Obvious cases for bearish PA from here are clearly abundant:
Below 50MA, Macro environment with Russia + Ukraine, traditional markets teetering, etc etc.
Just want to offer a fresh perspective that looks bullish to me (note: I am a biased bull and not a great chartist)
BUT:
- Convergent support from first peak downtrend (yellow) and bull market uptrend base (green). Bounced perfectly at the intersection.
- RSI Retesting breakout from downtrend since second peak (blue)
- Seeing some volume coming through
Yes, Macro environment with Russia + Ukraine is bad; HOWEVER:
This is the first major crash since we have seen major corporate/country adoption
Any major corporations / countries who have planned to buy Bitcoin at a decent price are now on watch
Anyone buying Bitcoin for security reasons is seeing what is going on in Canada
Orange line is trend line from COVID Crash bottom
Top green box is inflection point - would flip very bullish with daily closes above it
Bottom green box is where I begin DCA if we get there
Mid points of either green box are areas for reversal
If we lose support at ~$38.1k, I think we see $29.7k - $32.7k
Also Tin Hat Thoughts:
Russian war efforts are for crypto:
Russia made claims of support for crypto right before invasion talks?
Ukraine showed support for crypto.. right on the brink of invasion??? How is that front of mind?
Invade, crash the price - buy it up. Steal any Ukrainian crypto / crypto infrastructure along the way.
Probably a stretch here.
Talk to me. What we thinkin'?
Below 50MA, Macro environment with Russia + Ukraine, traditional markets teetering, etc etc.
Just want to offer a fresh perspective that looks bullish to me (note: I am a biased bull and not a great chartist)
BUT:
- Convergent support from first peak downtrend (yellow) and bull market uptrend base (green). Bounced perfectly at the intersection.
- RSI Retesting breakout from downtrend since second peak (blue)
- Seeing some volume coming through
Yes, Macro environment with Russia + Ukraine is bad; HOWEVER:
This is the first major crash since we have seen major corporate/country adoption
Any major corporations / countries who have planned to buy Bitcoin at a decent price are now on watch
Anyone buying Bitcoin for security reasons is seeing what is going on in Canada
Orange line is trend line from COVID Crash bottom
Top green box is inflection point - would flip very bullish with daily closes above it
Bottom green box is where I begin DCA if we get there
Mid points of either green box are areas for reversal
If we lose support at ~$38.1k, I think we see $29.7k - $32.7k
Also Tin Hat Thoughts:
Russian war efforts are for crypto:
Russia made claims of support for crypto right before invasion talks?
Ukraine showed support for crypto.. right on the brink of invasion??? How is that front of mind?
Invade, crash the price - buy it up. Steal any Ukrainian crypto / crypto infrastructure along the way.
Probably a stretch here.
Talk to me. What we thinkin'?
