Hello everyone, here is my view of BTC at present.
In the past 18 hrs the market cap has dropped 8 billion dollars and 50 percent of that within the past 2 hours. At the time of writing 11:30am PST.
The past 2 hours is of concern because of the big drop in market cap. We have broken through support and may possibly break through lower supports...and quickly too.
The 4hr chart shows a big dump in the previous 4hr candle and the beginnings of another possible dump in this period because of the drop in Market cap. However the RSI is oversold and MACD is scraping bottom doesn't mean it will bounce. We could see a continuation for as long as the bulls are absent.
With how sentiment is, could be a possible bigger dump on way, yet giving way opportunity for deeper pockets...if you get my drift? Keep a close watch.
It isn't easy being a hodler yet at some point hodlers will eventually get out. We can see this kind of activity from May 18 to Nov 18, hodlers were holding but then saw that nothing was happening of significance then decided to cut losses after Nov 18th. The last 6 weeks there has been an increase in volume but only to see hodlers dumping at opportune moments.
Unfortunately weak hands can never hold long enough to gain reward.
Food for thought!
“If you aren’t thinking about owning a stock for 10 years, don’t even think about owning it for 10 minutes.” Warren Buffett
"Doing Nothing is Often the Right Thing to Do." Unknown
“Our favorite holding period is forever.” Warren Buffett
“Rule No. 1: Never lose money. Rule No. 2: Never forget rule No.1” – Warren Buffett
Cheers!
In the past 18 hrs the market cap has dropped 8 billion dollars and 50 percent of that within the past 2 hours. At the time of writing 11:30am PST.
The past 2 hours is of concern because of the big drop in market cap. We have broken through support and may possibly break through lower supports...and quickly too.
The 4hr chart shows a big dump in the previous 4hr candle and the beginnings of another possible dump in this period because of the drop in Market cap. However the RSI is oversold and MACD is scraping bottom doesn't mean it will bounce. We could see a continuation for as long as the bulls are absent.
With how sentiment is, could be a possible bigger dump on way, yet giving way opportunity for deeper pockets...if you get my drift? Keep a close watch.
It isn't easy being a hodler yet at some point hodlers will eventually get out. We can see this kind of activity from May 18 to Nov 18, hodlers were holding but then saw that nothing was happening of significance then decided to cut losses after Nov 18th. The last 6 weeks there has been an increase in volume but only to see hodlers dumping at opportune moments.
Unfortunately weak hands can never hold long enough to gain reward.
Food for thought!
“If you aren’t thinking about owning a stock for 10 years, don’t even think about owning it for 10 minutes.” Warren Buffett
"Doing Nothing is Often the Right Thing to Do." Unknown
“Our favorite holding period is forever.” Warren Buffett
“Rule No. 1: Never lose money. Rule No. 2: Never forget rule No.1” – Warren Buffett
Cheers!