BITCOIN - Short idea - Inverse Cu and Handle
TRADE ALERT: BITCOIN
IDEA: SELL (GO SHORT)
Would you BUY or SELL and WHY?
PRICE ACTION: (BREAKOUT of an Inverse Cup and Handle into a downtrend (bear market)
1st Price Target = $20,000
TIME FRAME: DAILY
FUNDAMENTALS:
Omicron variant has spooked the market at the time Bitcoin fell. But we’ve seen major selling volume from investors, institutions and traders out of financial and crypto markets.
BITCOIN FLASH CRASH Basically, we saw Bitcoin’s price drop in a matter of hours by more than $16,000.
That was in one day.
This flash crash has created lingering effects of uncertainty, fear and high volatility in the market… And because, it happened once, it can happen again.
Here’s where it gets interesting.
Even though crypto has a market cap of $1.9 trillion (which was $3 trillion in November 2021), it is still considered quite illiquid compared to US stocks which have a market cap of around $50 trillion.
**DO YOU AGREE with the analysis? **
IDEA: SELL (GO SHORT)
Would you BUY or SELL and WHY?
PRICE ACTION: (BREAKOUT of an Inverse Cup and Handle into a downtrend (bear market)
1st Price Target = $20,000
TIME FRAME: DAILY
FUNDAMENTALS:
Omicron variant has spooked the market at the time Bitcoin fell. But we’ve seen major selling volume from investors, institutions and traders out of financial and crypto markets.
BITCOIN FLASH CRASH Basically, we saw Bitcoin’s price drop in a matter of hours by more than $16,000.
That was in one day.
This flash crash has created lingering effects of uncertainty, fear and high volatility in the market… And because, it happened once, it can happen again.
Here’s where it gets interesting.
Even though crypto has a market cap of $1.9 trillion (which was $3 trillion in November 2021), it is still considered quite illiquid compared to US stocks which have a market cap of around $50 trillion.
**DO YOU AGREE with the analysis? **
Penafian
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