BTC has tried to breakout of the blue diagonal line which is set from the November 10th high (using the wick) - we are now once again at a very critical juncture in bitcoin where price attempted to intersect the diagonal line in the current 1H candle and will now attempt again to breakout in the next 5-6 hours. It's a strange time to do it considering it's Sunday where volumes are typically much lower.
As you can see BTC is respecting the Schiff Pitchfork on 1H timeframe (remember this is subject to change at any moment, so if price strongly rejects or trades outside of PF, then PF is no longer valid and has to be redrawn).... however, using the 1H timeframe, we can see a potential scenario unfolding where we break through the 3-month donwtrend line and then retest and head higher if this is the goal of market makers. But we shall see, as price has been nearly impossible to predict as it steadies here. COVID cases have already peaked in the US and are turning down, so this should be positive for short-term price action. Brazil just announced 1% investment strategy into crypto. We will see many more governments announce in coming weeks as well as a Sovereign Wealth Fund sometime in 2022. Alas, Elon Musk has tweeted that crypto (Doge) can now be used to purchase Tesla merchandise as he is beginning to warm up to the idea that he will once again use BTC and other cryptos for payments to buy Tesla. These are all strong momentum factors but of course there are negative factors such as pricing in the rate hikes from Powell, but with that said, I do think the stock market will go on to print new ATHs in coming weeks just as it did in 2018 when the Fed hiked 4 times.
Tomorrow is the full moon and I know as crazy as it sounds but BTC often does launch on full moon dates. I do think we are going to see a lot more institutional flows coming into btc hence the strong support we've seen at $40k. The bears could see a squeeze since they are back again and saying the bull market is over - all the same tropes they used in May - July.
I do think that the market top WILL surprise everyone and the current psychology everyone is thinking is that we have 1-2 months left of consolidation before price rises again. The market maker and topping theory would suggest that the top could come in the next few weeks if we THEY want to catch 95% of people off guard... there would be many who would be late to the action and since RETAIL always buys the tops and their interest in bitcoin is currently at a low, it would make sense to drive price to ATHs now / next few weeks.... it would then catch attention of retail and they would buy the top perhaps at $100k range and then institutional money would offload their bags quite easily into that kind of fomo volume.
As BTC rises to $100k and as many retail misses the boat, we will see altcoins rise exponentially - I would be a buyer of assets that were added to Coinbase (such as PolkaDot) and have immense fundamental value.... PolkaDot will begin to have FB Diem partnership announcements in coming days/weeks (PolkaDot just hired the former COO of Diem) and this combined with all of their parachain launches that have gone live as well as the fact they have the 2nd most developers behind ETH is a very big fundamental value driver. Also, their dev growth is the most among any network. I believe PolkaDot could be a 10x this cycle.
As you can see BTC is respecting the Schiff Pitchfork on 1H timeframe (remember this is subject to change at any moment, so if price strongly rejects or trades outside of PF, then PF is no longer valid and has to be redrawn).... however, using the 1H timeframe, we can see a potential scenario unfolding where we break through the 3-month donwtrend line and then retest and head higher if this is the goal of market makers. But we shall see, as price has been nearly impossible to predict as it steadies here. COVID cases have already peaked in the US and are turning down, so this should be positive for short-term price action. Brazil just announced 1% investment strategy into crypto. We will see many more governments announce in coming weeks as well as a Sovereign Wealth Fund sometime in 2022. Alas, Elon Musk has tweeted that crypto (Doge) can now be used to purchase Tesla merchandise as he is beginning to warm up to the idea that he will once again use BTC and other cryptos for payments to buy Tesla. These are all strong momentum factors but of course there are negative factors such as pricing in the rate hikes from Powell, but with that said, I do think the stock market will go on to print new ATHs in coming weeks just as it did in 2018 when the Fed hiked 4 times.
Tomorrow is the full moon and I know as crazy as it sounds but BTC often does launch on full moon dates. I do think we are going to see a lot more institutional flows coming into btc hence the strong support we've seen at $40k. The bears could see a squeeze since they are back again and saying the bull market is over - all the same tropes they used in May - July.
I do think that the market top WILL surprise everyone and the current psychology everyone is thinking is that we have 1-2 months left of consolidation before price rises again. The market maker and topping theory would suggest that the top could come in the next few weeks if we THEY want to catch 95% of people off guard... there would be many who would be late to the action and since RETAIL always buys the tops and their interest in bitcoin is currently at a low, it would make sense to drive price to ATHs now / next few weeks.... it would then catch attention of retail and they would buy the top perhaps at $100k range and then institutional money would offload their bags quite easily into that kind of fomo volume.
As BTC rises to $100k and as many retail misses the boat, we will see altcoins rise exponentially - I would be a buyer of assets that were added to Coinbase (such as PolkaDot) and have immense fundamental value.... PolkaDot will begin to have FB Diem partnership announcements in coming days/weeks (PolkaDot just hired the former COO of Diem) and this combined with all of their parachain launches that have gone live as well as the fact they have the 2nd most developers behind ETH is a very big fundamental value driver. Also, their dev growth is the most among any network. I believe PolkaDot could be a 10x this cycle.