BTCUSDT 3D view
Funny how the market participants scream 80k on every green candle in this formation but want to ignore the fact that te 30k level is weakening. How long can it hold? I mean ok , it is confluencial with 0.618 fib and psychological level of 30k , but still the support is weakening and the only way out is institutional buy in.
We depend on the insitutionals to get the price up, retails are weak and in fear, they will not be able to buy now, not at this level, not until the channel is done for. Of course if we get clustered entries of big guys, i will turn bull again until then, the chart is not saying go long on the mid term, not now.
Another corelation i can't help make is the price action of BTC and the Covid 19 cases chart, search for "covid cases chart" on google to get the right one and compare, then let me know what you think in the comments.
Conclusion
I am still bearish mid term, we can maybe be saved by smart money but the chances we aren't are bigger. Some local longs are possible altcoins with good potential that are dragged down every time the dragon moves.
We depend on the insitutionals to get the price up, retails are weak and in fear, they will not be able to buy now, not at this level, not until the channel is done for. Of course if we get clustered entries of big guys, i will turn bull again until then, the chart is not saying go long on the mid term, not now.
Another corelation i can't help make is the price action of BTC and the Covid 19 cases chart, search for "covid cases chart" on google to get the right one and compare, then let me know what you think in the comments.
Conclusion
I am still bearish mid term, we can maybe be saved by smart money but the chances we aren't are bigger. Some local longs are possible altcoins with good potential that are dragged down every time the dragon moves.
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