The market is down, so tell me why I’m still bullish on bitcoin!

Today the broader market is diving again en masse, the panic index came to 13 and the bearish sentiment in the market is very high.

Short-term (intra-day): up

Medium term (over two weeks): down

Talking about hot spots

Today the market is collectively diving again, the panic index came to 13, the market bearish sentiment is also very high, many people in the group asked me whether it is already a bear market, should we liquidate our positions and leave the field and other issues, I am here to solemnly say my answer, now is still in the bull cycle, but also not the time to liquidate positions, and I still firmly believe that before the end of the year bitcoin will hit new highs again, the reason why I am so sure really not by what faith, because the consensus level of bitcoin is still expanding.

To give you a few examples, recently the country is cracking down on virtual currency mining and trading, like Xinhua News Agency, People’s Daily, CCTV have reported, but you can’t find a single article that completely criticizes or prohibits the purchase of bitcoin, while before 2020 the media coverage of bitcoin was worded very harshly, I still remember in 2018 I chatted with my friends from the Public Security Bureau, the police uncles were all bent on identifying the purchase of bitcoin as illegal The police officer was so strict that he thought it was illegal to buy bitcoin, which shows how negative the public opinion was at the time. This year, although Xinhua reported on virtual currencies 6 times in 10 days, suggesting speculative risks, the attitude towards this particular variety of bitcoin was surprisingly good, and even CCTV said straight away that the cognition and wealth of the early participants of bitcoin was very high, and most of the new leeks did not have this, so it was very risky, rather than bitcoin itself being a scam, so in a way To say that bitcoin has been officially recognized. In addition to us, of course, many of the countries mentioned yesterday have begun to accept bitcoin, such as El Salvador, Paraguay, Argentina, Panama, etc. Many developed countries such as South Korea, Japan, Singapore and other countries are also working closely to develop regulatory policies, India, Russia and other countries from the original ban into recognition of its asset properties, the above said consensus expansion is on the level of sovereign states.

The second point is the growing influence of bitcoin society, many celebrities, famous companies and financial institutions began to support bitcoin, the most famous is the founder of Tesla Musk and Twitter founder Jack Dorsey, they rely on their strong influence, so that more people can face the value of bitcoin, which has never been seen before; then there is the Wall Street financial institutions such as Grayscale, MisroStrategy and so on, they east the city of real money to buy, the distribution of bitcoin also gradually institutionalized, which makes the price of bitcoin is no longer as easy to manipulate as before, in this context bitcoin ETF is also very promising; then Paypal, Visa, CashApp and other terminal payment software to the big pie full support makes the ordinary people and bitcoin distance is much closer, the threshold of purchase and use are greatly reduced. These points are a reflection of Bitcoin’s growing social consensus, and it’s safe to say that no global asset in human history, other than gold, has achieved such a level of consensus, which is why I’m infinitely bullish on Bitcoin in the long run.

If you can’t sleep because of this, I really don’t recommend that you continue to hold the coin. You can only hold it if you believe in it, and you can eat the dividends of the crypto industry’s growth. In addition, don’t play short term or contract, for this kind of asset with clear expectation of rising is the most reasonable way to invest.

Read the market

BTC: Bitcoin daily is completely bad, if these two days can quickly receive 36000 near okay, if not up, then also continue to probe down to verify support, below the support level 29000, but one thing is certain, the more down is the opportunity, others fear when we have to be greedy.

4 hours level, yesterday said the support 33800 no support column, then it seems to continue down, if this time around 30000 support, then it is the fourth effective support (if you get four effective support, I will be in microblogging, Twitter timely notification, welcome your attention), after the heart is more bottom, but combined with the current daily trend, I do not dare to determine whether it will fall below 29000 new low, can only continue to observe, in short, if the market obviously stop or reversal, the signal will be more obvious, that is, the bottom of the volume, and large positive, slowly wait for it.

Long-term what is said above, HODL on the line.

The market is down, so tell me why I'm still bullish on bitcoin!

ETH: 519 down since the trend of ethereum are stronger than the big pie, this and my consistent view this year want to be consistent, the back of the short and medium term I also still more bullish on ethereum, I personally think that the market value of ethereum in bitcoin 6-8% more reasonable.

BNB: mainstream trend, although the market downward but the flow of coin is unprecedentedly large, BNB is equivalent to the flow version of ETH, so I said BNB is also considered one of the public chain leader, of course, is also the absolute leader of the platform coin, so continue to hold is no problem.

LINK: link is still a strong bank coin, the prophecy machine boss position is very stable, so the short, medium and long-term are good.

DOGE: Musk in don’t worry about DOGE, if DOGE thus appears to fall sharply, brainless buy on the line.

ICP: the lowest fell below 85, should be the general market retracement and unlocking the expected double negative caused by the previous few days have been reminded to reduce positions or liquidate positions by the rebound, I do not know how many people did, today this market properly belong to oversold, if there is a second sharp fall can copy part.

FLOW: FLOW is also the general market trend, the short-term view will continue to follow the general market, but the medium and long-term FLOW is expected to be good, the back stay good also quite a lot, this pullback is gradually increase positions.

Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/the-market-is-down-so-tell-me-why-im-still-bullish-on-bitcoin/
Coinyuppie is an open information publishing platform, all information provided is not related to the views and positions of coinyuppie, and does not constitute any investment and financial advice. Users are expected to carefully screen and prevent risks.

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