Hey!
Hope everyone is doing well today, we've got a lot going on but just gonna give a quick Bitcoin analysis here so thanks for tuning in!
Bitcoin is looking well on the 1 day RSI and if we take a look at the candlestick chart we can see that there is definitely more buying than selling pressure going on, not to mention Ukraine has even legalized the crypto sector!
However
Don't let this trick you into jumping in or go in for the FOMO.
Market Makers
This is the key word right now.
First Scenario
Fall then the real move up?
If you look at the chart you can clearly see how market makers have managed to bring the price up, only to then dump on it this month. Bitcoin managed to keep well following the Fed's interest rate hikes and as a result most of the market has followed in tune. In the next two days we could see Bitcoin move back up to 44k and see a prompt dump around 45 or $45,600 if not earlier. We likely won't be the only ones watching out for that level and if anything some whales could start selling a little earlier to play things safe.
So we will likely see a dump or at lest some sort of fall at that level. If that happens the next number to watch for support would be $42,800 on the Fib retracement. If we fail to keep above 42 by that point and instead just get dumped hard again 39k would be that last zone to watch on the wedge before a push back up otherwise if that fails then we definitely will see a leg down.
Second Scenario
Breakout Soon?
Bitcoin on the day chart is in an ascending tringle. Considering where we are in general, this is good. We've managed to establish solid support at 37k on the weekly candle and as long as BTC can manage to keep above that point then thing's are solid for the long term. Depending on whether or not Bitcoin can manage to fight the Market Makers it could breakout if it pushes above $45,600 where it has kept getting dumped the last two times it entered that range. Basically Bitcoin would break the wedge it is currently in and we would see a significant breakout much like we saw February 4th. Bitcoin had a rising wedge on the hourly, got dumped on February 2nd, then the 3rd it held it's ground, and the 4th we saw the monumental pump from 37,000 to $41,600 which then continued up to 45k before falling again. This could be much like what we saw happen with that February move but it would be on the daily chart time frame. 'Basically' it will be more drastic move as we're comparing now a much larger time frame vs something that happened on a smaller one. So be ready for a big move.
Closing Statement:
Before I close these two scenario's I want to put in that we most likely will see a move down before we get that 'final' move to the upside. Market makers have the ability to make everything look solid and like there's strong support which of course incites a lot of buying. Personally when I see a big and relatively fast move to the upside I like to wait and sit. Those big moves up are the market makers buying and taking advantage of whatever positive narrative there may be, and most often what follows is the dump when they take that short term profit. I believe in Bitcoin and Crypto in the long run most definitely. However short term we will see a dramatic move. Now whether or not that will be up or down, simply depends on if BTC keeps in that triangle and breaks out to the upside or gets dumped even harder the third time and falls through. However as I like to think. "Third times a charm"
Thank you for taking the time to ready this, please be sure to give a like and follow, I really try my best with these and will get better as I progress of course but this is solely my opinions and going off based what I know, I've been in this sector for over three years and I continue to learn so much every single day. I am not a Financial Advisor and this is simply my take on things so thank you once again and have an amazing day! Life is Bullish!
~ Rock
Hope everyone is doing well today, we've got a lot going on but just gonna give a quick Bitcoin analysis here so thanks for tuning in!
Bitcoin is looking well on the 1 day RSI and if we take a look at the candlestick chart we can see that there is definitely more buying than selling pressure going on, not to mention Ukraine has even legalized the crypto sector!
However
Don't let this trick you into jumping in or go in for the FOMO.
Market Makers
This is the key word right now.
First Scenario
Fall then the real move up?
If you look at the chart you can clearly see how market makers have managed to bring the price up, only to then dump on it this month. Bitcoin managed to keep well following the Fed's interest rate hikes and as a result most of the market has followed in tune. In the next two days we could see Bitcoin move back up to 44k and see a prompt dump around 45 or $45,600 if not earlier. We likely won't be the only ones watching out for that level and if anything some whales could start selling a little earlier to play things safe.
So we will likely see a dump or at lest some sort of fall at that level. If that happens the next number to watch for support would be $42,800 on the Fib retracement. If we fail to keep above 42 by that point and instead just get dumped hard again 39k would be that last zone to watch on the wedge before a push back up otherwise if that fails then we definitely will see a leg down.
Second Scenario
Breakout Soon?
Bitcoin on the day chart is in an ascending tringle. Considering where we are in general, this is good. We've managed to establish solid support at 37k on the weekly candle and as long as BTC can manage to keep above that point then thing's are solid for the long term. Depending on whether or not Bitcoin can manage to fight the Market Makers it could breakout if it pushes above $45,600 where it has kept getting dumped the last two times it entered that range. Basically Bitcoin would break the wedge it is currently in and we would see a significant breakout much like we saw February 4th. Bitcoin had a rising wedge on the hourly, got dumped on February 2nd, then the 3rd it held it's ground, and the 4th we saw the monumental pump from 37,000 to $41,600 which then continued up to 45k before falling again. This could be much like what we saw happen with that February move but it would be on the daily chart time frame. 'Basically' it will be more drastic move as we're comparing now a much larger time frame vs something that happened on a smaller one. So be ready for a big move.
Closing Statement:
Before I close these two scenario's I want to put in that we most likely will see a move down before we get that 'final' move to the upside. Market makers have the ability to make everything look solid and like there's strong support which of course incites a lot of buying. Personally when I see a big and relatively fast move to the upside I like to wait and sit. Those big moves up are the market makers buying and taking advantage of whatever positive narrative there may be, and most often what follows is the dump when they take that short term profit. I believe in Bitcoin and Crypto in the long run most definitely. However short term we will see a dramatic move. Now whether or not that will be up or down, simply depends on if BTC keeps in that triangle and breaks out to the upside or gets dumped even harder the third time and falls through. However as I like to think. "Third times a charm"
Thank you for taking the time to ready this, please be sure to give a like and follow, I really try my best with these and will get better as I progress of course but this is solely my opinions and going off based what I know, I've been in this sector for over three years and I continue to learn so much every single day. I am not a Financial Advisor and this is simply my take on things so thank you once again and have an amazing day! Life is Bullish!
~ Rock
