Hello everyone. Hope you all are doing great. Just got back to share a great insight on what Bitcoin is doing.
Have you noticed the candles nearby the 74K region to 64K region. Clearly trend has been downwards.
Now let's keep real world news vs the price action at that same time.
When Bitcoin topped or went to unchartered waters (before the halving) the price dropped down from 74k to 69K. Trend downwards
When halving happened and rewards were seen to be halved. Miners bleeded thinking about future (keeping on mind Bitcoin price never broke them apart from the 2013 bubble which happened due to ban on mining in China and other countries ). Price dumped from 69k to 59K. Downtrend continues.
When ETF launched in Hong Kong and ETF launched on general. Price dumped from 65K to 60K. Downtrend continues.
Nearly in the last 24 hours 24.99% total Marketcap has decreased or seen outflow.
Volatility is so important to push the price action upwards.
For me the trend says it will go down more.
I wont give financial advice. But I'll provide a warning to people who follow me.
When you trade , keep room for the unexpected imo.
Break the ATH or break your overconfidence with the pump
From the time of me posting here. I kept on stating fake pumps need to be identified. People saying employment raised the price (it's the whales or big fishes trying to feed into your misjudgement)
Fake Pump from 57k then fake Pump now till 63k
This is all a sham to deplete you. Don't trade for a healthy time and let the gas be over (gas meaning volatility) because the whole world trading a single commodity is what creates too much volatility.
the whales know about it now if they show fake Pump you will jump in longs.
let's not trade until Monday and see what the whales do.
I know what they'll do. When not volatile anymore they will again pump.
let me make it clear. BTC breaking 64K and reaching 70k in first week of May is history.
Ill also add on seven months of green isn't landing us on a green candle for this month. *mark-my-words"
So everyone knows something that goes up has to come down sometime today or later.
Bitcoin has been dramatically trying to break the 63-64k price band. However , if you fail to understand something you would be in long or short position already.
The market from previous terms still doesn't look favourable to multiply your investments on either direction (buys and sells).
However , realised the price has been moreover chopping up and down.
We could potenially see a downturn but not more that 52K at the moment ( which can happen )
otherwise we do see a upward movement with less gas and volatility to break through previous ATH.
Having said this let the trend change. it's still bearish until it breaks the previous ATH on one hour chart 📈
In my previous post i shared a crucial information regarding a fake Pump (which showed dump) signals.
From my last post it was evident the try is on from the Bulls side to push the price up. However , mining difficulty/world news/ETF's are external factors that could hamper the price action of BTC
As of now it is also important to mention the action is sideways jumping between higher resistance and lower support . If we do not move past 62400 to 63500 , we shall see a downturn till 58000.
Guys , you should make a close watch on how you see the candles are forming and what is the correlation to the movements along with world news .
Bitcoins etfs might be starting on Hong Kong one hour from now However previous etf approvals don't excite me much with the price action on BTC earlier this year .
As per me this PUMP will not last. A DUMP is incoming for sure IMO