We might have a micro bottom and trend reversal. Currently price action is in a descending widening wedge. It dropped below the range briefly touching 29k. Breakout will send price back to the 37-38k region which is the point of control for the month's trading range.
I don't think the bear trend is over, and we will have to see the reaction at the point of control.
Continued drop in the descending widening wedge is possible.
No. What we just watched was the biggest bear trap scenario that we've ever seen — it lasted a whole month. In fact the manipulation was clear all the way back to the first part of the year when they started holding down Ethereum around 17k-19k.
They used China (again, for the 400th time), Elon, SEC, The Big Short guy from 2008, dumping the prices, exchanges sending out bitcoin to random accounts by accident, rumors of Biden bringing up crypto at the G7, etc.
Yet, all the while they were accumulating more crypto.
The NUPL says we haven't peaked, the stock-to-flow says we haven't peaked, the rainbow chart says we haven't peaked, the time in this bull run says we haven't peaked, the hashrate says we're about to explode, etcetera etcetera etcetera.
The goal was to get ALL OF US to sell while the mega corporations and ultra-rich aimed to make profit by partnering with crypto — Microsoft, JP Morgan, Morgan Stanley, Visa, MasterCard, Berkshire Hathaway, PayPal, Tesla, Walmart, Google, Boeing, IBM, NBA teams, the city of Miami, El Salvador, Shopify, etc.
I hope people bought dip.
Good night.
SmallDoseOfCrypto
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@Milk_N_Peanuts, Wow you are quite delusional. The chart has all the info you need. Everything else is a distraction. Institutions do not need your btc, they hold the price up.
Milk_N_Peanuts
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@SmallDoseOfCrypto, perhaps you're right. Perhaps you're not. Some people change because of the warning, and the rest change because of pain. Good luck to you.
SmallDoseOfCrypto
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@Milk_N_Peanuts, Also, institutions bought it before the bull run. Most are just buying the top after they take their profit and wait for it to get under 20k again. Supply is high and the demand to push btc upwards is mainly due to shorts getting liquidated - which is just other traders.
Milk_N_Peanuts
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@SmallDoseOfCrypto, Institutions didn't buy this before this bull run... they were in the explosive Trump stock market.
Tesla just disclosed that they bought Bitcoin at the beginning of the year.
Who else has come out, or has been outed, as buyers of crypto... because it is required to be public for the shareholders... AND IT WOULD BE MASSIVE NEWS. Give us 10 mega corporations at Tesla's level.
I'll wait.
Mikanoshi
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@SmallDoseOfCrypto, 1h chart? None of these charts have an info you need to make any reasonable prediction, no one has that info except probably those who try to move the market, and they will never tell you what's gonna happen, more likely they will try to force you to do the opposite of what you should be doing. Many bullrun indicators show that 64k was not a peak. I also think we are not done because this bullrun was pretty boring so far :D
SmallDoseOfCrypto
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@Mikanoshi, I would recommend learning about how to read institutional candles and supply demand trading. Yes you can't predict anything to far out, but you also don't have to. I was short as soon as BTC broke 41k. Did i know btc would drop to 28k? No, but i setup trades after it dropped below 32k.
Milk_N_Peanuts
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@SmallDoseOfCrypto, Dude, institutional...supply and demand? I just pointed out the HASHRATE chart to you above and you dismissed it by saying "everything else is a distraction" excluding your chart.
We're at the lowest hashrate in 8 months. the last time we were at this level we exploded up... which we saw happen today.
The whole idea of the hashrate is the speed at which BTC is being mined — basic economics tells us that the lower the supply the higher the demand... meaning the price will go up.
Come on man. I'm sorry but you are making the wrong call in shorting Bitcoin right now.
SmallDoseOfCrypto
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@Milk_N_Peanuts, You are clearly the type to buy something because it's 'on sale'. You look for information that confirms your bias. Macro wise i am sure BTC will break 64k. The fact you use Elon, SEC, China as the reason BTC dropped shows your ignorance. I actually predicted Elon tweets before large drops. Elon is nothing except a scapegoat for retail to blame. If you didn't play blame game i would take you more seriously. You should stop watching youtube bulls and do your own research. The ONLY reason btc can rise higher is because of institutional buying, there is too much supply otherwise. Retail always ends up buying the top and selling the bottom.
peacefuljustin
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@SmallDoseOfCrypto, You have to balance the fundamentals with the charts... Mid-term - Long-term fundamentals are bullish, short term we have been bearish. Price is heavily influenced by emotions. The Fear and Greed Index has been registering extremely fearful for over a month. The only way you can go after being extremely fearful is eventually creeping back up to being greedy. We can only be extremely fearful for so long. The last time we were registering this low on the Fear & Greed was March 2020 during COVID-19 global shutdowns.
Now we've been this fearful pretty much since Elon Musk's public temper tantrum and China's FUD Monsoon.... This doesn't even compare....
They used China (again, for the 400th time), Elon, SEC, The Big Short guy from 2008, dumping the prices, exchanges sending out bitcoin to random accounts by accident, rumors of Biden bringing up crypto at the G7, etc.
Yet, all the while they were accumulating more crypto.
The NUPL says we haven't peaked, the stock-to-flow says we haven't peaked, the rainbow chart says we haven't peaked, the time in this bull run says we haven't peaked, the hashrate says we're about to explode, etcetera etcetera etcetera.
The goal was to get ALL OF US to sell while the mega corporations and ultra-rich aimed to make profit by partnering with crypto — Microsoft, JP Morgan, Morgan Stanley, Visa, MasterCard, Berkshire Hathaway, PayPal, Tesla, Walmart, Google, Boeing, IBM, NBA teams, the city of Miami, El Salvador, Shopify, etc.
I hope people bought dip.
Good night.