Bitcoin BTC Still Postured to Swing to the Upside
The impending market crash, crypto regulation, the dot-com bubble, and the possibility of US debt default are all on the table right now. This is on every investor's radar at the moment. Fear is reaching levels that are unprecedented. While the crash in May led to an extreme amount of fear, it wasn't paired with a possible stock market crash and a debt default from the US Treasury.
My question to you as an investor is; Do you fully believe without a doubt the United States is going to let the entire economy default? Are you 100% prepared to bet for this outcome? or Do you believe the US will raise the debt ceiling and keep the House of Cards from collapsing by injecting more stimulus into the economy? My money is on the latter and I'm expecting a sharp change in narrative once the government spending is figured out. All this fear and despair will turn to capitalization and greed at a very rapid rate. All in line with a potential real blow off the top I don't think we have seen quite yet.
From a TA standpoint, we have seen a breakout of the downtrend from May and a retest of this level. We also see a Falling Wedge which has a bullish bias, paired with BTC is resting at strong support after being in a downtrend since the 7th of September (22 days). Zooming out and seeing how far BTC has come since its last pump, I fully believe the bullish structure is still strong and is ready for more.
I would also like to show a different perspective on the situation that further suggests the bullish structure is still intact.
As long as the US government isn't completely incompetent, bullish sentiment should absolutely resume. No one wants to push through the holiday season with the entire country defaulting on the economy.
Here is my previous analysis for more in-depth info to pair with this one;
Thank you for checking out the analysis, leave any questions or comments down below;
My question to you as an investor is; Do you fully believe without a doubt the United States is going to let the entire economy default? Are you 100% prepared to bet for this outcome? or Do you believe the US will raise the debt ceiling and keep the House of Cards from collapsing by injecting more stimulus into the economy? My money is on the latter and I'm expecting a sharp change in narrative once the government spending is figured out. All this fear and despair will turn to capitalization and greed at a very rapid rate. All in line with a potential real blow off the top I don't think we have seen quite yet.
From a TA standpoint, we have seen a breakout of the downtrend from May and a retest of this level. We also see a Falling Wedge which has a bullish bias, paired with BTC is resting at strong support after being in a downtrend since the 7th of September (22 days). Zooming out and seeing how far BTC has come since its last pump, I fully believe the bullish structure is still strong and is ready for more.
I would also like to show a different perspective on the situation that further suggests the bullish structure is still intact.
As long as the US government isn't completely incompetent, bullish sentiment should absolutely resume. No one wants to push through the holiday season with the entire country defaulting on the economy.
Here is my previous analysis for more in-depth info to pair with this one;
Thank you for checking out the analysis, leave any questions or comments down below;
Comment:
New updated post with some new signals to look out for as BTC approaches resistance at 50k
If you take a look at the RSI you will notice there is a clear resistance it has formed and squeezing will be happening. If the RSI breaks that resistance line, BTC's price will squeeze at a very rapid rate. Once that 55k level breaks as indicated on the chart, Bitcoin will very likely be looking to break all-time highs.