BITCOIN UPDATE I’M STILL BEARISH, AND HERE’S WHY! 🚨⚠️
As you all witnessed, $BTC bounced back from the $75,700 area and touched $81K. First, the market trapped long traders, and then it trapped short traders.
I’m still bearish. First of all, as everyone knows, Democrats won today’s US midterm elections, and in my view, this outcome is bearish for the market.
The market can remain volatile in the short term and trap as many traders as it wants, but that doesn’t change the overall market outlook.
But don’t get too carried away by Bitcoin’s recent movement. Technically speaking, there hasn’t been any major bullish move yet. Yesterday, BTC was trading between $80K and $82K, and even today, it’s still around the same range.
If you want to turn bullish, that’s entirely your choice.
In my previous post, I clearly explained that BTC had technical support in the $75K / $76K zone, and the price bounced from that support and made its way back towards $80K. But this wasn’t something I had failed to mention before. In fact, I repeatedly mentioned in my posts that BTC could move towards $80K, $81K, or even $82K.
Despite that, I’m still bearish.
And I don’t have just one reason to support my bearish outlook. I have several reasons, which I’ve already explained in my previous posts.
For now, I’ll continue to wait for BTC to drop below $74K, which I believe could happen very soon. In my view, such a correction is also necessary for the market.
#BTCRebounds80K
As you all witnessed, $BTC bounced back from the $75,700 area and touched $81K. First, the market trapped long traders, and then it trapped short traders.
I’m still bearish. First of all, as everyone knows, Democrats won today’s US midterm elections, and in my view, this outcome is bearish for the market.
The market can remain volatile in the short term and trap as many traders as it wants, but that doesn’t change the overall market outlook.
But don’t get too carried away by Bitcoin’s recent movement. Technically speaking, there hasn’t been any major bullish move yet. Yesterday, BTC was trading between $80K and $82K, and even today, it’s still around the same range.
If you want to turn bullish, that’s entirely your choice.
In my previous post, I clearly explained that BTC had technical support in the $75K / $76K zone, and the price bounced from that support and made its way back towards $80K. But this wasn’t something I had failed to mention before. In fact, I repeatedly mentioned in my posts that BTC could move towards $80K, $81K, or even $82K.
Despite that, I’m still bearish.
And I don’t have just one reason to support my bearish outlook. I have several reasons, which I’ve already explained in my previous posts.
For now, I’ll continue to wait for BTC to drop below $74K, which I believe could happen very soon. In my view, such a correction is also necessary for the market.
#BTCRebounds80K