Bitcoin dropped sharply again! The market should give it a rest The price deceased by almost $300 in an hour. Btw, I checked the charts, therere still more long positions than short ones. So im not that disappointed: evidently, the growth will persist.
Since when has it become a factor meaning increase in price? Long positions prevail since the beginning of January, but the price remains almost the same. Every day I wake up hoping that the price hasnt decreased.
Listen, Im studying the daily chart, the price is above MA50 at the moment. It means that we are still in the bull market. Probably, the bears resist, but the price will finally skyrocket.
Let me disappoint you: you can only draw short-term conclusions using a daily chart. I can see a candlestick pattern shooting star forming on a week timeframe. If it works, upward correction will end soon, the market will test a new low.
Btw, theres a candlestick pattern on a daily chart, too, but its pennant pattern. So therere more arguments for bear trend persistence so far.
So is it better to buy or to sell now?
Its hard to make forecast. Look, RSI is beyond the oversell zone on weekly chart. Its a growth signal. As for me, I believe that technical analysis doesnt work properly in the crypto market yet, its too young so far
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Bitcoin dropped sharply again! The market should give it a rest The price deceased by almost $300 in an hour. Btw, I checked the charts, therere still more long positions than short ones. So im not that disappointed: evidently, the growth will persist.
Since when has it become a factor meaning increase in price? Long positions prevail since the beginning of January, but the price remains almost the same. Every day I wake up hoping that the price hasnt decreased.
Listen, Im studying the daily chart, the price is above MA50 at the moment. It means that we are still in the bull market. Probably, the bears resist, but the price will finally skyrocket.
Let me disappoint you: you can only draw short-term conclusions using a daily chart. I can see a candlestick pattern shooting star forming on a week timeframe. If it works, upward correction will end soon, the market will test a new low.
Btw, theres a candlestick pattern on a daily chart, too, but its pennant pattern. So therere more arguments for bear trend persistence so far.