Why Bitcoin BTC May NEVER Go Below 10K Soon - 1 More Chance?
This may be a bit of an extreme opinion on Bitcoin BTC but this is more based on fundamentals alongside some technicals.
Over the last few months that BTC has consolidated over & under 10,000 it seems like there’s a genuine buyers market under the 10,000 level where people don’t mind buying BTC.
Along with that, big evens are important especially going from 4-5 digits & I believe the whales want to maintain a 5 digit numerical value towards BTC.
These may seem like simple factors but they are very important as it all plays a part in the emotional side of buying/selling assets which is 80% of what drives markets.
Fundamentally, we are seeing a lot of major institutions accept BTC or adopt it. Gold is still in a bullish uptrend after breaking a weekly resistance its held since 2014. There’s an upcoming recession expected & we know the versatility/ dynamics of BTC was built for times like this.
Technically speaking, moving averages play a big part in this cycle. Bitcoin has crossed below the 50d / 100d moving average several times but seems to just keep finding its way above it.
Most people who are short on BTC just want it at lower levels. Even with the lower volume than the initial rally, i believe it’ll only take one push of good news to break the emotional barrier for more capital to flow in and continue the trend. If it breaks over 13k then I don’t believe we will see a Bitcoin under 10k anymore as that will ignite major attention.
We can learn a lot from Ethereum's ETHUSD recent breakout from 189 to 215. We have moved above the 50D moving average which Bitcoin BTC is still below.I believe Bitcoin BTC will follow Ethereum ETH soon and breakout from this pennant above the 50D moving average. Bitcoin Dominance is becoming oversold & hitting a major support.
As we know the manipulation in this market is high, we saw a nice BTC push up today as expected, however the sell volume came in just as fast as the buyers so this leads me to assume we may see another short by whales to bring price closer to 10k even.
Circled in green we can see very similar market structure that we recently experienced which was followed by a breakout. With BTC dominance, and Ethereum ETH looking to see a correction soon, I believe BTC will follow with one more push down. We also are under the BTCUSD 4hr EMA along with the 100D / 50D moving average. (Both bearish short term for me.)
We can learn a lot from Ethereum's recent breakout as it went above the 50D MA and I believe BTC will follow once we finalize this major pennant structure.
This breakout is taking a bit too much time which leads me to assume it’s going to be a possible short once more to complete the structure with BTC. Ethereum seems ready to take a corrective plunge & I believe BTC may follow as it has been with recent movements. BTCD is not showing the strength I’d like to see, and Gold XAUUSD is also not showing strength with room for downside.
We may have another chance to grab Bitcoin under 10K as it seems as if sellers are still strong & we still can touch one more point on the ascending triangle that’s forming on the daily timeframe (refer to above chart).
My ideal scenario would be a bounce at 9800-9900 again allowing for the bulls to show the bears that they’re still strong. The completion of the ascending triangle would be a bounce around 9600-9700.
If we don’t see the sellers come in then we may have a nice BTC breakout of this triangle. Looking at gold we are also seeing strong sell pressure so we may see a similar move there.
Over the last few months that BTC has consolidated over & under 10,000 it seems like there’s a genuine buyers market under the 10,000 level where people don’t mind buying BTC.
Along with that, big evens are important especially going from 4-5 digits & I believe the whales want to maintain a 5 digit numerical value towards BTC.
These may seem like simple factors but they are very important as it all plays a part in the emotional side of buying/selling assets which is 80% of what drives markets.
Fundamentally, we are seeing a lot of major institutions accept BTC or adopt it. Gold is still in a bullish uptrend after breaking a weekly resistance its held since 2014. There’s an upcoming recession expected & we know the versatility/ dynamics of BTC was built for times like this.
Technically speaking, moving averages play a big part in this cycle. Bitcoin has crossed below the 50d / 100d moving average several times but seems to just keep finding its way above it.
