12-20-2021, 05:40 PM
Why I'm bearish on CryptoCurrencies till BTC hits 42k again.
<!-- SC_OFF --><div class="md"><p>Allow me to explain, BTC has had a major push to 69K on 10Th November, since then we've been slowly bleeding to as low as 42k. </p> <p>Sure we had a few pull backs but nothing major, and every time we get a pull back it doesn't really break any resistance points.</p> <p>Historically during every dip, we get flash crashes but we can also see a retest to those levels before any significant rallys to the upside.</p> <p>BTC crashed to 30k in May, then retested those levels after two months of crab market, leading to a 29.4k drop before rallying to 50k. </p> <p>BTC dipped again on launch of El Salvador's wallet, from 52k to 46.8k, which was again retested 13 days later. </p> <p>Similar retests can be seen on Jan 2021 and Dec 2017. If you look at the BTC/USDT chart from Binance, we never failed to retest a long wick to the downside, ever.</p> <p>And now we have a 42k wick, but haven't retested the level yet, which is why I'm expecting a dip to the downside before any significant rallys.</p> <p>History often doesn't repeat itself, but it rhymes. </p> <blockquote> <p>TL;DR: Bearish on BTC till we retest 42k.</p> </blockquote> </div><!-- SC_ON --> submitted by <a href="https://www.reddit.com/user/_DEDSEC_"> /u/_DEDSEC_ </a> <br/> <span><a href="https://www.reddit.com/r/CryptoCurrency/comments/rkhvg1/why_im_bearish_on_cryptocurrencies_till_btc_hits/">[link]</a></span> <span><a href="https://www.reddit.com/r/CryptoCurrency/comments/rkhvg1/why_im_bearish_on_cryptocurrencies_till_btc_hits/">[comments]</a></span>Kind Regards R
<!-- SC_OFF --><div class="md"><p>Allow me to explain, BTC has had a major push to 69K on 10Th November, since then we've been slowly bleeding to as low as 42k. </p> <p>Sure we had a few pull backs but nothing major, and every time we get a pull back it doesn't really break any resistance points.</p> <p>Historically during every dip, we get flash crashes but we can also see a retest to those levels before any significant rallys to the upside.</p> <p>BTC crashed to 30k in May, then retested those levels after two months of crab market, leading to a 29.4k drop before rallying to 50k. </p> <p>BTC dipped again on launch of El Salvador's wallet, from 52k to 46.8k, which was again retested 13 days later. </p> <p>Similar retests can be seen on Jan 2021 and Dec 2017. If you look at the BTC/USDT chart from Binance, we never failed to retest a long wick to the downside, ever.</p> <p>And now we have a 42k wick, but haven't retested the level yet, which is why I'm expecting a dip to the downside before any significant rallys.</p> <p>History often doesn't repeat itself, but it rhymes. </p> <blockquote> <p>TL;DR: Bearish on BTC till we retest 42k.</p> </blockquote> </div><!-- SC_ON --> submitted by <a href="https://www.reddit.com/user/_DEDSEC_"> /u/_DEDSEC_ </a> <br/> <span><a href="https://www.reddit.com/r/CryptoCurrency/comments/rkhvg1/why_im_bearish_on_cryptocurrencies_till_btc_hits/">[link]</a></span> <span><a href="https://www.reddit.com/r/CryptoCurrency/comments/rkhvg1/why_im_bearish_on_cryptocurrencies_till_btc_hits/">[comments]</a></span>Kind Regards R