BTC has gone so far down that it has put itself under many resistance points. For Bitcoin to go up, we'll need two types of rocket fuel: Institutional and retail investors. Having said that these are the resistance point BTC is facing:
1 - We are for the first time ever under the 200 moving average within the weekly timeframe.
2 - Many households have depleted their savings and debt has become much more expensive
3 - the U.S. economy is in a recession
What is needed for institutional investors to jump back in? The assurance that the supply of Bitcoin has been exhausted. What does that mean? They want to make sure that all of us have sold our Bitcoins and most important that they have most of the cheap BTC out there. They want to make sure that they can drive the price up (by shuffling their BTC around) and entice us to buy their marked-up prices. The real issue is that there is a bit more Bitcoin out there that they need to separate from their owners. We are not 100% done. Retail investors will jump in during a robust economy and when the media starts talking about BTC in positive ways again. Needless to say, this is not going to happen soon, we are still experiencing the bottom. We are at the bottom now we're just not sure how deep it is, we need one more dip I believe.
On the daily timeframe, this is what we're facing: Any move up results in a massive rejection, BTC is stuck trying to exit the range and if rejected it may end up at around the bottom of the range. Also on the 1D the 50MA is rejecting any move up since mid-August. If rejected again BTC will end up at the 19K area. If selling momentum picks up BTC will end up at 17K and from there 12K is the next stopping point. If we get to 12K expect that to be the bottom.
On the 3D timeframe, it looks even harder for BTC to move up. As I said before, it is stuck under the 200MA and under heavy resistance at 24K. At this point, it just does not look good for the bulls.
VERY IMPORTANT: Hitting the "Like" button is like a tip, please don't forget to do so after reading, this is your way of thanking me for my time and so I thank you for yours.
1 - We are for the first time ever under the 200 moving average within the weekly timeframe.
2 - Many households have depleted their savings and debt has become much more expensive
3 - the U.S. economy is in a recession
What is needed for institutional investors to jump back in? The assurance that the supply of Bitcoin has been exhausted. What does that mean? They want to make sure that all of us have sold our Bitcoins and most important that they have most of the cheap BTC out there. They want to make sure that they can drive the price up (by shuffling their BTC around) and entice us to buy their marked-up prices. The real issue is that there is a bit more Bitcoin out there that they need to separate from their owners. We are not 100% done. Retail investors will jump in during a robust economy and when the media starts talking about BTC in positive ways again. Needless to say, this is not going to happen soon, we are still experiencing the bottom. We are at the bottom now we're just not sure how deep it is, we need one more dip I believe.
On the daily timeframe, this is what we're facing: Any move up results in a massive rejection, BTC is stuck trying to exit the range and if rejected it may end up at around the bottom of the range. Also on the 1D the 50MA is rejecting any move up since mid-August. If rejected again BTC will end up at the 19K area. If selling momentum picks up BTC will end up at 17K and from there 12K is the next stopping point. If we get to 12K expect that to be the bottom.
VERY IMPORTANT: Hitting the "Like" button is like a tip, please don't forget to do so after reading, this is your way of thanking me for my time and so I thank you for yours.
