Hello fellow traders,
Haven't posted for a while, however, this is probably the perfect moment for a comeback. ;)
BTC has been in a corrective price action for the last 6+ months and recently it made another quite aggressive move south. This time the support is resting on quite important price levels:
1. The 200 weekly moving average, which has acted as a key support in the last cycle.
2. The 0.618 FIB level of the move from 3200$ to 68 800$.
Also, the top from the 2017 bull run is not very far from the current price.
Although we are trading below the 200WMA, there are still 4 days to go until the end of the week, and even a close below this level is not that critical, as it has happen before. Still, if we get 2 consecutive closures below the MA, then it will be wise to reconsider the bottom narrative.
For sure, the this cycle has the 'privilege' to experience high inflation, pandemic, war etc, etc. If these are the reasons for the BTC fall, then why do we expect it to go higher? If it is meant to replace the $ then why is the price falling during such political instability. If people are selling their BTC reserves in order to have more USD then the whole 'BTC as a dollar replacement' has failed.
IMO this might not be the case and we are simply experiencing another crypto market cycle. Only time can tell.
21K-22.5K is a good starting point for accumulation for me.
This is not a financial advice.
Haven't posted for a while, however, this is probably the perfect moment for a comeback. ;)
BTC has been in a corrective price action for the last 6+ months and recently it made another quite aggressive move south. This time the support is resting on quite important price levels:
1. The 200 weekly moving average, which has acted as a key support in the last cycle.
2. The 0.618 FIB level of the move from 3200$ to 68 800$.
Also, the top from the 2017 bull run is not very far from the current price.
Although we are trading below the 200WMA, there are still 4 days to go until the end of the week, and even a close below this level is not that critical, as it has happen before. Still, if we get 2 consecutive closures below the MA, then it will be wise to reconsider the bottom narrative.
For sure, the this cycle has the 'privilege' to experience high inflation, pandemic, war etc, etc. If these are the reasons for the BTC fall, then why do we expect it to go higher? If it is meant to replace the $ then why is the price falling during such political instability. If people are selling their BTC reserves in order to have more USD then the whole 'BTC as a dollar replacement' has failed.
IMO this might not be the case and we are simply experiencing another crypto market cycle. Only time can tell.
21K-22.5K is a good starting point for accumulation for me.
This is not a financial advice.