Hello, well it looks like Bitcoin has held the support of 7628 and created higher highs and higher lows and just tonight just set in a higher high for now. Now is the next move higher or we going to create another higher low?
Well getting straight into it I would like to say the higher low target would be around 7779, which was resistance than we broke through so its only naturally it will need to hold as support if we go back down.
Now atm of writing this we have seen massive volume around the support zone we needed at 7688 and with the pitchfork we created supported the idea that big buyers where buying the dumps and pushing it back up (creating the higher lows) for possible hugh move coming. Well tonight was a shy 1k btc buy, which broke to new highs and created massive pull back, yet we broke above 7800 and we are fighting it atm.
I would like to talk about the bull and bear case cause it might explain the upcoming halving problem.
Bears
-the last halving we seen a slight drop in price, yet the first one we didn't
-low volume heading into the halving, most the time thats bearish or undeceive
-wE ARe iN a BeAR maRkET (pretty dumb argument since market cycles can change anytime and not hitting a new ath or a new atl doesn't mean its a bear or bull market)
-r/CryptoCurrency has less traffic (major sub of 2017-2019 has dropped in user activity late last year and this year, yet hit 1million subs this year)
-Like the stock market many people believe we will follow or head down soon, yet both markets are going up.
Now there could be more Bear cases, yet I think people just expect a dump and just want to leverage their money so much on a short like the story Jon007 on Bitfnex, yet don't take in what has happen.
Bulls
-the first halving didn't see a drop and just went up slowly
-On many stock to flow charts we have already bottom
-Traffic on BTC network has been picking up.
-in 2018 before the dump to 3kish, many whales have bought around the 6-7k before and now is no different.
-GBTC seeing massive movement and have raised substancial amount of money through this market cycle
-We have had a full capitulation with COVID dropping the price all the way back to 3k and bouncing back up to the price its at now (why many people want to short BTC to 2k)
There are more on both sides, but how I view the market is the fundementals will overcome market sentiment, yet TA is the same as the last post and will link.
New additions to this is
mystery support at 7779
support levels micro level is 7746 and 7719
Major support at 7688
Target resistance at 8196, which looking at the daily its target is around end of april start of may (just a view days like cryptozombie video TA)
Well getting straight into it I would like to say the higher low target would be around 7779, which was resistance than we broke through so its only naturally it will need to hold as support if we go back down.
Now atm of writing this we have seen massive volume around the support zone we needed at 7688 and with the pitchfork we created supported the idea that big buyers where buying the dumps and pushing it back up (creating the higher lows) for possible hugh move coming. Well tonight was a shy 1k btc buy, which broke to new highs and created massive pull back, yet we broke above 7800 and we are fighting it atm.
I would like to talk about the bull and bear case cause it might explain the upcoming halving problem.
Bears
-the last halving we seen a slight drop in price, yet the first one we didn't
-low volume heading into the halving, most the time thats bearish or undeceive
-wE ARe iN a BeAR maRkET (pretty dumb argument since market cycles can change anytime and not hitting a new ath or a new atl doesn't mean its a bear or bull market)
-r/CryptoCurrency has less traffic (major sub of 2017-2019 has dropped in user activity late last year and this year, yet hit 1million subs this year)
-Like the stock market many people believe we will follow or head down soon, yet both markets are going up.
Now there could be more Bear cases, yet I think people just expect a dump and just want to leverage their money so much on a short like the story Jon007 on Bitfnex, yet don't take in what has happen.
Bulls
-the first halving didn't see a drop and just went up slowly
-On many stock to flow charts we have already bottom
-Traffic on BTC network has been picking up.
-in 2018 before the dump to 3kish, many whales have bought around the 6-7k before and now is no different.
-GBTC seeing massive movement and have raised substancial amount of money through this market cycle
-We have had a full capitulation with COVID dropping the price all the way back to 3k and bouncing back up to the price its at now (why many people want to short BTC to 2k)
There are more on both sides, but how I view the market is the fundementals will overcome market sentiment, yet TA is the same as the last post and will link.
New additions to this is
mystery support at 7779
support levels micro level is 7746 and 7719
Major support at 7688
Target resistance at 8196, which looking at the daily its target is around end of april start of may (just a view days like cryptozombie video TA)
