BITCOIN UPDATE UPDATE YOU CAN FOLOW

urdudramees (38)in #mgsc • 6 years ago

BTC Update

Bitcoin is giving so many mixed signals at the moment, it's difficult to say what will happen next. There are bullish signs on the higher time frame, several even. But on the lower time frames things are just so weak and bearish. On the left we can see that it's all just a pullback of the big rally we have had since the 6K's. But alts are still bleeding and it's just getting worse everyday. If this hurting was not enough, the problem at the Okex exchange are also hanging over this market at the moment. The market has been aware of this, so this is probably a big cause of the whole weakness in the market at the moment. As far as i know, it will only affect the exchange (will probably go bankrupt) and it's clients who's money will be taken to compensate for the loss. Probably all of their clients will leave the exchange. Because of things like this, ETF's are have not been approved so far.

Problem at the moment is, that even if we drop a bit more, like 7350, we will probably drop back in to that big triangle you see on the left. Normally we have had the false breakout a month ago and bulls were able to push it back in and even above it. So normally this shows the intentions of this market and we should resume the bull trend on this time frame. But as i said, there are just too many uncertain factors at the moment, too many mixed signals. Best thing to do is, just sit and wait it out.