Bitcoin Looking VERY Bullish?
By the looks of this chart everything looks bullish. We have been making higher lows since January, a golden cross took place back in May and currently we are in a bull flag with a bullish engulfing candle.
If you didn't realize already this is actually an inverted bitcoin chart. The whole chart is upside down. So really all the bullish stuff we see is actually we bearish. We've been making lower highs since January, a death cross took place back in may and currently we are in a bear flag with a bearish engulfing candle. Nothing about this is bullish at all. This is why my bias is towards the downside. Through making bad trades I've learned that the best thing to do is what the chart says. This chart is bearish therefore I will short bitcoin. If it looks bullish then I'll go long. Simple as that. In my opinion it's easier to see reasons to be bearish with an inverted chart.
If you are bullish on bitcoin because of an ETF or some other big news then become an INVESTOR not a TRADER. As a trader this looks like a great opportunity to continue to short.
If you didn't realize already this is actually an inverted bitcoin chart. The whole chart is upside down. So really all the bullish stuff we see is actually we bearish. We've been making lower highs since January, a death cross took place back in may and currently we are in a bear flag with a bearish engulfing candle. Nothing about this is bullish at all. This is why my bias is towards the downside. Through making bad trades I've learned that the best thing to do is what the chart says. This chart is bearish therefore I will short bitcoin. If it looks bullish then I'll go long. Simple as that. In my opinion it's easier to see reasons to be bearish with an inverted chart.
If you are bullish on bitcoin because of an ETF or some other big news then become an INVESTOR not a TRADER. As a trader this looks like a great opportunity to continue to short.
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