Bitcoin and my "problem" with selling at 40k
I'm bearish Bitcoin and the crypto market and, to be honest, I don't expect a new ATH this year.
However, the more I look at the chart the more my confidence in selling at 40k decreases
And I have 2 issues with selling the 40k scenario:
1. Bitcoin has dropped more than 50% from top to bottom contained in a channel. And as I have a " problem" with rising channels, and expect a reversal, the same I have with descending channels
2. And more important, all speculators want to sell that resistance and a stop hunting above 40-41k becomes very probable
So, if the price goes there, I expect continuation to at least 45-46k, not a reversal.
Time will tell, but if Btc goes above 40k I will become bullish for the above reasons.
Good luck!
Mihai Iacob
However, the more I look at the chart the more my confidence in selling at 40k decreases
And I have 2 issues with selling the 40k scenario:
1. Bitcoin has dropped more than 50% from top to bottom contained in a channel. And as I have a " problem" with rising channels, and expect a reversal, the same I have with descending channels
2. And more important, all speculators want to sell that resistance and a stop hunting above 40-41k becomes very probable
So, if the price goes there, I expect continuation to at least 45-46k, not a reversal.
Time will tell, but if Btc goes above 40k I will become bullish for the above reasons.
Good luck!
Mihai Iacob
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