Imagine Bitcoin hitting rock bottom โ it's like diving into the wild world of finance. You gotta get the lowdown on risks in this crazy crypto scene that never sits still. Staying sharp, doing your homework, and rolling with the punches are your survival kit for this rollercoaster ride. ๐๐ธ
๐๐๐ Seven ways to become a more profitable trader:
1. Use 2-3% of your portfolio to achieve big profits often and then build up. 2. Learn the charts - identify patterns and convert into profits. 3. Be head first on trends. 4. Stay disciplined - don't follow popular opinion when trading. 5. Sleep/rest well - it reduces your chances of making bad decisions. 6. It's your money, protect it. 7. It's your healthy watch it.
What is the chart saying, what can we expect for the price of Bitcoin? Have these questions?๐
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4-Hour Chart
From the chart 4-hour chart, we can see an inverse pattern (like an inverse head and shoulder) , meaning there's a reversal of the bearish trend and more likely to continue the bullish momentum. Looking at the current price of Bitcoin above $25000, there's a high chance of it trading back above $30,000.
1-Day Chart
From the chart above, we can see that Bitcoin has broken the bullish trend line to the downside. Any move back above the trend line would be extremely Bullish for Bitcoin with a possibility of printing new yearly highs and vice versa.
๐ Fear of Bitcoin Decline this Month of September ๐๐คฏ
The question here is, is 20k possible for Bitcoin?
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We've have recently seen Bitcoin pump to $26k price range and not long after, fell back to $25k price range. But why is there news of an anticipated decline in the price of Bitcoin. Yes, you read that right, Bitcoin is expected to decline in price this month of SEPTEMBER.โผ๏ธ
Why the Decline in September?
From historic records both in crypto and the stock market, September is known as the BEARISH Month.๐คง
From the data above, we can clearly see that September has a large negative impact on the price of Bitcoin quarterly and monthly. ๐
Will Bitcoin Decline to $20K?
It's likely yes than no. This is because of the CME Gap at $20k. If we see Bitcoin break its current support, then $20k is not so far away. ๐จ