stewdamus

This is where I start looking to re-enter - 42-46k

INDEX:BTCUSD   Bitcoin / U.S. Dollar
Hi Traders,

A non-video post for you all here.

Bitcoin , under the ascending BLACK trendline, has now entered into bearish territory. But, as I have explained numerous times throughout my daily update videos, I do NOT think this is the beginning of a longer-term bear market. This, quite simply, is a pull-back that may last for a few more weeks or through mid/end of December. Why? Institutional investors and hedge funds are collecting profits. Re-allocation will begin in Jan-Feb, at which time Bitcoin should turn bullish once again.

Time, price, pattern. That was the time aspect. Now onto price and pattern.

We are in bear territory. Slightly. But still. Looks like a bear flag has formed on the daily, but we also have adequate support below us at anywhere from $42,000 to $46,000. Long term hodl'ers don't seem to be releasing their grip. Lots of volume below us according to VPVR as well as the 200 day. Additionally, two potentially significant uptrending lines for support. All of these are strong arguments for a near bottom in this drawback soon.

Stock markets are bearish . Yes. True. I've stated my case for this in the last several videos but you may view my last one in the related links below. In correlation with the stocks becoming bearish , Bitcoin has followed suit. However, I am not sure how long this correlation will last? Maybe it continues and the stock market bulls return pulling bitcoin up with it? Maybe a de-coupling occurs and stocks continue to be bearish but crypto turns bullish? This all remains to be seen.

What I can read from the charts is that it does look like our crypto space is nearing a bottom on this current drawback. A few more days or maybe weeks and I should be able to start putting together some decent setups once again.

Stay tuned and until then, trade safe all!
-Stew

Stewdamus Trades -

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