Bitcoin Technical Analysis: Reasons Not To Buy BTC At This Point (May 2020)

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Bitcoin Technical Analysis: Reasons Not To Buy BTC At This Point (May 2020)

Bitcoin remains on the verge of a really devastating decline. Like always, most retail traders would not realize it until it’s too late. All the temporary bullishness in the stock market and Wall Street’s reaction to Moderna’s work on the vaccine gave the stakeholders in this market to delay the inevitable a bit but they cannot stall it for long. There’s a huge honeypot of long positions that is too lucrative for the market makers and whales to ignore and not take advantage of. Going long on the market at this point makes no sense at all from a risk/reward standpoint.

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  1. I think you are forgetting about production costs in your analysis. At $3k, not even the Chinese can keep mining since the halving. If the miners go offline the network becomes unstable, the whole thing crashes and game over. The market makers don't want the game to be over. They will drive the prices down to production levels to shake out coins being held by weak miners, but they are not going to sacrifice their cash cow. Remember, to short they need a pool of bitcoin to borrow.

  2. Still waiting for that dump since 6k or so .. I hope you are right , waiting in $ , many analaystt say 15k before the dump

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