BITCOIN's REAL VALUE AT <25K INSTEAD OF 12K AS WE SPEAKING !
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Comment:
We closed the September's Monthly Candle on the RED.
Bitcoin's price opened at 11.650$ in the Beginning of September's Month and closed at 10.7-10.8K U$D level. It also wicked at around 9.9K-9.8K area which indicated some what sort of 'support'
At the moment this idea is being updated, is the second of October's month, a day which saw approx. a 4% downfall in BTC'S price, upon Bitcoin's correlation with Stock Market that sold off due to fear of Trump's resulting positive for Covid-19.
Will the markets overall continue bleeding in October as it progress and also on November's month of US Presidential Elections !?
-That is yet to be seen, however, we should also look at Oil, VIX, DXY, Junk Bonds.
They are ALL strong indicators telling us pre- SELL OFF.
Especially at the OIL's Market PLUNGE and DXY pumps.
The only way I see Bitcoin mooning, is if it's correlation decouples with other markets, or if Dollar crashes[ which I don't believe it will for at least for 1to5 more decades.
TRADE SAFE!
NOTE
10.1K is a strong SUPPORT-RESISTANCE level for Bitcoin, and also a strong psychological price area for Bitcoin traders trying to know how the TREND WILL GO.
We are sitting at 10.5K for now, and if 10.1K breaks, look forwards for lower entries at 7-7.5K, if CME GAP of 9.6K doesn't hold as a psychological indicator for traders wanting to long from there.
And if that 7K does NOT HOLD as SUPPORT while many anticipate to long HEAVILY from there, 3.5K will be the ultimate bottom to me on how Bad I see Bitcoin going at. Maybe not on October, but within of the last Quarter of 2020,
Remember that CME has also an opened GAP there, down below at 3.5K, not that it MUST go there so it can be filled, but it often gets filled.
Bitcoin's price opened at 11.650$ in the Beginning of September's Month and closed at 10.7-10.8K U$D level. It also wicked at around 9.9K-9.8K area which indicated some what sort of 'support'
At the moment this idea is being updated, is the second of October's month, a day which saw approx. a 4% downfall in BTC'S price, upon Bitcoin's correlation with Stock Market that sold off due to fear of Trump's resulting positive for Covid-19.
Will the markets overall continue bleeding in October as it progress and also on November's month of US Presidential Elections !?
-That is yet to be seen, however, we should also look at Oil, VIX, DXY, Junk Bonds.
They are ALL strong indicators telling us pre- SELL OFF.
Especially at the OIL's Market PLUNGE and DXY pumps.
The only way I see Bitcoin mooning, is if it's correlation decouples with other markets, or if Dollar crashes[ which I don't believe it will for at least for 1to5 more decades.
TRADE SAFE!
NOTE
10.1K is a strong SUPPORT-RESISTANCE level for Bitcoin, and also a strong psychological price area for Bitcoin traders trying to know how the TREND WILL GO.
We are sitting at 10.5K for now, and if 10.1K breaks, look forwards for lower entries at 7-7.5K, if CME GAP of 9.6K doesn't hold as a psychological indicator for traders wanting to long from there.
And if that 7K does NOT HOLD as SUPPORT while many anticipate to long HEAVILY from there, 3.5K will be the ultimate bottom to me on how Bad I see Bitcoin going at. Maybe not on October, but within of the last Quarter of 2020,
Remember that CME has also an opened GAP there, down below at 3.5K, not that it MUST go there so it can be filled, but it often gets filled.
We are AT a current CANDLE , a DECISIVE MONTH/Candle for Bitcoin.
If this next Green Candle manages to create SUPPORT on the Yellow Trendline and pushes BTC's Price Higher than 12.5K which is a STRONG RESISTANCE AREA, expect more UPSIDE Movement on Price and a NEW BULL RUN CASE which supposedly was INTERRUPTED from the World Wide Pandemic that Plunged the price of Bitcoin to 3.8K in MARCH 2020.
Bear with Patience on this Monthly Candle, which will let us know Everything about Bitcoin's TREND, wether BULLISH or BEARISH