Does the price of silver show us where bitcoin price is heading?
Ok so you have to admit...how similar are those two charts? Almost identical.
The good news: we still have a few good moves up culminating in a final push to around 7300 (last notable high of 2018 reached at the beginning of September).
The bad news: after reaching 7300ish we fall.....hard.
The ugly news: we never really recover, at least not in the short and medium terms.
Come to think of it it is not a far fetched scenario, could play out. If we do break the low 6000s resistance then 99.9% of the people out there will unanimously declare an end to the bear market & crypto winter. 'Dumb money' will drive the price towards 7000 where even more 'dumb money' will try to push them past 7300. This is an incredibly important level of resistance as it's the last 'high' of 2018. The #lambo will be everywhere on Twitter again, Tradingview will be full of long ideas and prices of shitcoins will skyrocket (December 2017 anyone?).
Maybe on a technical basis by then BTC will be hopelessly overbought, maybe some whales will step in to short the hell out of it or perhaps a 'black swan' event will suddenly materialize and BOOM, price will crash not respecting any immediate resistance levels just like it did back in november/december 2018. Before we know it we will be back at 4200 wondering what the hell just happened. The problem is that the subsequent road to recovery will be very long and very hard.
Tell me what you think and always DYOR!
The good news: we still have a few good moves up culminating in a final push to around 7300 (last notable high of 2018 reached at the beginning of September).
The bad news: after reaching 7300ish we fall.....hard.
The ugly news: we never really recover, at least not in the short and medium terms.
Come to think of it it is not a far fetched scenario, could play out. If we do break the low 6000s resistance then 99.9% of the people out there will unanimously declare an end to the bear market & crypto winter. 'Dumb money' will drive the price towards 7000 where even more 'dumb money' will try to push them past 7300. This is an incredibly important level of resistance as it's the last 'high' of 2018. The #lambo will be everywhere on Twitter again, Tradingview will be full of long ideas and prices of shitcoins will skyrocket (December 2017 anyone?).
Maybe on a technical basis by then BTC will be hopelessly overbought, maybe some whales will step in to short the hell out of it or perhaps a 'black swan' event will suddenly materialize and BOOM, price will crash not respecting any immediate resistance levels just like it did back in november/december 2018. Before we know it we will be back at 4200 wondering what the hell just happened. The problem is that the subsequent road to recovery will be very long and very hard.
Tell me what you think and always DYOR!