BitcoinSingkat
It's a Bloody Weekend in the Crypto World
The so called 40K support was pierced like a hot knife on butter. The hope is that the old support in the 28K-30K holds, else the Head and Shoulders pattern will be a confirmed story.
Trend: It has been a downtrend since its peak at 69K, all the way to its current 35K level. It was accelerated on Friday along with the overall financial market.
Momentum: Negative. A negative momentum plus a negative downtrend => Bears are in control, we'll be looking for the next support levels.
Tug War: The imbalance between the bulls and the bears favors the down side. The bears started selling on strength when it was heading from the 47K to the 60K level. Since then the buyers were not the "Whales" but the fishes.
Directional vector: Down and with no sign of reversal so far.
Conclusion
The old saying says "Sell when you can, not when you have to". This applies here. Those looking for an exit are finding a lack of liquidity and they have to settle for lower bid prices, creating more pressure on the Bear side. Until the momentum plus the volume confirm the bulls step in, this is in free fall.
"Buy when there's blood in the streets, even if the blood is your own." (*) -Baron Rothschild
* True, I would just wait until the blood is not so fresh.
Trend: It has been a downtrend since its peak at 69K, all the way to its current 35K level. It was accelerated on Friday along with the overall financial market.
Momentum: Negative. A negative momentum plus a negative downtrend => Bears are in control, we'll be looking for the next support levels.
Tug War: The imbalance between the bulls and the bears favors the down side. The bears started selling on strength when it was heading from the 47K to the 60K level. Since then the buyers were not the "Whales" but the fishes.
Directional vector: Down and with no sign of reversal so far.
Conclusion
The old saying says "Sell when you can, not when you have to". This applies here. Those looking for an exit are finding a lack of liquidity and they have to settle for lower bid prices, creating more pressure on the Bear side. Until the momentum plus the volume confirm the bulls step in, this is in free fall.
"Buy when there's blood in the streets, even if the blood is your own." (*) -Baron Rothschild
* True, I would just wait until the blood is not so fresh.
Penerbitan berkaitan
Penafian
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