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Beware of Fake-outs: There were several times we saw bitcoin go from the bottom of 3k to the top of 4k (more or less 20-25% increases) at EOY 2018 / Early 2019 before it got above 4k and stayed there.

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by COINS NEWS 104 Views

I don't like to take a dump on anyone's ideas of a bullish portfolio, as I would love to see my own double, triple, quadruple, go 10x what it is now, whatever have you, but I have to state there was more than one instance of bitcoin looking like it was gonna get above a "magical price thresh hold" of 4200 USD, but it would just come down again.

Count the number of candles that you see here before that long-ish looking one that you see took us to 5000-ish USD on this chart: https://i.imgur.com/vqRblhz.png

The above image shows 16-17 weeks of time passing before we got to "bullish territory". Maybe we need to wait longer, maybe we don't. If we have "bottomed out" at 15.5k, then that would mean we've spent about 9-10 weeks in this price range: https://i.imgur.com/rxkzGpE.png

Now then, if we can get above, say, 20k and then gradually head higher to a new price range, I will be pleasantly surprised. Why is that? I feel like macro economic indicators lean bearish. Why? Typically, the unemployment rate peaks when we're at the peak of a recession and governments announce policies and plans that are aimed to recover an economy. Risk assets, including bitcoin and crypto, usually plunge on the charts when something really bearish, like an official recession gets declared.

TL;DR - I don't know shit about fuck, please invest responsibly.

submitted by /u/sgtslaughterTV
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