There is no sugar coating the economic situation right now. The Fed has decided we need to keep hiking and markets are responding to the greatest hike cycle in decades after 12 years of near zero rates.
We're below every major moving average on Bitcoin. Pi cycle bottom has triggered. Every Vwap I've thrown at bitcoin has been violated and yet there seems to be no good news.
We're back to basics waiting for an 80%-85% capitulation nuke which takes us to this level marked. Approximately located between the prior highest quarterly close from last cycle and the 2019 highest quarterly close.
Bitcoin is an interest rate sensitive asset and particularly as long as stocks are marking down, bitcoin has no where to go but down.
This quarter just closed below prior ATH and that's an immensely bearish signal to me.
Hold onto your butts.
We probably bounce a bit in October, but I think we're destined for 12-14k region.
I'm probably sharing this at the bottom, but hold on and hands off the leverage.
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We all wanted to see Bitcoin react during a recession, and we're seeing it.
Well done with a longer-term and broader picture analysis for BTC. I agree with you completely. This is a great analysis, thanks for sharing. My target was also about 12-13K, very similar. Have a good weekend.
A good description of the analysis, but the chart itself isn't the most exact. I hope that next time the graph will be more concrete. Good luck in trading!)
I agree with you completely. This is a great analysis, thanks for sharing. My target was also about 12-13K, very similar. Have a good weekend.