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Bitcoin Daily Chart Analysis

Trading Forex With Zi Cheng
fong zi cheng

Bitcoin is currently in an accumulation phase preparing for the distribution. A distribution phase is also called as expansion as well. In my opinion, it is very likely that Bitcoin will expand towards the downside. The reason is because, Bitcoin is a risk-on asset where people invest for higher returns. Do you remember what is happening currently? Yes! It is the ongoing Israel-Palestine war. During these moments, people tend to shift their investments towards risk-off assets like Gold. This is why I believe there will be a sell off happening for Bitcoin until the war is in a better shape.


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Last updated: 10/16/2023 04:15

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