*I am not a professional and am using this platform purely as practice*
Here's a chart I drew up with a possible bull case for BTC, Any feedback would be greatly appreciated. If this does play out and we break key levels back towards the high 50Ks I'll slowly start selling 25% of my positions every week until I'm fully out.
I believe there is one last push for BTC left and am not fully confident we will break and hold ATHs, ALTs will probably see another big rally before the market really comes crashing down.
I also think a key point for BTC crashing this hard recently is to do with what we have seen going on in the stock markets. It seems to be following the S&P500 right now. I think this could play in the bull's favor. Most of the big money that got out early will be looking for a re-entry point, last time people waited too long and missed the rally, now they've been given a second chance. With more companies exposed to crypto, we could also see money moving across as companies will see a better opportunity to make profits (Especially with the recent news about Google hiring Paypal exec to help enable crypto payments via google pay). This in theory could cause the blow-off top that most people have been waiting on, I however am not sure we will see a blow-off top.
Like I said this is just an idea, I'm not a professional and any tips or advice would be greatly appreciated, Thanks
Here's a chart I drew up with a possible bull case for BTC, Any feedback would be greatly appreciated. If this does play out and we break key levels back towards the high 50Ks I'll slowly start selling 25% of my positions every week until I'm fully out.
I believe there is one last push for BTC left and am not fully confident we will break and hold ATHs, ALTs will probably see another big rally before the market really comes crashing down.
I also think a key point for BTC crashing this hard recently is to do with what we have seen going on in the stock markets. It seems to be following the S&P500 right now. I think this could play in the bull's favor. Most of the big money that got out early will be looking for a re-entry point, last time people waited too long and missed the rally, now they've been given a second chance. With more companies exposed to crypto, we could also see money moving across as companies will see a better opportunity to make profits (Especially with the recent news about Google hiring Paypal exec to help enable crypto payments via google pay). This in theory could cause the blow-off top that most people have been waiting on, I however am not sure we will see a blow-off top.
Like I said this is just an idea, I'm not a professional and any tips or advice would be greatly appreciated, Thanks
Comment:
(21/02/2022) BTC fell past 39.2k and continued down to 37.2k. With the Russia and Ukraine crisis getting darker by the hour it looks like all markets could be in for a really rough time. BTC Still hasn't retested the downtrend breakout, it'll be important to watch the price around the trend line and see how it reacts. With the S&P due to open tomorrow after a long weekend we could see BTC take another big hit down, 34.1k is my target for the coming days, if we bounce from here we could start to see the price consolidate within this range before attempting a push back towards 44k.
Thing look bleak thanks to Russia, I have reduced the risk in all my positions significantly and will look to get fully back in within the coming months. Right now TA could be out the window due to politics.
Thing look bleak thanks to Russia, I have reduced the risk in all my positions significantly and will look to get fully back in within the coming months. Right now TA could be out the window due to politics.
Comment:
Closed Trade
I would expect a retest back down towards 39.2k before moving back up and trying to break 44k.
RSI retested a broken resistance and bounced and MACD looking good, no crossover yet, and could be a while before we see one. Volume on the day of the breakout was high but will drop off as we enter the weekend