Keeping my Peeps Informed (What I'm doing with BTC and ETH)
I have been doing a lot a lot a lot of technical analysis. To be honest this is becoming more than a hobby. The biggest question right now is did BTC reach the top. Are we heading to a 'bear' market.
I'll be honest, I don't like what I am seeing. This is crypto and it's very heavily manipulted, and there are many market forces that effect it. If you listen to any of these Bitcoin guru's they throw out 21K - 50K ETH, 100K Bitcoin (this cycle) etc etc.
The truth is they don't really know. Good traders and charting out BOTH way's anything goes up. If they feel something will go up; they long it and vice versa on the way down. They set stop losses incase their goals are not reached.
"Let's get that Crypto!"
Yah, so one concerning chart I see is the DXY. When the Dollar goes up; Bitcoin is expected to go down. I do see some stronger indicators that the DXY is going up. This is bearish for BTC. Not only that we have retail already here and big players are dumping and then buying up.
Where do I see things going? Honestly I think BTC is going down in the near short term. Perhaps in the 20's K. I am of course not giving financial advice and I have a 50/50 chance of being wrong. I'm in stable coins right now and if I see I can snipe a good deal near the bottom I will.
For the next week I plan on sitting out the market to see what happens.
BTC is keeping it's head above the 30K but I do not feel it will snap anywhere close to it's high's; at least in the short term. I have sold 90% of my ETH and I'm already at a loss if I were to buy back in. I would get back in only if it reaches $1180-1200. I might have shot myself in the foot as I just missed a low this morning. In any case I'm taking the bearish case and I may be priced out.
This is fine because I took profits. The biggest question is if the Bull Market is over. I think this would be the quickest bull market we have seen, so it's hard to believe. BTC has many things competing with it. Some of that is the actual stock market and strength of the dollar.
When the dollar strengthens it puts Inflationary hedges like Bitcoin down! So this is more than likely the short term play. If you don't agree let me know why in the comments. We have to be careful because let's be honest BTC shot up so high so fast it wasn't healthy. We had a nice pull-back but we never got close to the ATH again.
I do have a very small position in BTC right now and to be honest I'm just HODling it no matter what happens. It's a small amount of money which in the long run even 2-3 years will be much much higher. To be clear I will buy back in at levels I think are part of a long trend line. I do still happen to think we are still in a Bull Market.
Thank goodness HIVE is as 'stable' as ever! I never lose sleep on what is happening with my Hive and LEO ;)
Posted Using LeoFinance Beta