It seems the hit is about too be on….Bitcoin ready to move

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(Edited)

It’s been a hectic months for bitcoin and cryptocurrency fan boys and boom boys as the market has intensional messed with the mind of so many traders as it has once proven most YouTube TA shillers to be scams and purely spectaculator of the next move in the market. Since November that the market peaked a lot of people as been call for reversals as the market didn’t run the way they all expected forcing so many people to sell their positions as loss and some others trading futures where liquidated or margin called, sadly i was among the traders who where slaughtered in the market.

In the futures market the bulls make money and the bears also makes money but the pigs which was the category I fall into was slaughtered because we ignore the First rule of trading ….

Always use a stop loss as no one can truely know the actual direction of the market even the market markers

especially with one filled with manipulation like the cryptocurrency market, One has too be careful before entering a trade as the market cap is not as cumbersome like that of the traditional forex Market.
Another factor that has been affecting the market is the wide spread of inflation in all the nations in the world which was caused by the pandemics forcing nations to create new debits in their system by not only printing more fiat but also adjusting their trading policies with other nations as too support one another during the trial times of the pandemic, interest rate on borrowed funds are close to zero in some developed nation which made a-lot of people to take on debits to curb the wide spread of unemployment that has eaten deep into economy, so with government around the world are fighting inflation, the first sector everyone of them is looking at is the financial market which has billions locked up on not only stock and bonds but also in the cryptocurrency market, and since cryptocurrency is considered to be risky assets and also easy too trade it’s one of the 1st assets that is been liquidated by most trader’s.

State of the market

There are currently some new metrics forming on both the traditional market and the cryptocurrency market that has a bullish sentiment for both cryptocurrency holders and the Tech stock holders building on the dydx market which is the dollar index market the last time this metric occurred the price of bitcoin jotted a new all time high and within the next four days it will be unveiled if we are in for another market rally too the up side

img_0161.jpg Binance

Looking at the bitcoins chart we could see that the sell pressure is reducing as the sell volume is gradually declining showing that the bears are gradually running of coins too sell and the buyers are about to take over, with the 100 Days MA acting as support we could see the market taking a new turn this new month

Also the moving average for 7 days is moving towards crossing the moving average of 25 days which is also a bullish indicator for new upside this month.

img_0158.jpg Binance
Moving to a shorter timeframe which is the 4 hours chart we can see bitcoin finding support at the lower part of the bollingar at approximately $37400 forming a bullish candle as buyers steps in to pick up coins been sold, also MACD shows that the market sentiment is about too flip bullish as the buyers are about to take over and short squeeze the market within the next few days.

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