Bitcoin: Fake King in the Crazy World
In spite of strong news against the main markets, I was surprised by such deep falling in BTCUSD market. I wrote about a possible breakout below the lower line of the triangle and a further downward movement, but I did not expect that the falling would be so fast and so deep. It occurred within two days.
It is a strong signal that Bitcoin is not a safe haven. It is a signal that Bitcoin is not a solid financial asset that can be used for long term investing. Even if Bitcoin is not strong, altcoins are nothing. I have no ideas how Bitcoin will restore its reputation again.
Bitcoin was not connected with the real World as currencies, commodities, stocks. It had everything to become a place where a lot of traders could keep their money during the perfect financial storm. But Bitcoin failed this mission.
Now everything can be with this asset. The price can reach 3000.00 support. It can move to 1000USD and below it. Why not? If there is no trust in this market, nobody will be able to stop falling. I'm going to rebalance my portfolio based on new information. I still keep long positions and try to believe that we will have at least one attempt to move to previous ATH. For this, the price will have to move above 6000.00 as soon as possible and stay above.
Yes, my crypto portfolio is in drawdown now. I can stay in long positions and hold them for months and years. For those who used margin accounts, I guess, these days became an expensive lesson.
What do you think about the current situation? Do you hold coins? Did you exit from long positions by stop? What do you think about Bitcoin in the nearest future? Share your thoughts below this post. Let's discuss!
Disclaimer!
This post does not provide financial advice. It is for educational purposes only! You can use the information from the post to make your own trading plan for the market. But you must do your own research and use it as the priority. Trading is risky, and it is not suitable for everyone. Only you can be responsible for your trading.
It is a strong signal that Bitcoin is not a safe haven. It is a signal that Bitcoin is not a solid financial asset that can be used for long term investing. Even if Bitcoin is not strong, altcoins are nothing. I have no ideas how Bitcoin will restore its reputation again.
Bitcoin was not connected with the real World as currencies, commodities, stocks. It had everything to become a place where a lot of traders could keep their money during the perfect financial storm. But Bitcoin failed this mission.
Now everything can be with this asset. The price can reach 3000.00 support. It can move to 1000USD and below it. Why not? If there is no trust in this market, nobody will be able to stop falling. I'm going to rebalance my portfolio based on new information. I still keep long positions and try to believe that we will have at least one attempt to move to previous ATH. For this, the price will have to move above 6000.00 as soon as possible and stay above.
Yes, my crypto portfolio is in drawdown now. I can stay in long positions and hold them for months and years. For those who used margin accounts, I guess, these days became an expensive lesson.
What do you think about the current situation? Do you hold coins? Did you exit from long positions by stop? What do you think about Bitcoin in the nearest future? Share your thoughts below this post. Let's discuss!
Disclaimer!
This post does not provide financial advice. It is for educational purposes only! You can use the information from the post to make your own trading plan for the market. But you must do your own research and use it as the priority. Trading is risky, and it is not suitable for everyone. Only you can be responsible for your trading.
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