BTCUSD - Bitcoin - Downtrend
Diupdate
I don't trade BTC , or any other crypto.
But I am aware of the movements as it appears they reflect the Risk-on/Risk-off sentiment of speculators.
For a while now I have been highlighting a possible Head and Shoulders topping pattern on the daily time frame, but this week's close is key for crypto bears and bulls alike.
If the weekly close is a new Lower Low, traders will probably puke their week hands. Long-term HODL won't care so a short sharp risk-off move would be preferable.
US dollar is likely to come down further, so this is not a US dollar move. It could be a move away from uncertainty as Environmental, Social and Governance (ESG) become more of a dominant theme in all resource-heavy assets, usually the commodity space. Elon Musk cancelling BTC as a payment method for TESLA (TSLA) is all about carbon tax credits, as he won't be able to apply for carbon credits if he is not seen to be carbon neutral. Bitcoin mining has been heavily criticised for the amount of energy required to create a block. Whether or not this is a valid point I don't know.
But I am aware of the movements as it appears they reflect the Risk-on/Risk-off sentiment of speculators.
For a while now I have been highlighting a possible Head and Shoulders topping pattern on the daily time frame, but this week's close is key for crypto bears and bulls alike.
If the weekly close is a new Lower Low, traders will probably puke their week hands. Long-term HODL won't care so a short sharp risk-off move would be preferable.
US dollar is likely to come down further, so this is not a US dollar move. It could be a move away from uncertainty as Environmental, Social and Governance (ESG) become more of a dominant theme in all resource-heavy assets, usually the commodity space. Elon Musk cancelling BTC as a payment method for TESLA (TSLA) is all about carbon tax credits, as he won't be able to apply for carbon credits if he is not seen to be carbon neutral. Bitcoin mining has been heavily criticised for the amount of energy required to create a block. Whether or not this is a valid point I don't know.
Catatan
Price didn't tag the previous daily resistance at 42000, the recent low was 42100Catatan
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