Its always a Gamblers Paradise in trading and that is why staying informed and having a game plan with strategies for the price going in either direction
After yesterdays analysis leaving the opening to a move in either direction where if we broke above and held $60k that we were looking for breaks to the upside, and then also if we broke down that if we broke below $54k-$55k that we would be looking for more moves to the downside..
We saw the break down after stopping our breakout at $59.9k ---> MAINLY DUE TO EVERYONE BEING ENTIRELY TOO BULLISH AND LONGS HEAVILY OUTWEIGHING THE SHORTS.
If you look anywhere in the Crypto Community, i.e. twitter, facebook, reddit, news articles etc.. you will see that EVERYONE has flipped to an HEAVY BEARISH OUTLOOK. I have seen people even bringing up that Bitcoin is going to $0 and bringing up items from the Bitcoin Obituaries site.
But put all that aside and look at the technicals. IF a break below the $56k point was going to happen and was not just a wick down and recovered above support, then the next support I was hearing from more most was between $48k to $50k.
Overall, Its obvious that the price is being HEAVILY MANIPULATED downward since $69k.
And with the breakout attempt that came yesterday it got a bunch of MoonBoy's and Fomo Joe's out from being in hiding.. So what happened? Market Makers just crushed every MoonBoy's and Fomo Joe's dreams having the price fall back the bottom of the support box, the price was recovering and then punished them further by forcing the panic sell of about $3500 off the market price. Think about how much $$ it takes to shave off that much in market price.
Here is the merit that bitcoin CAN START ITS ASCENT AGAIN off the $54k price level
It is held in some hidden technical analysis that it takes a trained set of eyes and understanding of market psychology for the market makers perspective. I looked at multiple timeframes and made some very small adjustments to the trend lines and it shows a clearer picture.
After the few changes I made with the new data and price action, we can see something like this since October 2021
Bitcoin Index 1D Chart
We have 3 separate falling wedges that have formed, along with the 11 year trend line that we are still holding as support. Falling Wedges are Bullish Continuation Patters and have a very low probability of breaking to the downside.
Bitcoin Index 1D chart:
When we look at this in comparison to some previous price action we are able to see that the percentages of throwbacks compared to the last, we are just about even give or take a few points. This would be showing that if we are going to make a bottom we would be needing to do it between $52.5k and $54k. Keeping candlebodies above the 11 Year trend line would be much better from a technical standpoint.
Bitcoin Index 1D Chart:
Looking at the timeframes of each throwback as well as the bottom we made from before at $29.5k. We are also already in the range of where we would be expecting a bounce. We have a triple falling wedge formation that has built at the bottom, half way up the recovery and then also that starts above the Previous ATH and has moved back into the top of that previous candlestick pattern. Having multiple falling wedges on the top too is also very strong from a bullish side of analysis
My custom Indicator at the bottom is still showing a wave curled to the upside even with the dump yesterday, and If you look back at the last breakout we made on the indicator, we could possibly see something similar to this.
We can see that the matching of the last price movement, we would look at an overall price target of $92k when confirmations of the breakout are made.
So far, given the support level being held with candle body above the 11 year trend line, and that we are respecting multiple falling wedges either from the bottom(support) trend line or using the top (previous resistance) trend line of these falling wedges as support. This is still holding up as a very bullish formation even with the dump we had yesterday which if you look, topped at the largest falling wedges top trend line and then got supported by its bottom line.
We are also holding the trend line from the bottom that started the initial breakout (in green). If we break below and close daily candles below these support points ive labeled... THEN WILL I BE LOOKING AT CHANGING MY BIAS.
UNTIL THEN, IF you are still not in a position wait for the confirmation of a breakout to be mad and then look at placing positions.
IF you are still currently in a position like I am, then you can look at DCA more into your position and work that entry point down, but keep some stop losses around $51k. We could possibly see some wicks down to $52.5k still but that is still yet to see.
