This
BTCUSD
analysis derives from a strategy I've put together over the past few months, based mostly on using the Bollinger Bands to generate future key market levels.
All support and resistance levels are calculated based on the volatility of a specified time / price range. In this example, the base S&R points used are marked in blue. A video explanation can be provided at some point if there's interest. . it is a relatively simple strategy that has yielded surprisingly accurate key levels, well out into the future.
Now, here's my stand on current
BTCUSD
price:
Lots and lot of clear price exhaustion... will likely lead to further downside. There's a huge recessionary cloud above our heads, and it isn't likely to go away. Bitcoin is moving like an unprofitable tech stock, and the near-term future is very dim for names in that category.
That said, I have very little faith in the present level $18k-$20k support for BTC. While this is a good area to begin an incremental DCA strategy, I would deter most from flippinh bullish here. My personal risk strategy involves another gradual move to a lower range which will see Bitcoin re-test the 10k - 14k zone. This is a price zone Bitcoin previously zipped through with solely buying volume and almost no sellers. This almost always creates clear areas price will one day re-test, and we may see that time come in the coming weeks to months... This time around, I am expecting to see more price discovery in the range. In other words, not expecting an immediate bounce off these oversold levels.
Thanks to anybody who stopped by! Good luck in the future.
BTCUSD
analysis derives from a strategy I've put together over the past few months, based mostly on using the Bollinger Bands to generate future key market levels. All support and resistance levels are calculated based on the volatility of a specified time / price range. In this example, the base S&R points used are marked in blue. A video explanation can be provided at some point if there's interest. . it is a relatively simple strategy that has yielded surprisingly accurate key levels, well out into the future.
Now, here's my stand on current
BTCUSD
price: Lots and lot of clear price exhaustion... will likely lead to further downside. There's a huge recessionary cloud above our heads, and it isn't likely to go away. Bitcoin is moving like an unprofitable tech stock, and the near-term future is very dim for names in that category.
That said, I have very little faith in the present level $18k-$20k support for BTC. While this is a good area to begin an incremental DCA strategy, I would deter most from flippinh bullish here. My personal risk strategy involves another gradual move to a lower range which will see Bitcoin re-test the 10k - 14k zone. This is a price zone Bitcoin previously zipped through with solely buying volume and almost no sellers. This almost always creates clear areas price will one day re-test, and we may see that time come in the coming weeks to months... This time around, I am expecting to see more price discovery in the range. In other words, not expecting an immediate bounce off these oversold levels.
Thanks to anybody who stopped by! Good luck in the future.