Bitcoin is in a critical situation, as it has been in recent months. This cannot guarantee a bearish trend in the medium to long term, but this is the most likely scenario.
Monthly chart: On a quantitative level, we can observe that on the monthly chart, the price is entering below the 70 simple moving average (the 210 is not yet developed), with an RSI of 40.
Weekly chart: On the weekly chart, the price is below the 210, 70, and 14 SMA, with an RSI of around 33, very low.
There is probably no trend-following system that gives a buy order on tokenised assets currently, given that the blockchain market is in a bearish phase.
One of the, at least, optimistic concepts of this scenario is that the weight of the trend that started in June of this year 2022 has a lot of strength, and therefore, if the channel is broken to the upside, there may be a lot of institutional and retail volume in the asset.
For now, we have short Sell Stop positions in place, as well as active futures positions and, for now, we are not placing bullish Buy Stop positions.
Obviously, whether the asset breaks to the upside or the downside, we will be in, although the most likely scenario is a bearish trend and the risk/reward ratios should be freer on these positions.
Monthly chart: On a quantitative level, we can observe that on the monthly chart, the price is entering below the 70 simple moving average (the 210 is not yet developed), with an RSI of 40.
Weekly chart: On the weekly chart, the price is below the 210, 70, and 14 SMA, with an RSI of around 33, very low.
There is probably no trend-following system that gives a buy order on tokenised assets currently, given that the blockchain market is in a bearish phase.
One of the, at least, optimistic concepts of this scenario is that the weight of the trend that started in June of this year 2022 has a lot of strength, and therefore, if the channel is broken to the upside, there may be a lot of institutional and retail volume in the asset.
For now, we have short Sell Stop positions in place, as well as active futures positions and, for now, we are not placing bullish Buy Stop positions.
Obviously, whether the asset breaks to the upside or the downside, we will be in, although the most likely scenario is a bearish trend and the risk/reward ratios should be freer on these positions.