I know the question that is on most people's minds right now...
Is the drop over for Bitcoin?
Is the bottom in?
Bitcoin Daily Chart Analysis
We are looking at the daily timeframe for the BTCUSD pair.
Yesterday we hit a new low set at $17,605.
It is the first time Bitcoin see this price since November 2020.
It is only the second time that Bitcoin goes through $18,000 on the downside...
Now, as for your questions, we have to wait.
Yesterday marked a new low and a break of a very long-term support level and that is the $20,000 level.
Since we just lost $20,000 as support for the first time in years, we have to wait for several additional sessions to close before we can have a better picture.
TD Sequential is at -8 and can easily go lower but that is why we need to wait and see.
The RSI hit its lowest level since March 2020.
We call it weak/oversold but there is room for lower even if prices recover.
We wait for this daily and weekly candle closure.
Prices can grow and close above $20,000 weekly sending out a positive and sure recovery signal, but if instead the weekly closes below we have to be very careful and wait a bit longer to see how things develop.
We will look together at the weekly timeframe later on today and I am hoping that you can join me.
Other factors to consider
Mercury is now fully direct and out of its post-shadow phase, with Saturn going retrograde this can only signal one clear thing... WORK!
To me work translate into a green market and we count this one as a bullish signal; not enough, we need more.
The crypto fear and greed index is almost at its lowest ever... The sentiment reads extreme fear and normally this reflects a market that is bottoming out or going through a crash/bear-run.
The signal in this case is in reverse just like the RSI.
When the indicator is weak, for us it signals that things can easily turn.
When the sentiment is bad down, it is time to prepare to buy because for the majority of people it takes time to adapt to new market development and conditions, they don't know that things will soon change.
While we were looking at the bottom/low, the crash, bear-run, etc. back in January, February, and March of this year, most people are only realizing it now.
While we start to prepare for the next bull phase and the Altcoins market bull run, people are in a panic thinking that cryptocurrency is really done for.
I am not sharing this to degrade the masses or talk baldly about other people...
I am sharing this to point out this amazing tool that we have.
Even though this is public, this is specialized information and can work in our favor.
Knowing things beforehand can lead to success in the long run.
Conclusion
It doesn't matter what happens, after the next drop prices grow.
After a bearish wave comes to a bullish wave...
Patience is key.
We buy and patiently we hold.
Long-term.
Is the drop over for Bitcoin?
Is the bottom in?
Bitcoin Daily Chart Analysis
We are looking at the daily timeframe for the BTCUSD pair.
Yesterday we hit a new low set at $17,605.
It is the first time Bitcoin see this price since November 2020.
It is only the second time that Bitcoin goes through $18,000 on the downside...
Now, as for your questions, we have to wait.
Yesterday marked a new low and a break of a very long-term support level and that is the $20,000 level.
Since we just lost $20,000 as support for the first time in years, we have to wait for several additional sessions to close before we can have a better picture.
TD Sequential is at -8 and can easily go lower but that is why we need to wait and see.
The RSI hit its lowest level since March 2020.
We call it weak/oversold but there is room for lower even if prices recover.
We wait for this daily and weekly candle closure.
Prices can grow and close above $20,000 weekly sending out a positive and sure recovery signal, but if instead the weekly closes below we have to be very careful and wait a bit longer to see how things develop.
We will look together at the weekly timeframe later on today and I am hoping that you can join me.
Other factors to consider
Mercury is now fully direct and out of its post-shadow phase, with Saturn going retrograde this can only signal one clear thing... WORK!
To me work translate into a green market and we count this one as a bullish signal; not enough, we need more.
The crypto fear and greed index is almost at its lowest ever... The sentiment reads extreme fear and normally this reflects a market that is bottoming out or going through a crash/bear-run.
The signal in this case is in reverse just like the RSI.
When the indicator is weak, for us it signals that things can easily turn.
When the sentiment is bad down, it is time to prepare to buy because for the majority of people it takes time to adapt to new market development and conditions, they don't know that things will soon change.
While we were looking at the bottom/low, the crash, bear-run, etc. back in January, February, and March of this year, most people are only realizing it now.
While we start to prepare for the next bull phase and the Altcoins market bull run, people are in a panic thinking that cryptocurrency is really done for.
I am not sharing this to degrade the masses or talk baldly about other people...
I am sharing this to point out this amazing tool that we have.
Even though this is public, this is specialized information and can work in our favor.
Knowing things beforehand can lead to success in the long run.
Conclusion
It doesn't matter what happens, after the next drop prices grow.
After a bearish wave comes to a bullish wave...
Patience is key.
We buy and patiently we hold.
Long-term.