BTC SELL OFF HAS STARTED
Watch as the Diamond hands turn to Crystal. On March the 17th I called the end of the Bull run on Twitter.
Good opportunity for short Futures or Sell trades whatever your flavor.
Weekly: Price closed just above the previous Top, although this would generally not be considered a Double top, nothing is perfect in the world of trading. Its a strong bearish signal nevertheless. Price is rolling over nicely
Daily: 6 out of the last 10 bars are red, quite a gap between the EMA's which is further confirmation.
4HR: Psychologically anything below 50000 is going to force a selloff, we are already seeing plenty of evidence of this now around 53000. 21 and 50 EMA's have crossed. Critical Support is looming @ 53213. Overall purchasing volume has been declining for weeks despite a couple of pumps from fundamental alerts like Elon Musk and the likes. The follow-through from his tweets hasn't had the impact that others have. More sellers/holders than buyers. Another contributing factor is the good old Winklevoss twins as soon as volume drops they start tweeting all kinds of things like "Institutional investors have 1.5 billion is sitting on the sidelines ready to enter" It's in their best interests for BTC to forever climb as their personal holdings combined with Gemini's holdings are significant. Like trading, 90% lose 10% win if the crowd is bullish where should your attention be?
Interested to hear your analysis if you agree or disagree, leave it below. BTC has some of the best debates on the planet
PS, I'm an early adopter, not a BTC hater. The 100K target will be breached next bull run, economically there are no many factors like Covid and China's behavior in the South China sea that has investors sitting on their hand's atm.
Good opportunity for short Futures or Sell trades whatever your flavor.
Weekly: Price closed just above the previous Top, although this would generally not be considered a Double top, nothing is perfect in the world of trading. Its a strong bearish signal nevertheless. Price is rolling over nicely
Daily: 6 out of the last 10 bars are red, quite a gap between the EMA's which is further confirmation.
4HR: Psychologically anything below 50000 is going to force a selloff, we are already seeing plenty of evidence of this now around 53000. 21 and 50 EMA's have crossed. Critical Support is looming @ 53213. Overall purchasing volume has been declining for weeks despite a couple of pumps from fundamental alerts like Elon Musk and the likes. The follow-through from his tweets hasn't had the impact that others have. More sellers/holders than buyers. Another contributing factor is the good old Winklevoss twins as soon as volume drops they start tweeting all kinds of things like "Institutional investors have 1.5 billion is sitting on the sidelines ready to enter" It's in their best interests for BTC to forever climb as their personal holdings combined with Gemini's holdings are significant. Like trading, 90% lose 10% win if the crowd is bullish where should your attention be?
Interested to hear your analysis if you agree or disagree, leave it below. BTC has some of the best debates on the planet
PS, I'm an early adopter, not a BTC hater. The 100K target will be breached next bull run, economically there are no many factors like Covid and China's behavior in the South China sea that has investors sitting on their hand's atm.
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