Hi Traders, Investors and Speculators of Chartsðð
Ev here. Been trading crypto since 2017 and later got into stocks. I have 3 board exams on financial markets and studied economics from a top tier university for a year ðŦ
From the short term / daily perspective, Bitcoin has turned bearish. These reasons are pointed out on the chart, including a few very clear chart patterns. There are a few things I can think of that may be causing this short term selloff:
ðMarket Correction: Cryptocurrency markets are known for their volatility, and periodic price corrections are common. After experiencing a significant surge in price, it is not uncommon for investors to take profits, leading to a temporary decline in the price.
ðRegulatory Concerns: Government regulations and policy decisions can have a significant impact on the cryptocurrency market. Negative news regarding regulatory developments, such as increased scrutiny, potential bans, or stricter regulations, can lead to market uncertainty and a decrease in investor confidence. Regulatory actions in major economies can create selling pressure and contribute to a downward trend in BTC's price.
ð Whales whaling around, causing an even larger sell-off as the price of BTC drops and Technical Indicators turn bearish on the daily
It's important to note that I'm only short until
25K
, at which point a bounce is possible.
If you missed it, here's an earlier analysis regarding this exact support zone and it's importance for the price of BTC :
_______________________
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We thank you for your support !
CryptoCheck
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BTCUSDT
Ev here. Been trading crypto since 2017 and later got into stocks. I have 3 board exams on financial markets and studied economics from a top tier university for a year ðŦ
From the short term / daily perspective, Bitcoin has turned bearish. These reasons are pointed out on the chart, including a few very clear chart patterns. There are a few things I can think of that may be causing this short term selloff:
ðMarket Correction: Cryptocurrency markets are known for their volatility, and periodic price corrections are common. After experiencing a significant surge in price, it is not uncommon for investors to take profits, leading to a temporary decline in the price.
ðRegulatory Concerns: Government regulations and policy decisions can have a significant impact on the cryptocurrency market. Negative news regarding regulatory developments, such as increased scrutiny, potential bans, or stricter regulations, can lead to market uncertainty and a decrease in investor confidence. Regulatory actions in major economies can create selling pressure and contribute to a downward trend in BTC's price.
ð Whales whaling around, causing an even larger sell-off as the price of BTC drops and Technical Indicators turn bearish on the daily
It's important to note that I'm only short until
If you missed it, here's an earlier analysis regarding this exact support zone and it's importance for the price of BTC :
_______________________
ðĒFollow us here on TradingView for daily updates and trade ideas on crypto , stocks and commodities ðHit like & Follow ð
We thank you for your support !
CryptoCheck