Ayo! Remember I said I was going to choose between posting finance related stuff and entertainment related stuff (movies)?
Well I've made my decision...why not post both? Find the right balance and have fun! Well this will be my first "Finance related" post. Here goes...
BITCOIN; there's been a lot of talk (and analyses) about how Bitcoin is preparing for a major price downturn...wanna know what I think?
Bitcoin is actually in an uptrend, not a downtrend
Based on my analysis, Bitcoin is bottoming out. It's currently in an ascending price channel on faster timeframes (or whatever you want to call that thing that looks like a consolidation, but is actually an uptrend with very little strength).
My analysis puts Bitcoin at the end of its current downtrend that has lasted.... Based my analysis mostly on the longest timeframe I could lay my hands on (the monthly chart) which shows a pullback of a bigger uptrend.
Why I believe this monthly pullback is only temporary is because on each of those candles, volume keeps falling.
And that's not all, all the red candles have long wicks which is a sign of weak sentiment (bearish) except the most previous candle which has rather small wicks and large body range which is also interesting as it is the trading period with the least volume as related to my "pullback".
So my long term view for Bitcoin is bullish; super bullish! But if you're looking to short bitcoin, do so but not on the long term; maybe the downward move will last a week or less, depends on a lot of factors.
P.S I'm not advising anyone to invest their money in Bitcoin based on my analysis...I'm just a boy reading charts...
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