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Bitcoin (COIN:BTCUSD) went seriously downwards in March 2020 when it moved briefly below the $400 level. Since then, price went upwards gradually until May 20; and it has consolidated till now.
ADX period 14 is almost above the level 40, showing a considerable amount of momentum in the market. DM+ is also above DM-, which signals bulls’ domination. MACD default parameters, has neither the histogram nor the signal lines above or below the zero line. The signal lines and the histogram need to move significantly above or below the zero line before a directional bias can be formed.
Based on historical records, investors thought that BTC would skyrocket significantly following its recent halving, but they have been disappointed big time. Yes, BTC would eventually go upwards (even beyond what most analysts think), but no-one knows when that will be. It may be next week, and it may be next year or even after 3 years. Bakkt and DeFi are just noises.
This cryptocurrency has a knack for going against investors’ expectation: It would go upwards only when most people have given up on it. What happened in 2017 (astronomical gains) was contrary to most investors’ expectation and what happened in 2018 (significant losses) also contradicted what most investors expected. The year 2020 will not be different.
Right now, BTC is ranging and it would break out eventually, most probably to the upside. However, the gains may not be as significant as investors want, and it may nosedive following that.
Trading realities: Trading realities
