Hi guys I don't have time to make video today, I am going in a little boat trip soon, but I wanted to quickly share this video I came across yesterday.
I made a post recently explaining why it is not profitable to trade alts against USD & why is best to trade only against BTC, people still seem to not get it. In this video, the guy explains it better than I can using visuals. He also talks about the Bitcoin current volatility.
I personally have no interest in BTC going down, I said it before, I prefer to trade uptrends than to short downtrends, it is just so much easier because you can do it straight from the crypto exchange without needing a separate account & also going long is a little less risky than shorting. But realistically, you cannot ignore all the signs screaming bear market ahead.
I mean, looking at the volume on the daily & weekly chart you can see how price goes up like crazy but volume is flat or even downtrending. Volume precedes price & this is a strong sign there will be a downtrend ahead. It doesn't mean it has to happen today or tomorrow, this can still go up a little more, the $4800 level is possible, but in general it doesn't look like BTC is going to continue to go up like crazy for much longer. We are so far from moving averages in the weekly chart & at some point we will have to go down to bounce on them, so the further we get the bigger the fall will be.
Here I leave the video & I'm out for today!
Happy trading & happy blogging xx