If you already switched your Bias please go back to the top and read again :)
After yesterdays analysis leaving the opening to a move in either direction where if we broke above and held $60k that we were looking for breaks to the upside, and then also if we broke down that if we broke below $54k-$55k that we would be looking for more moves to the downside..
We saw the break down after stopping our breakout at $59.9k ---> MAINLY DUE TO EVERYONE BEING ENTIRELY TOO BULLISH AND LONGS HEAVILY OUTWEIGHING THE SHORTS.
If you look anywhere in the Crypto Community, i.e. twitter, facebook, reddit, news articles etc.. you will see that EVERYONE has flipped to an HEAVY BEARISH OUTLOOK. I have seen people even bringing up that Bitcoin is going to $0 and bringing up items from the Bitcoin Obituaries site.
But put all that aside and look at the technicals. IF a break below the $56k point was going to happen and was not just a wick down and recovered above support, then the next support I was hearing from more most was between $48k to $50k.
Overall, Its obvious that the price is being HEAVILY MANIPULATED downward since $69k.
And with the breakout attempt that came yesterday it got a bunch of MoonBoy's and Fomo Joe's out from being in hiding.. So what happened? Market Makers just crushed every MoonBoy's and Fomo Joe's dreams having the price fall back the bottom of the support box, the price was recovering and then punished them further by forcing the panic sell of about $3500 off the market price. Think about how much $$ it takes to shave off that much in market price.
Here is the merit that bitcoin CAN START ITS ASCENT AGAIN off the $54k price level
It is held in some hidden technical analysis that it takes a trained set of eyes and understanding of market psychology for the market makers perspective. I looked at multiple timeframes and made some very small adjustments to the trend lines and it shows a clearer picture.
After the few changes I made with the new data and price action, we can see something like this since October 2021
Bitcoin Index 1D Chart
We have 3 separate falling wedges that have formed, along with the 11 year trend line that we are still holding as support. Falling Wedges are Bullish Continuation Patters and have a very low probability of breaking to the downside.
Bitcoin Index 1D chart:
When we look at this in comparison to some previous price action we are able to see that the percentages of throwbacks compared to the last, we are just about even give or take a few points. This would be showing that if we are going to make a bottom we would be needing to do it between $52.5k and $54k. Keeping candlebodies above the 11 Year trend line would be much better from a technical standpoint.
Bitcoin Index 1D Chart:
Looking at the timeframes of each throwback as well as the bottom we made from before at $29.5k. We are also already in the range of where we would be expecting a bounce. We have a triple falling wedge formation that has built at the bottom, half way up the recovery and then also that starts above the Previous ATH and has moved back into the top of that previous candlestick pattern. Having multiple falling wedges on the top too is also very strong from a bullish side of analysis
My custom Indicator at the bottom is still showing a wave curled to the upside even with the dump yesterday, and If you look back at the last breakout we made on the indicator, we could possibly see something similar to this.
We can see that the matching of the last price movement, we would look at an overall price target of $92k when confirmations of the breakout are made.
So far, given the support level being held with candle body above the 11 year trend line, and that we are respecting multiple falling wedges either from the bottom(support) trend line or using the top (previous resistance) trend line of these falling wedges as support. This is still holding up as a very bullish formation even with the dump we had yesterday which if you look, topped at the largest falling wedges top trend line and then got supported by its bottom line.
We are also holding the trend line from the bottom that started the initial breakout (in green). If we break below and close daily candles below these support points ive labeled... THEN WILL I BE LOOKING AT CHANGING MY BIAS.
UNTIL THEN, IF you are still not in a position wait for the confirmation of a breakout to be mad and then look at placing positions.
IF you are still currently in a position like I am, then you can look at DCA more into your position and work that entry point down, but keep some stop losses around $51k. We could possibly see some wicks down to $52.5k still but that is still yet to see.
If you already switched your Bias please go back to the top and read again :)
