BTCUSD - Feeling Bullish About BTC? This Might Change Your Mind

9. Nov. 2023

There is a lot of hype in the market right now as BTC touches 38k for the first time since April 2022. But if we zoom out on the monthly chart, there is an obvious bearish breakdown of the ascending channel we held since April of 2013. I find it hard to believe there will not be further pain to the downside as the price runs into the channel bottom (which is now acting as resistance). With the global markets showing real signs of weakness as more wars break out, I'll be focusing on setting short positions rather than longs. Don't be fooled by the possible approval of these ETFs. There's a good chance they won't be approved until 2024, and even then it may take months before they can launch after the approval. Buy the rumor, sell the fact. Big money will be doing exactly that.