Spot bags taking massive hits, didn’t see this one coming, congrats to those who did!
I didn't think we would go this low. Only added to my spot at 55k-53K zone.
I've got some spare USDT, but tbf mostly in spot bags.
My expectation was 49k50k if the level 55k was lost. Price dropped deep into monthly demand from where it bounced and we are now back to that level. Tonight's close will be very significant! Daily and Weekly close...
When the market gets ugly like this I like to zoom out and look at the broader picture. Weekly, 2 months, 10day, 15 days, 21 days, monthly timeframe’s. To maintain the bullish structure price MUST (GREEN LINE) hold in a bigger timeframe 48-49k higher low we potential have here.
Bullish!! WOULD CLOSING TODAY (weekly and 2 Weekly) candles 51k-52k.
important level 48k-49k. Closing back above that can lead to a retest of 52-53k.
Close below this level then 44k 43k might be taped. Needless to say, these daily and weekly closes are going to be critical.
Currently, Bitcoin is retesting the downtrend line weekly RSI.
In short, BTC got back inside the monthly high and dropped straight to monthly OB. This is a deeper dip. But this is the bottom in my opinion. Tested the weekly low too + 200 DMA as strong support here.
On an hourly, we are attempting a relief rally here, the Ideal scenario would be for BTC to break above 49.8k this would take the price to the 52k area. Therefore also Btc avoids having a dead cat bounce.
KEY: 47.8 Support
The reason why 48/49k is KEY
P.s
Taking profits consistently is still the way. I'm pretty sure Bitcoin will constantly remind you along the way. Nothing goes up only. Explain to me how anyone can make x10-x100…without-40% -50% -60% -70% corrections the reason why I like to zoom out!!
Remember short-term guys are laughing at the people who hold positions
These are the same people who say, I wish I had held "this coin"
The bigger the correction the bigger the pump keep that in mind!!
I didn't think we would go this low. Only added to my spot at 55k-53K zone.
I've got some spare USDT, but tbf mostly in spot bags.
My expectation was 49k50k if the level 55k was lost. Price dropped deep into monthly demand from where it bounced and we are now back to that level. Tonight's close will be very significant! Daily and Weekly close...
When the market gets ugly like this I like to zoom out and look at the broader picture. Weekly, 2 months, 10day, 15 days, 21 days, monthly timeframe’s. To maintain the bullish structure price MUST (GREEN LINE) hold in a bigger timeframe 48-49k higher low we potential have here.
Bullish!! WOULD CLOSING TODAY (weekly and 2 Weekly) candles 51k-52k.
important level 48k-49k. Closing back above that can lead to a retest of 52-53k.
Close below this level then 44k 43k might be taped. Needless to say, these daily and weekly closes are going to be critical.
Currently, Bitcoin is retesting the downtrend line weekly RSI.
In short, BTC got back inside the monthly high and dropped straight to monthly OB. This is a deeper dip. But this is the bottom in my opinion. Tested the weekly low too + 200 DMA as strong support here.
On an hourly, we are attempting a relief rally here, the Ideal scenario would be for BTC to break above 49.8k this would take the price to the 52k area. Therefore also Btc avoids having a dead cat bounce.
KEY: 47.8 Support
The reason why 48/49k is KEY
P.s
Taking profits consistently is still the way. I'm pretty sure Bitcoin will constantly remind you along the way. Nothing goes up only. Explain to me how anyone can make x10-x100…without-40% -50% -60% -70% corrections the reason why I like to zoom out!!
Remember short-term guys are laughing at the people who hold positions
These are the same people who say, I wish I had held "this coin"
The bigger the correction the bigger the pump keep that in mind!!
Comment:
Comment:
- PI cycle pointing still upwards and green MA even printed new all-time high.
If bitcoin was in the bear market should have got rejected like the previous 2 bear markets.
- Weekly Rsi also intact