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Wednesday 26/08/2020 - What is (₿) Bitcoin doing?

Updated: Oct 29, 2020

There will be moments maybe even days - lets just say it stops there, because, if it's taking days to gauge the market maybe we should re-address our ability to read the markets correctly and go back to our nine to five jobs!

Having said that the (₿) BTCUSD (💵) has been a challenge to grasp for those thinking Bullish for most over the last couple of days, depending on how you look at the charts. In the chart below one can clearly see Bitcoin is in a very clear uptrend as marked as (X) yet one can also see the prominent downtrend marked (Y), which begs the question where is (₿) Bitcoin going (Z).

Has the market sentiment changed for (₿) Bitcoin?

You thinking the same thing I'm thinking, surely not but time will tell will it not.

The most likely of thought is that the perception from those that focus on Cryptocurrencies may be questionable and as a result traders and investors are moving there portfolios temporarily around.

As seen in the chart below all of the indicators are showing all the signs of bearish moves which is a concern for those still trying to run bullish with a product that has been moving in the opposite direction since the 17/08/2020. What ever your stance with Bitcoin you can't ignore the fact it will only find strength in time as the fed and countries globally keep printing money which means one thing, people have money to invest somewhere, why not in (₿) Bitcoin at some stage, perhaps when the price is appealing enough.

Happy trading, Trader!

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