I believe Bitcoin is at a critical point right now.
Its at the year long support once more, it broke down this support in June but bounced back up at 29k low. Very nerve wrecking times but we need to be calm, patient and analytic.
If it breaks down this support, expect around 33k. (I dont expect this.)
However, there is also a bullish falling wedge formation with a breakout and re-test bounce which was a similar case breakout back in October without the re-test.
If the re-test holds over the support and start to rally again entering into 2022, we could see new highs of 79k+ within the next few quarters.
Any on-chain data to support this?
What do you think will happen?
Its at the year long support once more, it broke down this support in June but bounced back up at 29k low. Very nerve wrecking times but we need to be calm, patient and analytic.
If it breaks down this support, expect around 33k. (I dont expect this.)
However, there is also a bullish falling wedge formation with a breakout and re-test bounce which was a similar case breakout back in October without the re-test.
If the re-test holds over the support and start to rally again entering into 2022, we could see new highs of 79k+ within the next few quarters.
Any on-chain data to support this?
What do you think will happen?
Comment:
Bounced right off the 40.5k support, will be interesting if it follows the arrow towards the resistance.
Comment:
Looks like support held out well and got a nice green candle just about now, moved out of the falling wedge once more. Now needs to break over and stay tucked in above the support of 43.4k in order for us too fell a bit more secure.
Glassnode's most recent analysis show that we could be bottoming out around these levels. Preferring to stay bullish.
If we can do some sideways movement for a while, I expect the alts to make some moves as well.
Glassnode's most recent analysis show that we could be bottoming out around these levels. Preferring to stay bullish.
If we can do some sideways movement for a while, I expect the alts to make some moves as well.
Comment:
What a fail of a candle! Probably due to the fake news of Turkey accepting Bitcoin as legal tender.
Still at Wedge support but hard to keep up with the volatility these days.
We are definitely at the decision point.
Is the glorious run of Bitcoin over for a while or will it show the world its still strong and going?
Still at Wedge support but hard to keep up with the volatility these days.
We are definitely at the decision point.
Is the glorious run of Bitcoin over for a while or will it show the world its still strong and going?
Comment:
Broke down the wedge. All indicators are bearish. 31K seem inevitable, green boxed area could be a good buy zone. Its a one year old horizontal support zone, some good news could trigger a reversal within it, as it occurred three times before on that support area.
I think it could be a good calculated bet to short Bitcoin from here. Next, worse case is 19.5k and it seems very possible.
I think it could be a good calculated bet to short Bitcoin from here. Next, worse case is 19.5k and it seems very possible.
Comment:
Russia - Ukraine war has shaken the markets.
BTC was gaining strentgh but the unforeseeable future of the world peace is getting people to cash out of their crypto investments to stay secure on the sidelines.
I believe BTC will hit the green demand zone (between 29k-31k) and probably go sideways for awhile until the political dilemmas are a little less disturbing.
I am still bullish though mainly due to the fact that a war is happening and BTC is not overreacting. On-chain data still shows strong accumulation from long term holders.
BTC was gaining strentgh but the unforeseeable future of the world peace is getting people to cash out of their crypto investments to stay secure on the sidelines.
I believe BTC will hit the green demand zone (between 29k-31k) and probably go sideways for awhile until the political dilemmas are a little less disturbing.
I am still bullish though mainly due to the fact that a war is happening and BTC is not overreacting. On-chain data still shows strong accumulation from long term holders.
Comment:
We didn't hit the demand zone which is a good thing for bulls, shows the appetite of the market. Instead we did a slight upper sideway movement which is seems like a raising bottoms, definitely bullish for me.
My expectation right now is that the price is to find support around 44-45k range and then make a move towards 51k resistance but first the resistance which I put down in transparent red line needs to be broken.
On chain data is still bullish as well.
My expectation right now is that the price is to find support around 44-45k range and then make a move towards 51k resistance but first the resistance which I put down in transparent red line needs to be broken.
On chain data is still bullish as well.
Comment:
Seems like it might be going down to the demand zone after all.
Comment:
Closing red candles for 9 weeks in a row. It seems to be first ever. I am expecting a run up to 37-38k for a short while. Then potentially a further run down towards 19-20k region.
Comment:
Before my expected run to 30k, we seem to be hittin 19-20k area. All indicators are bearish too.
Comment:
BTC finally looking positive. Broke out and on the way to previous support area. Potentially will get rejected there but lets watch. I am not selling any of my Bitcoins. On chain data still shows a lot of strength and growth in the bitcoin network, so it gives me confidence.
Comment:
Btc got rejected from the previous support and now back to the 19k region.
Market is very bearish and this is worrying. If we cant hold 19k-17k area then the next stop is 12k region. Good luck to bulls - including me =)
Market is very bearish and this is worrying. If we cant hold 19k-17k area then the next stop is 12k region. Good luck to bulls - including me =)
Comment:
Btc is looking strong once again, very nice recovery after yesterday's sell off.
Demand volume is picking up, lets hold this area and we may see that ATH in 2023 again =)
Demand volume is picking up, lets hold this area and we may see that ATH in 2023 again =)
I am usually fairly optimistic about crypto, generally a bull. This set up kind of looks scary for the shirt term though.