BTCUSD By MarcPMarkets – Technical Analysis – 2022-08-29 05:52:12

Bitcoin Breaking 20K (again) confirms further bearish Momentum that determines 17 K Lie on the horizon for next week. There have been two sell signals in the past two weeks (I described them in my previous articles and in the streams). If you are not short, now is not the time to respond. The effective thing is to prepare for what the next signal might look like.

who thought Bitcoin It’s back to 30 or 40k, as you can see the market doesn’t agree. If you are seduced by the hype of false authorities, it is not their fault, but your emotional needs. You should know by now that hope and fear drive the herd. If you are moved by such irrational forces, you are part of the herd, then you are an opportunity to profit. Again, listen to PRICE, not people.

So was the broader price structure and economic environment Parisian Throughout the summer. just because Bitcoin step away 17 K to me 25 kg It doesn’t mean anything in terms of the broader trend (which you can see now). As I mentioned before, bear market spikes are confusing and hard to understand because everyone expects “logic” to play a role in the markets. The truth is that it is the opposite of the logic that moves markets, known as irrational behaviour. Stop asking “why” and instead “where” along with “how” the price is likely to behave. Trust the price, it is a reflection of all the information known in the world at a given moment.

Low tops often lead to lower bottoms. As I wrote before, 24K is now less high. There is also a smaller bottom stack i 21 K to an area of ​​22 km. The whole area is between 22 and 25 kg It was possible resistance range Where it was reasonable to expect this kind of activity. The fact that the price cannot clear this area is what helped me preserve it Parisian outlook (although I do not card Bitcoin ).

Going short now carries a lot of risk as the 20K region could see short pressures. This type of position is best for shorter time frame ideas, not swing trades. And as far as a new card is concerned, either price tags 22 more 23 K An area followed by a new sell setup or a momentum continuation pattern appears ( inside the tape ) followed by a lower fracture inside the tape . There are currently no settings which means there is no reason to do anything.

Keep in mind that the price can only continue to fall without any indication. Betting on this is very aggressive. The return/risk at this price is not attractive if 17 K It should be used as a measure of potential. What if 17 K brake? Then 14K becomes the next reference point.

There is no reason to delay so long now. If you’re thinking of investing, keep it small. We are in a very unfriendly economic environment for highly speculative assets like Bitcoin . The Standard & Poor’s Sold for the same reason. Don’t fight Federal Reserve .

Thank you for considering my analysis and point of view. I hope you find it useful.

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