Sheesssh, I leave a few days for some relaxation and this happens. The whole cryptocurrency markets are currently gettin' clobbered. 📈 📉
The trend for Bitcoin has been down for a few months and it looks like it will continue. This doesn't mean that we can't have a bounce here and there to the upside but the trend is still going down.
By looking at the weekly charts zoomed out, doesn't it look like Bitcoin is still way over bought at this price point? It kinda does sound crazy but it makes sense.
My next targets are currently $5400 and then $4000... but the possibly of going lower can still happen. 🙇
Shit, we can see even see bitcoin break the $3,150 low of 2018 and might even hit a double bottom. I'm not saying this will happen but it sure is a probability. 🤷♂️
On the bullish side, I don't see anything in the near term of this happening unless Bitcoin can close over $8k and that is a long way to go from here.
Well guys, this is what "Fear" looks like... in the cryptocurrency markets. 😨
Are you currently buying the dips? Are you dollar cost averaging?
I'm not doing any of that right now until I can see a weekly uptrend close on the charts and that might be a long time away.
In the meantime, Keep On STACKIN! 😎
~ Charles Fuchs
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