the daily chartist

Bitcoin still struggles to find a direction

published 2 years ago
Bitcoin Daily

 For quite some time the main crypto coin is having troubles finding a direction and it has been moving sideways between 6840 and 6200. Still, inside the downtrend and in the triangle that's been prolonged for some time now, the price has created a bearish wedge as well inside of the big formation. My view here is that the price will breach the wedge and move again towards the buy zone of 6200. Stoch and CCI are already turning South as well, providing a good sell signal. Reaching the rectangle zone will probably give another boost for the price, going up towards the upper line again. The price starts to squeeze more and more as the figure goes pointy and pointy with every week. For now, there isn't any catalyst whatsoever to back up a strong move up or down and to give a clearer direction for the price on Bitcoin. The idea for a Crypto ETF is moving slowly into the shadows with the idea to be forgotten and left under the rug by the US government. As the price keeps crawling in a tight range, liquidity drops as well and the small retail trader will lose interested in investing in crypto overall. Only the Whales remain as they will be only ones left with enough BTC or ETH to move the markets and to create some kind of action and volatility. Still, BTC has value. Some countries indexes don't have the value of 6000 to 7000 on their national markets. This needs to be appreciated as well and that BTC is actually expensive and if you don't trade it on margin you are better off buying some real stocks on the stock market. The ones that are holding the Crypto since 2009 - 2010 are still rich and they have enough value real cash wise if they want to cash out. The unacceptable thing was that everyone else entered too late and "died". So there aren't new whales being formed and the few market movers actually left - the original people who bought BTC in the beginning.

 So don't jump to rapid conclusions that we are going to see 20k, 30k or 100k by the end of the year - this was all hype to lure you to the trap that has sprung. If you want to trade crypto, by all means, do it, but buying and leaving won't help you. Just trade it near - term, speculative, follow your analysis and make some buck out of the instrument. Don't invest in cloud mining as well as it is a dying business as it was the physical mining. Owning real BTC for usage in real life and hoping for millions in the boundaries of 3 months is dead an idea as well. 

 There are enough markets as well to exploit for profits from which you can learn more and to gain further experience. Don't restrict yourself only to Crypto. It is not easy to trade it, just buying 5 BTC at 100 and then hitting the jackpot at 20k and retiring. Trading Crypto is like trading any other instrument or derivative out there. 

 Good luck to everyone who still has hopes to become a millionaire by Christmass this year.