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dRends35
Sep 6, 2022 2:43 PM

BITCOIN - Time To Have A Sip Of Coffee ☕ 

INDEX:BTCUSD1D
Bitcoin all time history indexINDEX

Description

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Ok guys

Time to stop snoozing and wake up here.

Indexes continue to capitulate down Nasdaq currently 1.3% but BTC is holding firm here at 0% for the day currently.

This is a very interesting and also by my own reasoning quite unexpected.

But its important to go with what the market is showing us.

Also some alts seem to be pushing up somewhat - ETH and SOL making some upward movement.

And so there's nothing much to add to the BTC chart since this is all about whats happening elsewhere.

But a key detail is that it is sitting plumb in the blue retracement band that I drew some time ago.

And I did also say that this would be the buy area.

I just didnt expect it to be with indexes capitulating.

And so i'm going to watch and wait for now.

But for as long as BTC holds this blue band it is starting to look good for a bounce.

Especially if it can hold this area while indexes crash.

Not denoting "long" as i'm not buying yet.

Just watching for now...

Not advice.

Comment

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LIKE / COMMENT - You know the drill 👍🏻.

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Well thats that 🌧️😸.

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And now crypto is a sea of red again. UNI down 10% today! How low will they go 🤔...

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There is no mention of "6K" or any targets here...
Trend AnalysisContains image
Comments
Vibranium_Capital
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interesting work here as always. I doubt 6k comes. strong support at 18-20k
dRends35
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@Vibranium_Capital, Its already at 18-20 since June.
EJKMM
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I would probably target 12k first. 6k seems a bit low.
dRends35
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@EJKMM, I didnt mention any targets.
EJKMM
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I know, because of the uncertain you haven’t specified any so far but in my view 6k is too low and don’t think we will reach it but who knows
dotcom880
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Welp! 6K here we come?
dRends35
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@dotcom880, Thats the million $ question. Much more difficult than calling BTC 20K from 60K.
parrottap
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If you had to throw a range out there, what would you estimate it is based on what you're seeing within the charts paired w/ other macro factors?
dRends35
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@parrottap, Its very hard to tell from afar because BTC has never been in this type of bear market and its difficult to know how low stock indexes will go and how BTC will react to that. Its a matter of following the breadcrumb trail from herein.
lanreydon
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I was so tempted to enter the market if not for your analysis. Pls let us know when your bias change.. Big up and we waiting for the group
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