All Eyes On Bitcoin

Feb 1, 2020 at 12:04 PM
Al eyes on BTC/USD as the price runs into a very crucial resistance zone. If this zone is broken, we can expect a bullish reversal. However, the probability of the price effectively breaking past the 61.8% fib retracement level remains too low at the moment. 

Traders are too focused on halving and many of the most popular analysts are thinking about BTC/USD shooting to the moon in the weeks and months leading to it. However, the problem now is that too many people are expecting the same thing. Many bulls are also aware of the manipulation in this market yet they have no problem going all in before a confirmation. 

The price broke the 200-day moving average which led to a rapid change in sentiment as we saw the Fear and Greed Index turn to "Greed". However, now we might see the beginning of a slow bleed especially if the price slides along the 200-day moving average instead of surging higher. Considering the outlook of major financial markets, the next downtrend in cryptocurrencies might be far more devastating. It is therefore a good idea to wait for confirmation of a trend reversal before buying. 
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