Bitcoin - Fractal W Bottom, China Ban
Hi Everyone
If you're into fractals, cycles and trends, this video update is for you. NOTE that it's never exactly the same, also note that this analysis is longer term, stretching over months.
Happening in the market right now- China bans all crypto trading and we see FUD selloff. Not invalid, since some of the biggest mining pools are in China. This is not the main concern. Miners will relocate eventually and soon it will be business as usual. The main concern "justifying" the selloff at this point will be fear of other countries following.
It will be interesting to see where miners choose to relocate and what the US SEC has in store in terms of regulations.
Let’s take a look at the technicals. Ironically, historically September is a “bad” month for Bitcoin. And if you dig up some research, you’ll find every year there is some “reason” that justifies the infamous September selloff.
For people who bought Sept 2019, it took a year to get back to those price levels (Aug 2020). After which the market went parabolic around November.
Given the fact that markets move faster as time passes by (discussed in video), even if this is the beginning of a downtrend I would bet that it doesn't last as long as Sept 2019. If the fractals hold true, and exciting parabolic run could be on the horizon/ near future.
It's important to keep managing your risk. Dollar cost average is a great start and using "free cash" instead of house mortgage will help you sleep better at night.
Thanks for watching,
Ev
If you're into fractals, cycles and trends, this video update is for you. NOTE that it's never exactly the same, also note that this analysis is longer term, stretching over months.
Happening in the market right now- China bans all crypto trading and we see FUD selloff. Not invalid, since some of the biggest mining pools are in China. This is not the main concern. Miners will relocate eventually and soon it will be business as usual. The main concern "justifying" the selloff at this point will be fear of other countries following.
It will be interesting to see where miners choose to relocate and what the US SEC has in store in terms of regulations.
Let’s take a look at the technicals. Ironically, historically September is a “bad” month for Bitcoin. And if you dig up some research, you’ll find every year there is some “reason” that justifies the infamous September selloff.
For people who bought Sept 2019, it took a year to get back to those price levels (Aug 2020). After which the market went parabolic around November.
Given the fact that markets move faster as time passes by (discussed in video), even if this is the beginning of a downtrend I would bet that it doesn't last as long as Sept 2019. If the fractals hold true, and exciting parabolic run could be on the horizon/ near future.
It's important to keep managing your risk. Dollar cost average is a great start and using "free cash" instead of house mortgage will help you sleep better at night.
Thanks for watching,
Ev
Comment:
Even here, at the very start of BTC:
