Outstanding move by market makers!
We have to be honest here - it was astounding to see how bitcoin crashed in the past weeks.
Most investors should have noticed that several “big short” positions pushed the price below the important resistances @18912 and @18638.
Many people had their stop-losses there, and even more got liquidated by one last dump.
Such totally “organic” movements were very common back in 2018 – 2019 where liquidity was very low and big players orchestrated major crashes or set fundamental beginnings of the past bull market. A lot of investors are losing hope, and some even expect a continuing decline towards 14K or even 10K. However, we at Mendenmein Capital remain bullish due to several major factors which we want to educate investors about.
Everyone who follows our updates regularly knows about our optimistic stance and remembers how we announced our own long positions back in June. For those who missed these opportunities – now is your 2nd chance!
Our short-term chart on bitcoin (continuously updated)
As long as bitcoin doesn’t break below its last major low at exactly 17605$, the bullish scenario for the next weeks won’t be invalidated.
Especially, investors who trade leveraged positions should watch this line very closely. The price fluctuations established a rather “hard to notice” rising wedge, which in this case signals towards a formation of a wave 1 – wave 2 setup.
The complete minor impulse is marked in white, the following minor a-b-c correction is shown in orange.
Since bitcoins last high at approximately 22250$ the market experienced a harsh decline of nearly -27%. Most investors expected that the price would instantly rally back to 30K or even higher- but that’s just not how the market works. For any big movements, may they bring prosperous gains or painful losses, there have to be certain foundations which justify these movements.
Bitcoin has to form a solid wave 1 – wave 2 setup first in order to rise from the depths, commonly known by investors by “bottoming out”.
Our long-term chart on bitcoin (first published June 1 2022)
Pi-Cycle bottom Indicator by: @Doncic
Written by Benjamin Mendenmein
Greetings from Switzerland
We have to be honest here - it was astounding to see how bitcoin crashed in the past weeks.
Most investors should have noticed that several “big short” positions pushed the price below the important resistances @18912 and @18638.
Many people had their stop-losses there, and even more got liquidated by one last dump.
Such totally “organic” movements were very common back in 2018 – 2019 where liquidity was very low and big players orchestrated major crashes or set fundamental beginnings of the past bull market. A lot of investors are losing hope, and some even expect a continuing decline towards 14K or even 10K. However, we at Mendenmein Capital remain bullish due to several major factors which we want to educate investors about.
Everyone who follows our updates regularly knows about our optimistic stance and remembers how we announced our own long positions back in June. For those who missed these opportunities – now is your 2nd chance!
Our short-term chart on bitcoin (continuously updated)
As long as bitcoin doesn’t break below its last major low at exactly 17605$, the bullish scenario for the next weeks won’t be invalidated.
Especially, investors who trade leveraged positions should watch this line very closely. The price fluctuations established a rather “hard to notice” rising wedge, which in this case signals towards a formation of a wave 1 – wave 2 setup.
The complete minor impulse is marked in white, the following minor a-b-c correction is shown in orange.
Since bitcoins last high at approximately 22250$ the market experienced a harsh decline of nearly -27%. Most investors expected that the price would instantly rally back to 30K or even higher- but that’s just not how the market works. For any big movements, may they bring prosperous gains or painful losses, there have to be certain foundations which justify these movements.
Bitcoin has to form a solid wave 1 – wave 2 setup first in order to rise from the depths, commonly known by investors by “bottoming out”.
Our long-term chart on bitcoin (first published June 1 2022)
Written by Benjamin Mendenmein
Greetings from Switzerland
Comment:
Additional chart with a better perspective about the next weeks...
Comment:
Houston we have a problem.....
The unforeseen and very harsh drop last tuesday gives us reason to worry about a possible bearish alternative.
In the coming days the support @ $18549 and $17605 should be watched very closely!
If bitcoin breaks below both, we will experience an astounding capitulation to 13K or even 11K.
The unforeseen and very harsh drop last tuesday gives us reason to worry about a possible bearish alternative.
In the coming days the support @ $18549 and $17605 should be watched very closely!
If bitcoin breaks below both, we will experience an astounding capitulation to 13K or even 11K.
Comment:
IMPORTANT: As of today we changed our outlook and chart in bitcoin!
Make sure to read the newest article...
Make sure to read the newest article...
If you should have any questions regarding our analysis or elliot wave counts feel free to contact us.
