BTC has finally started to react to the death cross and other bearish indicators that it's been throwing up for the past few days. After a mostly stagnant weekend of sitting on 35 k and hardly moving, I wake up this morning to see we hit as low as ~31500k. I think today will be very important for figuring out the course of BTC over the next few weeks. If we can break 30k today we will likley see 19k within a week or 2. If we don't go any lower, we might remain in the sideways pressure of the "crab zone" or even start to show some short to mid term bullishness.
I personally think we go lower, seeing as how the price of btc is below every moving average in my chart, and it even broke below the bollinger band, a strongly bearish sign.
I strongly believe we need to go lower to get the buying support we need to ignite the next phase of BTC's ascent to 100k+. So far we are still on track for the run to resume by the end of the year, but if we go more than a few k lower than 19k We probably have longer to wait than expected, maybe even until the next halving, and my model is finally broken after about 11 years of trading this way. Short term news is very bearish, Dollar regaining some strength, China shitting the bed hardcore on crypto, spooky TA all over the place...
I can't wait to see what happens! These are very interesting times! Money to be made either way it goes. Even if we go bear, the bear market is just another chance to buy in cheap. If you didn't take profits up top at 60k, you may as well wait for the next run. That said, we still have some room before the bear market is truly confirmed. Anyone saying otherwise doesn't know what kind of shenanigans this market gets up to.
I personally think we go lower, seeing as how the price of btc is below every moving average in my chart, and it even broke below the bollinger band, a strongly bearish sign.
I strongly believe we need to go lower to get the buying support we need to ignite the next phase of BTC's ascent to 100k+. So far we are still on track for the run to resume by the end of the year, but if we go more than a few k lower than 19k We probably have longer to wait than expected, maybe even until the next halving, and my model is finally broken after about 11 years of trading this way. Short term news is very bearish, Dollar regaining some strength, China shitting the bed hardcore on crypto, spooky TA all over the place...
I can't wait to see what happens! These are very interesting times! Money to be made either way it goes. Even if we go bear, the bear market is just another chance to buy in cheap. If you didn't take profits up top at 60k, you may as well wait for the next run. That said, we still have some room before the bear market is truly confirmed. Anyone saying otherwise doesn't know what kind of shenanigans this market gets up to.