Good morning! I hope you all survived the FUD yesterday! Today is gearing up to being a solid recovery day. Currently, I see bitcoin heading back down to support levels of 41700-41500 before continuing its upward track. If my thesis is correct I see us ending today at or within 43k. If this plays out we are on track to follow the stock to flow model that sees BTC ending the month in the 43k region. Additionally, looking at the btc fear and greed index we are sitting at 21 which to me is indicative of a buying zone. Remember buy in fear sell in cheer! Anytime that the greed index is in the 70% I would be looking to take profits.
Focusing on the remainder of the year I see what happened yesterday as being an attempt to shake off the weak hands in the macro market (crypto and stocks) by institutions and high valued investors. As we enter October I have been hearing news that we will see a potential slew of BTC ETFS. Even if it is just one ETF being approved that will have monumental momentum in the market that will lead it to incredible gains for the November-December time frame. Additionally, if an ETF is approved I see us riding the wave well into 2022 and bypassing the typical 60-80% pull-back that is common in the 4 year cycle of BTC. If you can secure BTC at or under 43k I think it’s a tremendous opportunity for us to make massive gains by years end.
I will be updating the chart later today. Please feel free to comment and follow me for updates in the crypto world.
- J
Focusing on the remainder of the year I see what happened yesterday as being an attempt to shake off the weak hands in the macro market (crypto and stocks) by institutions and high valued investors. As we enter October I have been hearing news that we will see a potential slew of BTC ETFS. Even if it is just one ETF being approved that will have monumental momentum in the market that will lead it to incredible gains for the November-December time frame. Additionally, if an ETF is approved I see us riding the wave well into 2022 and bypassing the typical 60-80% pull-back that is common in the 4 year cycle of BTC. If you can secure BTC at or under 43k I think it’s a tremendous opportunity for us to make massive gains by years end.
I will be updating the chart later today. Please feel free to comment and follow me for updates in the crypto world.
- J
Comment:
Also, if you want me to look at other charts let me know in the comment section!