Good afternoon friends,
As you understand from the title, I expect a further decline. There are a number of reasons for this:
Firstly,after a false breakout of the trend upper lineBitcoin rateI returned to the channel again, earlier in the review I wrote about this opportunity.
Secondly, the number of cue balls in long and shortpositions is falling, judging by the bitfinex indicators, this means that people are at least entering Cash and at most leaving the market, that is, there is no “fuel” for which to move the price up at all.
Thirdly, halving is about to take place - the main fundamental reason for growth, but there is no promised growth yet.
Fourthly, technically a Sunday candleabsorbed in a couple of hours all the upward movement that occurred last week. A very bearish signal. We dropped to the nearest marginal zone. My opinion is that if today cme closes below 8600, I will go short with a small volume, since the stop has to be placed very far beyond 10100, risk management does not allow me to do otherwise. Then I will take on short positions if the market provides such an opportunity. Globally, I expect a decline to 3000. But perhaps I will partially fixate at 7750 and 6500.
Of course, I really want to believe in growth, and I will believe inif we leave and trade above 10500, but looking at the factors that I described, I see only a decrease. I could be wrong, this is my opinion. I don't force it on anyone. Write in the comments what you think.
Good luck to everyone.
Interactive timeline.
