There is currently a lot of manipulation going on in Bitcoin , but looking out it is simply consolidation. Once we break out in either direction, will the mid-term (3-4 months) direction be more clear. I am extremely confident there is an 80% chance that we are headed back to the $20,000’s, possibly $17k-$18k.
The 50MA and 200MA are looking like they are about to cross, forming what’s known as the “death cross”. However, beware that the effect will almost 100% occur before the event. So by the time it crosses, we could already have entered the inevitable consolidation phase if and when we were to break down and below $30k.
This however will create an enormous short opportunity in alts as they tend to react more dramatically than their pair BTC .
For full disclosure, I am currently short XRP. Considering every alt (most especially occurring now…) tends to react in parallel with BTC , making the same trade in an alt as you would in BTC is proven to be more financially rewarding (sometimes).
I still think that we are still in a bull market, even if we were to go as low as $17k, however that does not mean I am going to just “HODL” which in my opinion is the stupidest thing you can do if you are even a casual trader.
Obviously, if you are not up for the risk and suck at trading, “HODLing” is a viable option. However, I don’t suck so I will be taking advantage of this clear short oppurtunity. In my opinion of course…