BTC / USD
Bitcoin's markets fell again on Friday for the weekend, reaching $ 4200 in this document. The market has a significant amount of psychological and perhaps structural support at the $ 4,000 level, so I would not be surprised to see a recovery from here. However, in general, I think rallies should still be sold and it is difficult to imagine a scenario in which the purchase can be maintained. Frankly, there is nothing on the horizon to support this market.
If we break below the $ 4,000 level, this will open the door to the $ 3,500 level and maybe to the $ 3,000 level. It will not be until we get past the 50 day EMA at a daily close that I'm going to start buy this market. this point would be a gain of almost 50%. In other words, I think the bubble continues to empty and we're going to drop to much lower levels.
The biggest problem with Bitcoin that I see now is that no one is using it. In other words, there will be no demand and it is a little disturbing to see how many people believe there is some kind of conspiracy to reduce value so that all whales can intervene and buy cheaper. That would suggest that perhaps the people who moved the market to $ 20,000 are somehow smarter than other traders would be. All you have to do is look at the chart and see how smart it would be to move around in a market from 20,000 to 4,000.
I recently read several articles suggesting that, even when the market was sideways, Bitcoin simply was not used as a payment method. I think the myth was broken because it will never be a means for financial transactions. The sale of all rallies is still the way to go, at least from what I see.