BTC Decision Time
Will the $9K Fortress Fall?
There is a seriously crazy amount of stuff happening in the world!.
The list can certainly go on, but we'll only add one more thing to it — DECISION TIME FOR BITCOIN.
It is very likely that Bears will once again storm the $9K BTC fortress, but will they finally succeed where they have been soundly defeated on several recent occasions?
The Last weeks, bulls were routed, trounced, decimated, by staunch $10K defenders when it blasted clear of the five-digit mark only to violently crash back into the $9,000 region.
Here are a few of the predominant factors holding BTC under.
Focus on Traditional Markets
Retail traders are nowhere to be found, as has been the case since civilians were completely and utterly "REKT" after the 2018 bear market.
That leaves the vast majority of price action up to the pros who have a lot on their hands as of now. Compared with traditional market traders, there are far fewer traders whose sole focus is on cryptocurrency.
Meaning most traders are dabbling across several different types of assets — and not all of them digital. With the irrational-but-widely-accepted ongoing bull market in the Dow Jones; S&P500 and Nasdaq showing little sign of letting up, the spotlight on digital assets has dimmed.
There Is Still a Pandemic.
(In Case You Forgot)
Simply put, there is still a pandemic on. This thing is just throwing a curveball no matter how you look at it.
Currently, it is impossible to say if the pandemic is a boon or hindrance to Bitcoin's fortunes. But, logic might tell us that under such circumstances, an unabated rally to the moon is just not in the cards yet.
From prior experience, Bitcoin always loves a good counter-trend rally, with the recent move from the $3,000s back to $10,000 being another one for the books.
Nonetheless, the insecurity around the economy and the whooping America has taken at the hands of the virus (being the world's leading source of BTC trading activity) means the bull-case is still psyched out.
$10,000 Is a Major Psychological Hurdle!.
Certain numbers are powerful. For Bitcoin, 10,000 is just such a number. Try as it might, BTC hasn't been able to completely break free of the orbit caused by 10,000's gravity.
Even after posting major gains and sustaining prices near the $20K mark, the Bitcoin pendulum has swung wildly even without the myriad forms of turmoil seen today.
Getting near the $10K mark has already been a very wild ride, and breaking through it will be one, too.
The reason we've seen such swift rejection at or above $10,000 recently is that bears need to exert immediate and definitive downward pressure to keep the psychological barrier in play. Too much time spent above $10K will give hope and gather forces on the other side of the equation.
So far, bears have shown more power in defending their fortress, but the longer that fortress remains sieged by prices hovering nearby, the sooner we can hope it will fall.
Will the $9K Fortress Fall?
There is a seriously crazy amount of stuff happening in the world!.
- - Global pandemic.
- - A very just and long overdue fight for equal rights.
- - Economic turmoil.
The list can certainly go on, but we'll only add one more thing to it — DECISION TIME FOR BITCOIN.
It is very likely that Bears will once again storm the $9K BTC fortress, but will they finally succeed where they have been soundly defeated on several recent occasions?
The Last weeks, bulls were routed, trounced, decimated, by staunch $10K defenders when it blasted clear of the five-digit mark only to violently crash back into the $9,000 region.
Here are a few of the predominant factors holding BTC under.
Focus on Traditional Markets
Retail traders are nowhere to be found, as has been the case since civilians were completely and utterly "REKT" after the 2018 bear market.
That leaves the vast majority of price action up to the pros who have a lot on their hands as of now. Compared with traditional market traders, there are far fewer traders whose sole focus is on cryptocurrency.
Meaning most traders are dabbling across several different types of assets — and not all of them digital. With the irrational-but-widely-accepted ongoing bull market in the Dow Jones; S&P500 and Nasdaq showing little sign of letting up, the spotlight on digital assets has dimmed.
There Is Still a Pandemic.
(In Case You Forgot)
Simply put, there is still a pandemic on. This thing is just throwing a curveball no matter how you look at it.
Currently, it is impossible to say if the pandemic is a boon or hindrance to Bitcoin's fortunes. But, logic might tell us that under such circumstances, an unabated rally to the moon is just not in the cards yet.
From prior experience, Bitcoin always loves a good counter-trend rally, with the recent move from the $3,000s back to $10,000 being another one for the books.
Nonetheless, the insecurity around the economy and the whooping America has taken at the hands of the virus (being the world's leading source of BTC trading activity) means the bull-case is still psyched out.
$10,000 Is a Major Psychological Hurdle!.
Certain numbers are powerful. For Bitcoin, 10,000 is just such a number. Try as it might, BTC hasn't been able to completely break free of the orbit caused by 10,000's gravity.
Even after posting major gains and sustaining prices near the $20K mark, the Bitcoin pendulum has swung wildly even without the myriad forms of turmoil seen today.
