TRADING OF CRYPTOCURRENCY. Bitcoin: Why BTC Traders Should Be Skeptical (January 2020)

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Bitcoin: Why BTC Traders Should Be Skeptical (January 2020)

Bitcoin has now shot past the $8k level and is hovering around $8,268 at the time of this analysis. We can see on the 4H chart for BTC/USD that it ended up pumping past the $8.4k mark before it started to decline. Many retail traders have become far too excited about this. There is too much optimism in the market before the next halving but it is very important to realize that BTC/USD has yet to break past a cluster of resistance levels below $9k. Until and unless that happens, it could be very risky to be long on the market. We saw during the 2016 halving that the price crashed before, during and after the halving.

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