Are we the only ones not phased by this dump?
#BTC
Are we the only ones not phased by this dump?
Since our last post, very little has changed throughout the market, we’re left yet again with a tedious wait for the market to make the next move and break the dreaded cycle of volatility followed by extended consolidation.
Whilst price action hasn’t changed in the space of crashing through the $16,000 support floor, what we do have available is the data of TIME.
As we discussed in our last thought-provoking post… isn’t it strange despite all of the ‘horrific’ news plaguing the market… something and someone continues to keep price afloat?
Whilst the fundamentals are arguably quite bad, the technicals do not equate to the same result, and look relatively good at present.
Upon evaluating the current size of the Monthly candle (closing in 2 days), it’s worth noting that this candle is still relatively small in comparison to historical ‘crashes’ and is still struggling to gather the momentum necessary to continue further to the downside.
So.. why is this floor still holding?
Why have we not seen the great $10K crash already?
The Weekly Timeframe proposes a newfound support floor is currently in play. Whilst it remains at a high-risk of breaking lower, this hasn’t been the case for several weeks, instead, we see an influx of huge buying momentum ensuring price remains steady at this floor following a catalyst of leveraged longs being liquidated. Doji’s remain consistent on the weekly, representing obvious indecision, but more importantly representing a force of buying still taking place.
The Fear & Greed Index has seen a clear shift to a more positive tone this week, slowly progressing from extreme fear to fear. Whilst we feel this may be slightly miscalculated due to the excessive fear still plaguing the market, it’s interesting to note that the only thing seemingly bearish and negative around this situation is the fundamentals and news being broadcast by the mainstream media.
$20,000 - $21,000 still remains a completely valid zone, and shouldn’t be disregarded. For the short-term at least, it seems reasonable price would seek to revisit this area at the very least.
Stay calm, patience.
Are we the only ones not phased by this dump?
Since our last post, very little has changed throughout the market, we’re left yet again with a tedious wait for the market to make the next move and break the dreaded cycle of volatility followed by extended consolidation.
Whilst price action hasn’t changed in the space of crashing through the $16,000 support floor, what we do have available is the data of TIME.
As we discussed in our last thought-provoking post… isn’t it strange despite all of the ‘horrific’ news plaguing the market… something and someone continues to keep price afloat?
Whilst the fundamentals are arguably quite bad, the technicals do not equate to the same result, and look relatively good at present.
Upon evaluating the current size of the Monthly candle (closing in 2 days), it’s worth noting that this candle is still relatively small in comparison to historical ‘crashes’ and is still struggling to gather the momentum necessary to continue further to the downside.
So.. why is this floor still holding?
Why have we not seen the great $10K crash already?
The Weekly Timeframe proposes a newfound support floor is currently in play. Whilst it remains at a high-risk of breaking lower, this hasn’t been the case for several weeks, instead, we see an influx of huge buying momentum ensuring price remains steady at this floor following a catalyst of leveraged longs being liquidated. Doji’s remain consistent on the weekly, representing obvious indecision, but more importantly representing a force of buying still taking place.
The Fear & Greed Index has seen a clear shift to a more positive tone this week, slowly progressing from extreme fear to fear. Whilst we feel this may be slightly miscalculated due to the excessive fear still plaguing the market, it’s interesting to note that the only thing seemingly bearish and negative around this situation is the fundamentals and news being broadcast by the mainstream media.
$20,000 - $21,000 still remains a completely valid zone, and shouldn’t be disregarded. For the short-term at least, it seems reasonable price would seek to revisit this area at the very least.
Stay calm, patience.
