i don't know why some traders love to say that just because something happened it must continue on that direction! they do it for both rises and falls. just because price went up x% or dropped y% it doesn't mean it HAS TO continued rising or dropping.
what we have no is just a 3 day panic sell which is mainly because all other markets (stocks, oil,...) are crashing in most countries. whether we are going to see more panic sell or not is not something that could be predicted by looking at the charts because a panic sell is not a trend. it has nothing to do with moving average, resistance,...
Topic: March 9 2020, Start of Bearish Season - page 2. (Read 238 times)
Good day to all of you, I think my topic isn't that really appealing, though I hope we could still learn some lesson from it to stick with bitcoin and cryptocurrencies.
According to this article, the performance of bitcoin for the next months will not be appealing because of the factors such as COVID-19, and because of the 13000 Bitcoin lost from Plus Token Ponzi.
These factors are merely fundamental analyis why market price of bitcoin and cryptocurrency changes.
According to dailyfx.com, there is allot of patterns that shows that bearish season is about to come through the use of technical/market analysis of the graph of bitcoin.
April 2 - March 9, 2020
December 1 - March 9, 2020
Bitcoin couldn't break the 50 day moving average test that signifies that bitcoin's market price will continue to decline. There is also other signals that says that the non breaking of resistance of bitcoin's market is the reason why bitcoin remains to be declining.
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On the other hand, any failure in closing below the low end of the zone signals bears reluctance. This could lead some of them to exit the market causing a rally towards the high end of the zone. Further close above that level could push the price even higher towards $9.579. Nevertheless, the weekly resistance level underscored on the chart should be kept in focus.
In reality, we don't have nothing to be feared of with today's market condition. If we hold many bitcoin, this is not the end and we're not lost yet. The bear season or bear market should serve as a way for us to invest more bitcoin and don't think about losing but to take it as opportunity. I can still remember, last year, the price of bitcoin dropped low to 3000 dollars. It increases in just a short time and that's how volatile bitcoin is. As long as we know that there is a reason for us to invest, we should always continue, what more today, when bitcoin halving is about to come. This will result to scarcity for miners and will force them to sell at higher price and market price increase holistically over time. I'm pretty sure that we could still have profit, that's why what we just need is to believe in Bitcoin, and take the bear season as a challenge to our patience.
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