Getting near the $10K mark has already been a very wild ride, and breaking through it will be one, too.
The reason we've seen such swift rejection at or above $10,000 recently is that bears need to exert immediate and definitive downward pressure to keep the psychological barrier in play. Too much time spent above $10K will give hope and gather forces on the other side of the equation.
So far, bears have shown more power in defending their fortress, but the longer that fortress remains sieged by prices hovering nearby, the sooner we can hope it will fall.
Comment:
REMEMBER: Risk comes from not knowing what you're doing.
Comment:
Elliott does not work?
Yeah, it works! it is magnificent, the complexity and subjectivity makes it like that, and so does the accuracy, when used correctly. It takes a lot of planning and patience, calculations, etc, but it's the best tool to be used.
Yeah, it works! it is magnificent, the complexity and subjectivity makes it like that, and so does the accuracy, when used correctly. It takes a lot of planning and patience, calculations, etc, but it's the best tool to be used.
Comment:
I just want to point out that things are usually more complicated than it seems. I don't expect that this move will be smooth (if correct).
However, markets are here to trick us. Therefore I just think that we can see something like this.
Bitcoin is just like US stocks, a Dollar proxy, and not a safe haven at all. Bitcoin is a pure risk asset. Probably the poster child of risk itself...
Higher Dollar = Worldwide Stress.
Lower Dollar = Stress Eases.
Crypto is a Dollar proxy.
Annoying pattern because everything moves so slow. We just have to wait until we get more clues... Be conservative in your decisions and stay safe!
Well, I guess those people will now think I'm stupid I'm selling at these levels.
This sounds a bit cocky but most people don't have what it takes to trade. They really suck in this. And their reaction is to knock you down so they don't feel shit anymore.
It's funny to see that the bitcoin safe haven narrative has shifted to "Bitcoin may become a safe haven in the future"
But hey, feel free to believe in fairy tales and what your paid group leader or crypto god (@CZ) tells you to do.
I still need people on the other side of my trades
FOMO is for people who don't understand how markets behave. Remember that!
It's astonishing to see how many people think $BTC is a safe haven.
There's so much Bullshit in this space. Unbelievable!
Beating the market matters, but limiting risk matters just as much.
I scanned through "CT" and some major accounts are shouting that the bear market is over.
It's pretty funny that they are doing this near the end of a bull cycle.
When will these noobs learn?
People don’t worry about missing opportunities; they worry about losing money.
Failure doesn't exist. It's a figment of your imagination.
- Kobe Bryant
I agree with him. You can turn a failure into a win when you understand the reason why you failed. Keep learning!
One doesn’t have to be right in order to be successful: just less wrong than others.
One of the most time-honored market adages says that:
“markets fluctuate between greed and fear.”
There’s a fundamental reason for this:
it’s because people fluctuate between greed and fear.
GOOD LUCK!
However, markets are here to trick us. Therefore I just think that we can see something like this.
Bitcoin is just like US stocks, a Dollar proxy, and not a safe haven at all. Bitcoin is a pure risk asset. Probably the poster child of risk itself...
Higher Dollar = Worldwide Stress.
Lower Dollar = Stress Eases.
Crypto is a Dollar proxy.
Annoying pattern because everything moves so slow. We just have to wait until we get more clues... Be conservative in your decisions and stay safe!
Well, I guess those people will now think I'm stupid I'm selling at these levels.
This sounds a bit cocky but most people don't have what it takes to trade. They really suck in this. And their reaction is to knock you down so they don't feel shit anymore.
It's funny to see that the bitcoin safe haven narrative has shifted to "Bitcoin may become a safe haven in the future"
But hey, feel free to believe in fairy tales and what your paid group leader or crypto god (@CZ) tells you to do.
I still need people on the other side of my trades
FOMO is for people who don't understand how markets behave. Remember that!
It's astonishing to see how many people think $BTC is a safe haven.
There's so much Bullshit in this space. Unbelievable!
Beating the market matters, but limiting risk matters just as much.
I scanned through "CT" and some major accounts are shouting that the bear market is over.
It's pretty funny that they are doing this near the end of a bull cycle.
When will these noobs learn?
People don’t worry about missing opportunities; they worry about losing money.
Failure doesn't exist. It's a figment of your imagination.
- Kobe Bryant
I agree with him. You can turn a failure into a win when you understand the reason why you failed. Keep learning!
One doesn’t have to be right in order to be successful: just less wrong than others.
One of the most time-honored market adages says that:
“markets fluctuate between greed and fear.”
There’s a fundamental reason for this:
it’s because people fluctuate between greed and fear.
GOOD LUCK!
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Bitcoin CME Futures - Expirations Dates
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