As I've been saying. The best case scenario for Bitcoin during these upcoming months is to hold and stay above the crucial $30,000 level of support. Our worse case scenario is having daily and weekly candle closes below $30,000. Looking at the monthly chart we're approaching bearish divergence on the MACD and most likely will diverge. The question is can $30,000 continue to hold as the market continues to slowly sell off. How much more fearful can we get?
We are now back at the bottom of this channel once again. As long as we're at these levels expect Bitcoin to come back down and re-test the lows $28,750. This is nothing we haven't already seen. I can smell the fear, uncertainty, and doubt through my screen every time we range back down in the lower $30ks.
A couple things to keep in mind:
* On the Fear & Greed Index Bitcoin has been extremely fearful since May 14 and we continue to remain extremely fearful.
* This is the longest time in Bitcoins history we've been in a prolonged state of extreme fear.
* A Death Cross (200 day MA going below the 50 day MA) has already formed on June 19th.
* Bearish Divergence is approaching on the monthly MACD.
* Google Searches for Bitcoin are at a 7 month low.
* Unlike the 2017 market top & crash its confirmed that Bitcoin has been in a Wyckoff Distribution schematic. Which indicates there's big money, wall street, and major financial institutions are more directly involved in this market than ever before.
*It has so far been evident that Bitcoin between $28,000 - $31,000 have been very hot accumulations zones for whales. Of course that can always change.
*If we can't hold $30,000 then $20,000 may be our next stop.
This current market sentiment and fear will not be here forever. When we're very greedy then becoming extremely fearful becomes greater over time. After we've exhausted being extremely fearful then our human greed over time slowly starts to build up again. It is a constant back and forth.
We will come out of this period more resilient than ever. I do believe we will probably remain sluggish for the next couple of months if there's no decisive break to the downside just looking at the monthly charts. How low do we go? Nobody knows we need to take this day by day and week by week.
Don't forget the underlying power that you have by owning Bitcoin. You are you're own bank. You have digital property and freedom outside of our corroding financial system. Bitcoin is a powerful technology that monetizes peace, fairness, and mathematical integrity in economics. This is why its a big deal and will not go away.
Much peace, love, health, and wealth.
We are now back at the bottom of this channel once again. As long as we're at these levels expect Bitcoin to come back down and re-test the lows $28,750. This is nothing we haven't already seen. I can smell the fear, uncertainty, and doubt through my screen every time we range back down in the lower $30ks.
A couple things to keep in mind:
* On the Fear & Greed Index Bitcoin has been extremely fearful since May 14 and we continue to remain extremely fearful.
* This is the longest time in Bitcoins history we've been in a prolonged state of extreme fear.
* A Death Cross (200 day MA going below the 50 day MA) has already formed on June 19th.
* Bearish Divergence is approaching on the monthly MACD.
* Google Searches for Bitcoin are at a 7 month low.
* Unlike the 2017 market top & crash its confirmed that Bitcoin has been in a Wyckoff Distribution schematic. Which indicates there's big money, wall street, and major financial institutions are more directly involved in this market than ever before.
*It has so far been evident that Bitcoin between $28,000 - $31,000 have been very hot accumulations zones for whales. Of course that can always change.
*If we can't hold $30,000 then $20,000 may be our next stop.
This current market sentiment and fear will not be here forever. When we're very greedy then becoming extremely fearful becomes greater over time. After we've exhausted being extremely fearful then our human greed over time slowly starts to build up again. It is a constant back and forth.
We will come out of this period more resilient than ever. I do believe we will probably remain sluggish for the next couple of months if there's no decisive break to the downside just looking at the monthly charts. How low do we go? Nobody knows we need to take this day by day and week by week.
Don't forget the underlying power that you have by owning Bitcoin. You are you're own bank. You have digital property and freedom outside of our corroding financial system. Bitcoin is a powerful technology that monetizes peace, fairness, and mathematical integrity in economics. This is why its a big deal and will not go away.
Much peace, love, health, and wealth.