Bitcoin Testing the 30K Area Support Again

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The price action of bitcoin has been anything but positive since the middle of may. People can say whatever they want about a bullish case, this is about the current price action not six months from now.

Rounded Top

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Many have talked about a head and shoulders top possibly forming and that may be the case, but what I see is a rounded top, which certainly can be complete at the 30K level.

However, it certainly can go down to the beginning of the bull move which puts 23K and 18K on the table.

Anything Can Happen

As we know, anything can happen. More FUD can fly scaring the retail folks and selling price down. Elon can tweet saying tesla is buying btc up again and it can spike higher, so I keep in mind the charts are just reference points and probabilities.

The point of this post is the recognize current price action. And that price action is negative, it has been since mid-may's sell off.

Long-term price is still bullish, but short and intermediate it is bearish.

We shall see how things play out over the summer. My wish is the bull perks back up, but I will be prepared if it does not.

I already put on a small hedge with a btc futures short. I may rotate more $ into stable pools when it comes to staking.

Leave upside potential while mitigating some down side risk. It is basic portfolio strategy.

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12 comments
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I see btc in the worst case at 29k I do not think its price will be affected downward for too long, we follow the concept of becoming independent from the banks but a single person can negatively affect the entire market, unfortunate

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BTC has always been a HODL coin for me. It's good long term, pretty terrible short term. I suspect this blood in the water is going to be very good for the opportunistic, forward thinking investors.

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I agree, for me BTC is a long term investment, don't invest money that you need to spend at the moment, that way you will have considerable losses.

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Agreed. HODL for me too. It is more the alts that I am more nimble with and btc still leads them up and down. One day that will change.

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I keep in mind the charts are just reference points and probabilities.

Finally someone that said it. I don't like when chart analysts are only paying attention to charts like charts were the only thing determining the price of Bitcoin and its path. Anything can happen in crypto, but it's not like charts are ultimate tools for Bitcoin. There's a lot of factors influencing this market.

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I am not likely going to be picking up anymore BTC anytime soon, so I am putting my money on the 18k range. That is what I am preparing myself for anyway. Plan for the worst right?

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Anything Can Happen

That's the most realistic thing I've heard lately, the truth just remains to be seen what happens.

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