What in the world could Bitcoin be doing.
The truth is, no one knows what is in store is for the king of the cryptos right now.
Yes, we have amazing bullish news with massive firms buying the dips lower and lower.
Yes, we have the fear and greed index at all-time lows with retail emotions running ramped into the dark and people selling wherever you look.
Yes, we also have a scary narrative with the SEC doing their utmost best to stop all forms of crypto innovation. ( The SEC Vs. Ripple Case )
Yes, it is a massive chaotic time in the crypto market, with sentiment being completely uncertain.
Putting all this aside, can the charts possibly help explain anything? Is there anything that can help alleviate our stress levels?
I feel that bitcoin has begun its next bear market. Now, before you go crazy on me and suggest I do not see clearly, I don’t believe that long-term bitcoin will fall. I believe that long-term, bitcoin is going to do extremely well. However, I am looking at the medium term on the daily chart. What can we possibly expect to unfold?
My opinion is that we see a double bottom form when bitcoin returns down to the 33000 level. Then we will start to see a bumpy, rocky, rollercoaster ride of a retracement to the upside, targeting the.702 level on the fib. Many crypto analysts think the opposite, and some agree with this. If you’ve listened to the blockchain backer before, you would know that his theory is that crypto loves the .702 Fib level for whatever reason.
I tend to agree with him.
We see Volume sloping down even though the price is slowly struggling up. This leads me to believe that we will see some relatively large move soon. I’m expecting the price to drop back down to the 33000 Level.
If we see full divergence play out on the MACD and price break breaks the 40000 level after dropping to the 33000 levels, this could give way for a long position. And what a long position it will be because it will take a long time indeed to play out and trudge slowly up towards that 59000/60000 level.
Now again, no one knows what will happen. So this is only my opinion.
2022 will be an interesting year for Bitcoin(BTC) Indeed!
The truth is, no one knows what is in store is for the king of the cryptos right now.
Yes, we have amazing bullish news with massive firms buying the dips lower and lower.
Yes, we have the fear and greed index at all-time lows with retail emotions running ramped into the dark and people selling wherever you look.
Yes, we also have a scary narrative with the SEC doing their utmost best to stop all forms of crypto innovation. ( The SEC Vs. Ripple Case )
Yes, it is a massive chaotic time in the crypto market, with sentiment being completely uncertain.
Putting all this aside, can the charts possibly help explain anything? Is there anything that can help alleviate our stress levels?
I feel that bitcoin has begun its next bear market. Now, before you go crazy on me and suggest I do not see clearly, I don’t believe that long-term bitcoin will fall. I believe that long-term, bitcoin is going to do extremely well. However, I am looking at the medium term on the daily chart. What can we possibly expect to unfold?
My opinion is that we see a double bottom form when bitcoin returns down to the 33000 level. Then we will start to see a bumpy, rocky, rollercoaster ride of a retracement to the upside, targeting the.702 level on the fib. Many crypto analysts think the opposite, and some agree with this. If you’ve listened to the blockchain backer before, you would know that his theory is that crypto loves the .702 Fib level for whatever reason.
I tend to agree with him.
We see Volume sloping down even though the price is slowly struggling up. This leads me to believe that we will see some relatively large move soon. I’m expecting the price to drop back down to the 33000 Level.
If we see full divergence play out on the MACD and price break breaks the 40000 level after dropping to the 33000 levels, this could give way for a long position. And what a long position it will be because it will take a long time indeed to play out and trudge slowly up towards that 59000/60000 level.
Now again, no one knows what will happen. So this is only my opinion.
2022 will be an interesting year for Bitcoin(BTC) Indeed!