The recent panic selling got a lot of people worried. The hype was real about Bitcoin (BTC), potentially hitting the coveted 10,000 USD mark. But as often the cryptocurrency market seems to do, when the market sentiment is overly bullish, the price seems to go the opposite way. Who is the judge of whether the market is "overly" bullish or bearish? No one will ever know. But in this industry, one should not be surprised that this breakdown occurred at this point.
Always look at the big picture
Chart #1 : BTC/USD / BITFINEX / 1D https://www.tradingview.com/x/Ye9MZG9f/
Luckily, the price is still in the Kumo cloud. The breakdown of price bounced at the Kijun Sen (red) line. It's quite amazing to see how the price skirts on the bottom of the cloud, threatening to go down more. I did predict before that Bitcoin would make a edge-to-edge price action. That is still alive! It was definitely close to being incorrect but it is holding on by a thread.
It does not mean I am carefree
When I look at any lower time frame, obviously, it does not look too good. I am definitely worried but not panicking. Hopefully, with Consensus 2018 this week, the bulls will take us to the other edge of the cloud!
Target #1: 10,000 USD
Target #2: 11,600 USD
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Legal Disclaimer: I am not a financial advisor. None of the words, charts, jokes, and expressions written in this blog post should be read or interpreted as any form of financial or investment advice. It is purely for an entertainment purpose only. This post is my thoughts and opinions. I can be wrong. I have been wrong and I will be wrong many times in the future. This blog is for you to flame me how bad I am at this and call me out when I am wrong. It's for your entertainment ONLY.
Always buy low and sell high!!!