We have a clearly defined downtrend here (orange trend lines, channel drawn) with all major moving averages acting as resistance. We can see the rejection by the 20-day moving average (purple) from the other day, as well as rejection by the 200-day moving average (red), with the 50-day moving average (green) holding us down in this downtrend, while also recently forming a death cross. The MACD is signaling a downward move, as well.
If we continue obeying the pitchfork zone, around 4th of July we might reach the $29K support level where recent strong bounces have occurred, but this time the bounces will not be so strong, if much of a bounce happens at all. I have drawn a vertical line to convey the timeframe we may reach this by (within the next week, by approx. 4th of July).
After this, within another week, I have outlined the next possible timeframe (via vertical line) and price target to be reached, which is approximately $24-25K. After this, it is possible we see a super quick tail down to 19 or 20K but this is it, folks, this is the bottom.
This is where the institutions are going to eat this up. Expect a super sharp reverse and once the institutions see that we have a confirmed trend reversal, you will see Bitcoin fly possibly like you have never seen it. Expect very large green candles with heavy buying volume. I don't have it displayed here but the accumulation has been building. Obviously upon trend reversal, my investment thesis changes to long.
Happy 4th of July to my beloved United States of America, I still believe in you, and also to Bitcoin. We will celebrate our freedom with a great buying opportunity for Bitcoin, our next great revolution of independence and freedom from tyrannical, oppressive governments. This is our Boston Tea Party and fiat is our tea. Don't forget this. Dump that tea into the sea.
If we continue obeying the pitchfork zone, around 4th of July we might reach the $29K support level where recent strong bounces have occurred, but this time the bounces will not be so strong, if much of a bounce happens at all. I have drawn a vertical line to convey the timeframe we may reach this by (within the next week, by approx. 4th of July).
After this, within another week, I have outlined the next possible timeframe (via vertical line) and price target to be reached, which is approximately $24-25K. After this, it is possible we see a super quick tail down to 19 or 20K but this is it, folks, this is the bottom.
This is where the institutions are going to eat this up. Expect a super sharp reverse and once the institutions see that we have a confirmed trend reversal, you will see Bitcoin fly possibly like you have never seen it. Expect very large green candles with heavy buying volume. I don't have it displayed here but the accumulation has been building. Obviously upon trend reversal, my investment thesis changes to long.
Happy 4th of July to my beloved United States of America, I still believe in you, and also to Bitcoin. We will celebrate our freedom with a great buying opportunity for Bitcoin, our next great revolution of independence and freedom from tyrannical, oppressive governments. This is our Boston Tea Party and fiat is our tea. Don't forget this. Dump that tea into the sea.