At the moment, BTC price is at the exact level where it was in my last post on Saturday: $47.3k and we have experienced another lower low yesterday. So why I have flipped my sentiment overnight?
1. Price action has accurately followed my Blue scenario sofar (I wrote in my post on Feb-24). BTC dipped below $43.7k to f all the stop-losses and bounced back decently, front-running the bids in $40k-42k zone. I have seen a lot of people recently calling $40k-42k as strong support and bidding there. This is a zero-sum game, so if everyone could buy BTC at a good price, that would apparently be not a good price anymore.
2. BTC price touched the Kijun line at $43k. That line acts as good support in the Ichimoku indicator, just as it had in the last correction in Jan-2021. Looking into the 4H chart, we could also see that BTC has retested the 4h 200MA. In a truly BTC bull market, when price touches the 4h 200MA, it fking bounces up.
3. I have seen very strong buying power coming especially from Coinbase since Sunday evening, which has reflected in Coinbase price premium. For those who are new to this space, Coinbase is a prestigious crypto exchange that is institution-oriented. Coinbase provides a good very custody service with relatively high fees, so retails don't like them but institutions do. The fact that there are high BTC price premiums and high BTC outflows on Coinbase indicates the strong buying activities from the institutional investor(s), which is the main driving force that has been pushing the price up in recent months. I would not be surprised if there is news about a big entity (or Microstrategy again) buying BTC coming out in the next couple days.
What I expect next:
Price may retest $48.6k this week, if not today. If the local bottom has been actually in, I want to see BTC ranging for a while, maybe between $49k and $43k, and forming a reaccumulation pattern before moving up again. Meanwhile, I would love to see money rotating into altcoins, especially Ethereum. In case price has not bottomed out and corrects further (possibility is 30% in my opinion), I will prepare for the $30k zone.
In conclusion, I personally think that we have found the local bottom zone and it's time to bid up, homies.
"Those who don't have the balls to buy when it dropped 20% do not deserve when it pumps 200%" (from someone on Twitter)
1. Price action has accurately followed my Blue scenario sofar (I wrote in my post on Feb-24). BTC dipped below $43.7k to f all the stop-losses and bounced back decently, front-running the bids in $40k-42k zone. I have seen a lot of people recently calling $40k-42k as strong support and bidding there. This is a zero-sum game, so if everyone could buy BTC at a good price, that would apparently be not a good price anymore.
2. BTC price touched the Kijun line at $43k. That line acts as good support in the Ichimoku indicator, just as it had in the last correction in Jan-2021. Looking into the 4H chart, we could also see that BTC has retested the 4h 200MA. In a truly BTC bull market, when price touches the 4h 200MA, it fking bounces up.
3. I have seen very strong buying power coming especially from Coinbase since Sunday evening, which has reflected in Coinbase price premium. For those who are new to this space, Coinbase is a prestigious crypto exchange that is institution-oriented. Coinbase provides a good very custody service with relatively high fees, so retails don't like them but institutions do. The fact that there are high BTC price premiums and high BTC outflows on Coinbase indicates the strong buying activities from the institutional investor(s), which is the main driving force that has been pushing the price up in recent months. I would not be surprised if there is news about a big entity (or Microstrategy again) buying BTC coming out in the next couple days.
What I expect next:
Price may retest $48.6k this week, if not today. If the local bottom has been actually in, I want to see BTC ranging for a while, maybe between $49k and $43k, and forming a reaccumulation pattern before moving up again. Meanwhile, I would love to see money rotating into altcoins, especially Ethereum. In case price has not bottomed out and corrects further (possibility is 30% in my opinion), I will prepare for the $30k zone.
In conclusion, I personally think that we have found the local bottom zone and it's time to bid up, homies.
"Those who don't have the balls to buy when it dropped 20% do not deserve when it pumps 200%" (from someone on Twitter)
