Looking at its hourly chart it doesn't look good. Bitcoin should stay above 7,500$ or else it would be a bull trap. RSI is overbought as well as the volume is decreasing which means lesser participation in the trading even though the price of Bitcoin skyrocketed above. Also the way Bitcoin gained 1,000$ in just a small time frame then quickly go down to an acceptable level shows that a lot of people off load their position at their best price. I still see that this down trend might still continue.
Well that is it, Bitcoin has failed another inverse head and shoulder breakout for the 2nd time ever since this drop, not unless Bitcoin will soon test the right shoulder we might not have a clear signal when it will go above 10,000$. But clearly the 700$ drop this day is a way to shake out the newbies and the weakhands as BTC hasn't been this looking good to hold for a long time. The bulls must find a way to bring back Bitcoin above 9,400$ to make it easier to go back and re-test the 9,900$ level.
Now what?
Now we HODL. No doubt that this will happen the bulls failed many times going above 9,400$ which is our first roadblock on going back to 9,600$, definitely people have seen the hourly ascending wedge formation and by completing it we had a break down and drop by 150$ in just 15 minutes, this is just a small drop as even the volume is not there to make a significant dent on the dip. Our next move is of course to spot the next bullish signs and formations that Bitcoin will make.
Is it just me or Bitcoin is forming a big cup ad handle pattern? At the 4 hour chart the Cup started around March 12 (9,815$) and ended on May 5 (9,850$) and now we are currently forming the handle. Bitcoin is looking very bearish right now and the cup and handle is the only thing I am seeing as a bullish sign in Bitcoin. And speaking how the way it looks where the cup is not well rounded as it should be forming and with the candles forming like a "W" shape as a based I don't think even if we break out this up trend reversal won't last or will it even break the 11,700$ resistance. A Good Cup and Handle patterns should follow the well-rounded shape where the candles won't stray away from the formation which in this case is not.
50 years old without any savings, god daym, this story is sad as fuck.
You should have invested in the stock markets at least dude. I missed the crypto train mostly too, since it was a whole new concept and was a risky investment but people who took that risk made the millions not those who didn't.
No matter what your monthly salary is, you should keep some of it and invest in different assets. (used to be stocks, cash, gold... now it is crypto, cash(should be your smallest investment), gold and stocks-this one is in a bubble right now probably, wait for the crash) Saving $100 or $200 per month might not look like a lot at the first glance but after 20 years, it may grow into a lambo or a house at least.
"Missing the crypto train" is mostly an overused term due to the bear market we are having but if this market started to shift upwards you can probably be able to ride with other traders as well. Also it is sad to imagine his current situation but he did not realized early on to investing other assets when he was just younger. And investing in crypto without knowledge of investing at the same time being in the market at the wrong time will really make you do bad decisions.