Bitcoin update: The fake pump
I shared some of my analysis yesterday regarding the Bitcoin movement. About 5 hours ago, we observed a Pump to reach $6800 area. However, if you look closely, it hasn't surpassed the last peak, and the momentum was struggled to maintain above the $6800 level. As a result, we saw an immediate drop to the lower $6600 area.
Source: Taken from TradingView charts, Binance, 1H timeframe
Outlook is not bright in short-term
From that pump, I might suspect that we are not able to see an upper movement to the higher grounds. Instead, we may see a lower support level at $6450 and more economical.
Furthermore, let's have a look at the market cap and other top Altcoins:
Source: Taken from Coinmarketcap
As you can see, the top altcoins are suffering from down-trend, even with the pump of Bitcoin yesterday.
My outlook on long-term
In the long term, I'm still bullish on Bitcoin and cryptos. However, in this time, we might see a short downtrend first before taking momentum for the next run.
If you are in any trade, I would suggest putting your stop-loss. There are still changes in the market; I would instead cut my loss than to see myself in a situation with no capital left to trade.
Nice post
Have a nice day
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eyeopening information
great...thanx