The position shown is a potential crash zone. I'm well aware that 'everybody' thinks BTCUSD is going to $100,000 soon. There are problems ahead that 'everybody' is not factoring in.
Firstly the technical set up is showing something important in this analysis. Bitcoin has had a major long run up to approx $58,200.
Next - there is an important trend switch. 'Everybody' can see the importance of that conspicuous amber trend line. The seeming recovery is about latecomers and greed.
Then there is another problem lurking. What's that? Central Banks are quietly planning their own brand of digital currencies, and regulation is likely to squeeze Bitcoin. Loyalists will say that Bitcoin is bound to survive. Sure - but will price survive?
The technicals are clear for everybody to see. The greater probability is for the south - this is not a prediction. It is only a probability - which means there is also a probability that Bitcoin does not 'obey' the technical picture.
Disclaimers: This is not advice or encouragement to trade securities on live accounts. Chart positions shown are not suggestions. No predictions and no guarantees supplied or implied. Heavy losses can be expected if trading live accounts. Any previous advantageous performance shown in other scenarios, is not indicative of future performance. If you make decisions based on opinion expressed here or on my profile and you lose your money, kindly sue yourself.
Firstly the technical set up is showing something important in this analysis. Bitcoin has had a major long run up to approx $58,200.
Next - there is an important trend switch. 'Everybody' can see the importance of that conspicuous amber trend line. The seeming recovery is about latecomers and greed.
Then there is another problem lurking. What's that? Central Banks are quietly planning their own brand of digital currencies, and regulation is likely to squeeze Bitcoin. Loyalists will say that Bitcoin is bound to survive. Sure - but will price survive?
The technicals are clear for everybody to see. The greater probability is for the south - this is not a prediction. It is only a probability - which means there is also a probability that Bitcoin does not 'obey' the technical picture.
Disclaimers: This is not advice or encouragement to trade securities on live accounts. Chart positions shown are not suggestions. No predictions and no guarantees supplied or implied. Heavy losses can be expected if trading live accounts. Any previous advantageous performance shown in other scenarios, is not indicative of future performance. If you make decisions based on opinion expressed here or on my profile and you lose your money, kindly sue yourself.
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