Hi folks!
it's been a while. The last few weeks were a bit boring in price action, but not in news. We saw in the last few weeks the SEC charging against Coinbase and Binance, while the markets are showing signs of weakness. We all know the crypto world has flaws, but those attacks seem more political than in the real best interest of the population. The Traditional finance system is failing (once again) and they're looking for an escape goat... this is tiresome. Honestly, don't know where this is going... I still believe that crypto will prevail, but I'm no expert and definitely not a fortune teller ;-) there's a lot of good content on the issue on Hive. Go take a look. Meanwhile, let's take a look at the Bitcoin charts.
Daily
In the last few days, the price has been kind of floating between 27 and 25K$. Volume is very low since march 23rd.
Weekly
With the green line going down, the price will most likely drop to the next support which is around 23 700 USD. The money flow index is between 60 and 75. If you're in for a long trade, you'll have to wait for the MFI to drop to 10 before entering.
On this chart you have an example of rally when the MFI goes under 20.
The thing is, markets are extremely random. There is no certitude. Whatever influencers claim, there's is no way to see what's going to happen in the future. Price is the only thing we can rely on. You have to adjust your strategy based on reality, not what you wish for.
Will the price bounce on 23k USD and then rally? It's a plausible scenario, but there's also a lot of probability (in the economic context) that we fall further down.
For now, nothing is certain, wait for the signals, it can takes weeks before we go back up. The next weekly candle starts in 10 hours, we'll know more than and adjust our expectations accordingly.
Good luck and good Profits!
GGP
disclaimer : This is just my opinion. Not an expert. Not financial advice. Just for fun. DYOR.
