#70 - The state of Bitcoin

What is up everyone?

Haven't checked on the BBB (Big Bitcoin Bos$) for a bit so follows a very detailed explanation on my current view on it.

Straight up: downside is likely.

Why is that?

On a smaller timeframe there was an inverse head & shoulders that was invalidated.

However the name of the game is time, and for that we need to take a look at the macro picture. Since December, we have been in inverted HVF territory, performing to targets and overperforming them to the downside.

On the top left on the picture above, we see two small inverted HVF setups formed. Then we had the big setup which warned that Bitcoin could be trading around 7600$ when we were at 13000$. Very unbalanced setup but we did indeed perform to the said target and even saw it trade at 6000$!

In case you don't know what a HVF is, check out the post where I go over the basis of HVF Theory and what characteristics of price behavior I am looking for on a chart:

https://steemit.com/trading/@beindependentbb/19-what-is-the-hunt-volatility-funnel-hvf

From then, we had small upside setups but the big timeframecontinues negative.

We keep on keeping on.

Performance to targets puts my bias to continuation rather than calling bottoms and expecting a revearsal: 'It will always go higher or lower than you expect'.

That is the safest play (which often turns to be the right one as well btw). Curiously, I am seeing some resemblance of that mega setup at 13000$ right now:

Unbalanced setup but possible 2L already formed. There are very few drivers of the Bitcoin price upwards at the moment.

Again, just my perspective. Would rather preserve my capital than get burned. If that means I can buy less Bitcoin in case it goes the other way, at least I played my cards right according to the HVF strategy.

Disclaimer: Cryptocurrency trading is highly speculative in nature which can mean currency prices may become extremely volatile. Cryptocurrency trading carries a high level of risk and may not be suitable for all investors. It is possible that you will sustain a loss of some or all of your initial investment so never risk capital that you cannot afford to lose. You acknowledge and agree that no promise or guarantee of success or profitability has been made between you and BeIndependent [bit by bit].

►Free e-book on How to Start Your Cryptocurrency Journey: http://beindependentbb.com

► Find us on Instagram: https://www.instagram.com/beindependentbb/

►Find us on Twitter: https://twitter.com/beindependentbb