Bitcoin & alt coins crashing! $32k btc…
BTCUSD
Looking back to 2011 I have charted this bellow, which makes me believe 32 will be the bottom.
Follow the red arrows and black dashed line down to the rsi. Realise the oversold area (blue line at the bottom of the blue box) and the upside which follows after.
This is one of my major key reasons which btc can not drop under 32k.
Also note the thicker blue horizontal lines which mark the all time highs at 1.1k - 19.9k, then see the 85% drop.
Bitcoin has never closed a bull run under the previous all time high. Example, the run from 1.1 to 19.9k closed around 3.2k.
For the current cycle, 19.9k is a key area here and for bitcoin to close its 85% drop from the all time high would need a new all time high of around 115.8k. This historical 85% drop would close the bull run above the previous 2017 all time high of 19.9k. However, if btc is closing 85% down from the most recent 70k ath, this would close around 13.6k, which btc has never done before.
This makes me believe 70k was not the top and btc still has more to run in this cycle.
Another observation to note is the orange curve line.
This cycle has not closed that curve, it has followed around 3/4 of the curve.
With that said, my pt of 115k before a bear market could be invalidated if btc continues up the curve to 559k.
Also, note when the price dropped below the orange curve it then continued up the curve to 19.9k in 2017. Btc has just dropped under the curve…
The long trend brought up from 2017 (black diagonal line). I’ve charted out the current down trend to 32k, which would be oversold kn the rsi. Now follow that 32k down the black dotted vertical line to the rsi. The rsi trend also ends oversold where the black line is charted. So around February time could see the bottom. With that said, this was charted at 38k btc and the price has dropped a lot quicker than that time.
Regardless of date, the oversold area of 32k is a key area for me.
However, if 32k continues down I would begin to worry about bitcoin as historically it has dropped to far under that black trend line. Which may suggest a bull run close lower than the previous 19.9k high.
With all of that said and out of the way. Bitcoin has had a much wider & faster adoption rate in this cycle.
You have JP Morgan & Goldman Sachs bullish on the Bitcoin future. Institutional adoption is still in the early stages.
El Salvador has adopted the currency and continues to but the dip, on the most recent dip they acquired another $15m of Bitcoin.
Micheal Saylor the CEO of software intelligence company MicroStrategy reportedly said he owns over 17,000 BTC. MicroStrategy CEO Michael Saylor reportedly owns at least 17,732 bitcoin. Saylor's bitcoin holdings are worth about $866. MicroStrategy's total Bitcoin holdings to 121,044 on expenditures of $3.57 billion. Based on the average purchase price of its portfolio, approximately $29,534 per Bitcoin, the company has unrealized gains of nearly $3.4 billion on its cryptocurrency holdings.
2 days ago — Even after Bitcoin's recent 40% slide, Michael Saylor says he'll never back down on pushing MicroStrategy Inc.'s multibillion bet on the currency.
The positive adoption list goes on far more than the negative. In all leading to my own bullish opinion on the crypto market not being shook.
To also mention, the stock market is having a nice correction. With the Nasdaq closing yesterday around 13% down from its high. Crypto seems to have also followed the correction, but with that said, crypto had already began dropping 1 month prior to the stock market. If there is any correlation here and the stock market correction is around the avg 10-15% the bottom could be in soon. Which would line btc up with that 33k price target.
What is your move now? Selling or waiting for a price target dip to add to your position?
I’am not an expert or in no way giving this as financial advice. It is purely my personal opinion of my outlook on the market.
#bitcoin #cryptocurrency #bitcoincrash #stockmarketcorrection
BTCUSD
Looking back to 2011 I have charted this bellow, which makes me believe 32 will be the bottom.
Follow the red arrows and black dashed line down to the rsi. Realise the oversold area (blue line at the bottom of the blue box) and the upside which follows after.
This is one of my major key reasons which btc can not drop under 32k.
Also note the thicker blue horizontal lines which mark the all time highs at 1.1k - 19.9k, then see the 85% drop.
Bitcoin has never closed a bull run under the previous all time high. Example, the run from 1.1 to 19.9k closed around 3.2k.
For the current cycle, 19.9k is a key area here and for bitcoin to close its 85% drop from the all time high would need a new all time high of around 115.8k. This historical 85% drop would close the bull run above the previous 2017 all time high of 19.9k. However, if btc is closing 85% down from the most recent 70k ath, this would close around 13.6k, which btc has never done before.
This makes me believe 70k was not the top and btc still has more to run in this cycle.
Another observation to note is the orange curve line.
This cycle has not closed that curve, it has followed around 3/4 of the curve.
With that said, my pt of 115k before a bear market could be invalidated if btc continues up the curve to 559k.
Also, note when the price dropped below the orange curve it then continued up the curve to 19.9k in 2017. Btc has just dropped under the curve…
The long trend brought up from 2017 (black diagonal line). I’ve charted out the current down trend to 32k, which would be oversold kn the rsi. Now follow that 32k down the black dotted vertical line to the rsi. The rsi trend also ends oversold where the black line is charted. So around February time could see the bottom. With that said, this was charted at 38k btc and the price has dropped a lot quicker than that time.
Regardless of date, the oversold area of 32k is a key area for me.
However, if 32k continues down I would begin to worry about bitcoin as historically it has dropped to far under that black trend line. Which may suggest a bull run close lower than the previous 19.9k high.
With all of that said and out of the way. Bitcoin has had a much wider & faster adoption rate in this cycle.
You have JP Morgan & Goldman Sachs bullish on the Bitcoin future. Institutional adoption is still in the early stages.
El Salvador has adopted the currency and continues to but the dip, on the most recent dip they acquired another $15m of Bitcoin.
Micheal Saylor the CEO of software intelligence company MicroStrategy reportedly said he owns over 17,000 BTC. MicroStrategy CEO Michael Saylor reportedly owns at least 17,732 bitcoin. Saylor's bitcoin holdings are worth about $866. MicroStrategy's total Bitcoin holdings to 121,044 on expenditures of $3.57 billion. Based on the average purchase price of its portfolio, approximately $29,534 per Bitcoin, the company has unrealized gains of nearly $3.4 billion on its cryptocurrency holdings.
2 days ago — Even after Bitcoin's recent 40% slide, Michael Saylor says he'll never back down on pushing MicroStrategy Inc.'s multibillion bet on the currency.
The positive adoption list goes on far more than the negative. In all leading to my own bullish opinion on the crypto market not being shook.
To also mention, the stock market is having a nice correction. With the Nasdaq closing yesterday around 13% down from its high. Crypto seems to have also followed the correction, but with that said, crypto had already began dropping 1 month prior to the stock market. If there is any correlation here and the stock market correction is around the avg 10-15% the bottom could be in soon. Which would line btc up with that 33k price target.
What is your move now? Selling or waiting for a price target dip to add to your position?
I’am not an expert or in no way giving this as financial advice. It is purely my personal opinion of my outlook on the market.
#bitcoin #cryptocurrency #bitcoincrash #stockmarketcorrection