Most people who are short on BTC just want it at lower levels. Even with the lower volume than the initial rally, i believe it’ll only take one push of good news to break the emotional barrier for more capital to flow in and continue the trend. If it breaks over 13k then I don’t believe we will see a Bitcoin under 10k anymore as that will ignite major attention.
We can learn a lot from Ethereum's ETHUSD recent breakout from 189 to 215. We have moved above the 50D moving average which Bitcoin BTC is still below.I believe Bitcoin BTC will follow Ethereum ETH soon and breakout from this pennant above the 50D moving average. Bitcoin Dominance is becoming oversold & hitting a major support.
As we know the manipulation in this market is high, we saw a nice BTC push up today as expected, however the sell volume came in just as fast as the buyers so this leads me to assume we may see another short by whales to bring price closer to 10k even.
Circled in green we can see very similar market structure that we recently experienced which was followed by a breakout. With BTC dominance, and Ethereum ETH looking to see a correction soon, I believe BTC will follow with one more push down. We also are under the BTCUSD 4hr EMA along with the 100D / 50D moving average. (Both bearish short term for me.)
We can learn a lot from Ethereum's recent breakout as it went above the 50D MA and I believe BTC will follow once we finalize this major pennant structure.
This breakout is taking a bit too much time which leads me to assume it’s going to be a possible short once more to complete the structure with BTC. Ethereum seems ready to take a corrective plunge & I believe BTC may follow as it has been with recent movements. BTCD is not showing the strength I’d like to see, and Gold XAUUSD is also not showing strength with room for downside.
We may have another chance to grab Bitcoin under 10K as it seems as if sellers are still strong & we still can touch one more point on the ascending triangle that’s forming on the daily timeframe (refer to above chart).
My ideal scenario would be a bounce at 9800-9900 again allowing for the bulls to show the bears that they’re still strong. The completion of the ascending triangle would be a bounce around 9600-9700.
If we don’t see the sellers come in then we may have a nice BTC breakout of this triangle. Looking at gold we are also seeing strong sell pressure so we may see a similar move there.
Comment:
Gold just completed the market structure down exactly as we expect with Bitcoin. I’m still sticking to the short before we see a breakout. Looking at 9600-9800 target.
Comment:
BTC / ETH / Gold Update:
Bitcoin BTC has been holding its support really strong even with all the sell pressure from gold.
Gold made a huge move today bringing it back to support and now there’s a lot of upside potential for gold.
What surprised me the most is BTC maintaining above 10100 even after the mass gold sell off.
This may mean there may not be enough sell volume for BTC or the whales are holding back.
With BTC around 10100-10200 I think it’s safe to place an entry with a 10k even stop because the upside potential is massive after seeing what happened with Ethereum.
BTC dominance and Gold hit the support levels I’ve been watching for but BTC was the only one that didn’t drop to the ascending support I wanted.
This is bullish for me as buyers are holding price up and when the sellers get exhausted price will go up.
Bitcoin BTC has been holding its support really strong even with all the sell pressure from gold.
Gold made a huge move today bringing it back to support and now there’s a lot of upside potential for gold.
What surprised me the most is BTC maintaining above 10100 even after the mass gold sell off.
This may mean there may not be enough sell volume for BTC or the whales are holding back.
With BTC around 10100-10200 I think it’s safe to place an entry with a 10k even stop because the upside potential is massive after seeing what happened with Ethereum.
BTC dominance and Gold hit the support levels I’ve been watching for but BTC was the only one that didn’t drop to the ascending support I wanted.
This is bullish for me as buyers are holding price up and when the sellers get exhausted price will go up.
Comment:
BTC Update:
Our analysis couldn’t of been more spot on. BTC saw the push we needed above 10k. At this point I’m expecting us to see another big push out of this triangle and above the 50d moving average. If we can stay strong and pass 11k then we may have some new highs in the horizon.
Our analysis couldn’t of been more spot on. BTC saw the push we needed above 10k. At this point I’m expecting us to see another big push out of this triangle and above the 50d moving average. If we can stay strong and pass 11k then we may have some new highs in the horizon.
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