I'm not expert, but these trend lines, resistance and support levels are charting BTC's moves really well.
There is general breakdown across the market ETH, SOL, AVAX, etc. have fallen below their bull market support trendlines and some have even back checked them already. BTC is weak sauce. My thoughts are a general melt down to $40k and we consolidate there. If that happens we are vulnerable for another cascading liquidation by intentional selling (odd term I know, but I don't agree with using "manipulation"), because there are still a lot of leveraged longs and futures in the market, they're just below $41000 level. I still think institutional allocations will make a big splash come 1January when they get the green light to buy.
The daily RSI is very low and there has been an uptick in whale buying... so there are hints of a turnaround.... but they are not showing up in price action yet.
I'm neutral until I see if we get to $40k and what happens when we do.. and, what the first few days of the year bring. I cannot fit into my conscience a repeat collapse bear market, an 80% dip ($69k to $14k). Not that I dread it, I would welcome it with both hands buying, I just can't understand how it could happen.
Alas the market lives in the margins... the lowest seller and the highest buyer of typically miniscule transaction amounts to the total stock of the asset... so, hell maybe it could, if only for a moment. I'll be out of cash by $14k for sure though.
If you've looked at this post and read this far - thank you for letting me have your ear for a minute... please leave a comment.
There is general breakdown across the market ETH, SOL, AVAX, etc. have fallen below their bull market support trendlines and some have even back checked them already. BTC is weak sauce. My thoughts are a general melt down to $40k and we consolidate there. If that happens we are vulnerable for another cascading liquidation by intentional selling (odd term I know, but I don't agree with using "manipulation"), because there are still a lot of leveraged longs and futures in the market, they're just below $41000 level. I still think institutional allocations will make a big splash come 1January when they get the green light to buy.
The daily RSI is very low and there has been an uptick in whale buying... so there are hints of a turnaround.... but they are not showing up in price action yet.
I'm neutral until I see if we get to $40k and what happens when we do.. and, what the first few days of the year bring. I cannot fit into my conscience a repeat collapse bear market, an 80% dip ($69k to $14k). Not that I dread it, I would welcome it with both hands buying, I just can't understand how it could happen.
Alas the market lives in the margins... the lowest seller and the highest buyer of typically miniscule transaction amounts to the total stock of the asset... so, hell maybe it could, if only for a moment. I'll be out of cash by $14k for sure though.
If you've looked at this post and read this far - thank you for letting me have your ear for a minute... please leave a comment.