structure in a bearish trend, but from a tactical point of view, it might be possible to try to take a long position (speculative), only if some reversal pattern will appear. As we said in our last analysis, if you have bearish positions, take part of profit on current levels.
CORRECTIVE STRUCTURE OR REVERSAL ?
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As long as beginners continue to buy bitcoins, big traders will keep making a lot of money !!
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After surging to almost $20,000 in December following the introduction of regulated futures contracts in the U.S., the world’s largest cryptocurrency has lost more than half its value, plummeting to as low as $7,614 on Friday. Particularly hard hit have been those who got swept up in the mania just before what skeptics ranging from Jamie Dimon to Nouriel Roubini have labeled as one of the biggest asset bubbles in history began showing signs of deflating. Selling by “weak hands,” as latecomers are sometimes called across the investing world, contrasts with the view of early advocates pledging to HODL -- one frenzied trader’s misspelled entreaty to hold onto the tokens during an earlier rout that’s become the mantra of Bitcoin purists. Bitcoin’s rise in mainstream consciousness was brought on in part by retail investors’ fear of missing out after viewing the approval of futures as an endorsement by the establishment. As more novice investors jumped in, Bitcoin shot above $10,000, then $15,000, then as high as $20,000 on some exchanges, in a span of only a few weeks.