BTC - price is still struggling to find local bottom

27 בפבר׳ 2021

The current bearish vibe is still lingering around the crypto space. BTC is still making another lower low on the daily chart, and a potential bearish engulfing weekly candle is in the making. Although I am not trading solely on candle patterns, the fact that we have a giant red candle on the high time frame chart is kind of worrisome. Because of these, I am still maintaining my conservative strategy and leaning ~60% on the possibility that we have not yet bottomed. That said, this seems to be a reasonable price zone for long-term investors to start scaling in BTC in my humble opinion. As a trader, I am still waiting for a reversal signal before rejoining this market.