Let’s examine the insights shared by our Technical Analyst at UseTheBitcoin as he walks us through his personal trading approach and observations on the crypto market.
Crypto Gurus Are Overhyping Bitcoin
I really can’t stand it when crypto gurus hype up the market. They’ll say things like, “Bitcoin is rising again! We’re going to the moon! Sell your house!”
Seriously, aren’t you tired of hearing that kind of hype?
Here’s my honest opinion, but I could be wrong: We are still headed down. Some people might argue, “No! We’ve already broken out of the downtrend, and it’s forming a higher low now.” But, come on, really? Have you looked at your charts closely?
Are we truly out of the downtrend? Just take a look at this.
Yes, we are forming a higher low in the shorter timeframe, but as you can see from previous price movements, they also created higher lows that ultimately failed. We’re still stuck in the larger bearish trend.
I’d only start thinking we’re bullish again if Bitcoin climbs back to the $68,000 level, but right now, we’re far from that.
If you look here, there’s also an imbalance in the order book leading up to the $52,000 level. Check out these examples.
You can see that Bitcoin needs to fill this gap first. In my opinion, this gap needs to be addressed before we can see any real upward movement.
But again, I’m not claiming to be 100% correct. We’re all just making educated guesses here. I could be wrong in many ways, so make sure you do your own research, too. Keep an eye on the market; at the end of the day, remember to trade at your own risk.
Final Thoughts
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