Uptrend intact despite ETF Selloff
The ETFs were selling this week after we hit ATH and had two quite strong accumulation weeks. So far so weak. But if we look on the monthly chart, Bitcoin price still has a clear upwards trend over the past two years. And hoe they say: „The trend is your friend.“
As long as we stay above 105k, which we reclaimed yesterday, things are still good. Even a dip towards 98-100k wouldn’t change the bullish picture. If we fall below that on the weekly or even the monthly chart, well then we could see a longer and deeper correction towards the 70s or even that nasty bear again with even further drops.
But today that’s just FUD, things are still bullish imo.
What‘s next in your view? Further downside? Or back to ATH?
We determine support and resistance levels, as you probably know better than me, by looking at the chart, by drawing lines, etc., which is sometimes true, but this causes the loss of all or part of the profit that we have worked hard for and gained with our analyses. We continue to repeat a habit (uniform analysis) according to what we see, but isn't it better to pay attention to what we are trying to achieve sometimes? Our thinking is that the market, which is always bullish, gets stuck and you become biased towards the market trend. Unaware that everything can have a first time (a downtrend). However, I still hope that the market will continue to rise.
Everything can Happen of course, I am interested in the likelyhood of things. And that says „bullish“ at the moment.
Of course 👍
Your opinion and analysis are respected and valuable.