A sad story for crypo is right around the corner
From my previous post where I started out having a bullish tunnel vision it actually ended up with me continuing to short bitcoin and make a really good ROI. Now that bitcoin has been gotten rejected from a strong resistance zone and has also created a big descending triangle I think BTC is ready to rip to the downside. It is currently backtesting the resistance zone from the descending triangle but when it is ready to continue the pattern I think we will go down fast. The next support zone will then be between roughly 57-59k USD. That would be a 10% drop and in my opinion it could be the beginning of the bear market already. According to pattern recognisation and fractals it is fully possible that we will see that 70-80-90% drop much earlier than previously thought. The RSI on weekly is extremely overbought and the MACD has also flipped bearish here. This is signs we should take to consideration when trading btc.
Whatever happens with bitcoin I will try to make my own profits by shorting BNB since it both follows the same principles and it is known that most of the other coins follow the bitcoin price in some sort of way. The technicals are looking beautiful for shorting BNB as it looks right now. We are getting a rejection from a key resistance level on the weekly, the MACD has just flipped bearish and the RSI has been extremely overbought here too. I think it is very likely that we will move rapidly towards the 180-260 USD support zone. Some consolidation down at this level would also be good to look at. That is at least what happened last time we dropped down there.
Whatever happens I will make sure to risk free my trades and move the stop loss downwards as the price moves down. As long as it is technically possible.
I also think gold soon will lose a lot of its value but I will write that in another post.
Have fun trading guys and thanks for sharing your opinions!
Whatever happens with bitcoin I will try to make my own profits by shorting BNB since it both follows the same principles and it is known that most of the other coins follow the bitcoin price in some sort of way. The technicals are looking beautiful for shorting BNB as it looks right now. We are getting a rejection from a key resistance level on the weekly, the MACD has just flipped bearish and the RSI has been extremely overbought here too. I think it is very likely that we will move rapidly towards the 180-260 USD support zone. Some consolidation down at this level would also be good to look at. That is at least what happened last time we dropped down there.
Whatever happens I will make sure to risk free my trades and move the stop loss downwards as the price moves down. As long as it is technically possible.
I also think gold soon will lose a lot of its value but I will write that in another post.
Have fun trading guys and thanks for sharing your opinions!
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