The upper trendline for the complete breakout couldn't reach to a state of a complete bull reversal. Now noobs are panicking, not understanding what's going on, saying things like "Why prices are falling", "Why not moon"?
In the meantime, those who are not blinded by market conditions and have their warchest (of TA), are not quite surprised. However, none of us know what's next. We can only make scientific guesses.
So let me do mine. The first support trendline is the one on the middle (the green one). We might bounce back from that support and retest the upper trendline once more from a lower price point. It is much easier for BTC to complete the breakout if we retest the upper trendline after bouncing back from middle trendline, rather than this ongoing move that's been happening since the first breakout we had at 8400.
However, market makers and news make the decisions more than hopeful thinking. So while there will be panic for amateurs, the pros might take advantage of this situation, short, and in the meantime drive the prices down with the rest of their warchests.
If we go below the middle trendline, that's when the real panic will begin. Negative news can quickly make the scenario even worse, since market makers tend to do massive selloffs during fud news, to increase the panic in the market, driving the prices down to the levels they like it to be.
If we go below the middle trendline, we might get massive support at 6000, since a lot of people missed the opportunity to buy at 6000. However, we will likely see even a lower low to touch the trendline.
Is it healthy for the market to see another low to have a complete bull reversal? Yup. Are we at a healthy point for a bull reversal if we restest the upper trendline bouncing from the middle trendline? Quite yes.
Since we have passed the phase of massive panic in the market, these conditions all seem pretty healthy in my opinion. Because market is getting ready for a massive bull run, and it had to what it had to.
At the end of this year, BTC will most likely see at least a 2x from the previous ATH, and the total market cap of cryptos will surpass 1.5-2 trillion $.
So just buckle your seat belts, have a bit more patience, do what you gotta do, and get ready for the next moon mission. Maybe even Jupiter?
So whatever happens during this time, it's another great opportunity to just get your favorite alts for rather cheap prices.
Enjoy this journey, most importantly.
We are lucky to be alive during these times!
CryptoPsyche
In the meantime, those who are not blinded by market conditions and have their warchest (of TA), are not quite surprised. However, none of us know what's next. We can only make scientific guesses.
So let me do mine. The first support trendline is the one on the middle (the green one). We might bounce back from that support and retest the upper trendline once more from a lower price point. It is much easier for BTC to complete the breakout if we retest the upper trendline after bouncing back from middle trendline, rather than this ongoing move that's been happening since the first breakout we had at 8400.
However, market makers and news make the decisions more than hopeful thinking. So while there will be panic for amateurs, the pros might take advantage of this situation, short, and in the meantime drive the prices down with the rest of their warchests.
If we go below the middle trendline, that's when the real panic will begin. Negative news can quickly make the scenario even worse, since market makers tend to do massive selloffs during fud news, to increase the panic in the market, driving the prices down to the levels they like it to be.
If we go below the middle trendline, we might get massive support at 6000, since a lot of people missed the opportunity to buy at 6000. However, we will likely see even a lower low to touch the trendline.
Is it healthy for the market to see another low to have a complete bull reversal? Yup. Are we at a healthy point for a bull reversal if we restest the upper trendline bouncing from the middle trendline? Quite yes.
Since we have passed the phase of massive panic in the market, these conditions all seem pretty healthy in my opinion. Because market is getting ready for a massive bull run, and it had to what it had to.
At the end of this year, BTC will most likely see at least a 2x from the previous ATH, and the total market cap of cryptos will surpass 1.5-2 trillion $.
So just buckle your seat belts, have a bit more patience, do what you gotta do, and get ready for the next moon mission. Maybe even Jupiter?
So whatever happens during this time, it's another great opportunity to just get your favorite alts for rather cheap prices.
Enjoy this journey, most importantly.
We are lucky to be alive during these times!
CryptoPsyche
Comment:
That "buckle", and "ATH" wasn't intentional btw :D