#BTCUSDT 31.05.2021 1W
Since April 14, when we closed the long position (63k USD), the BTCUSDT pair has suffered a -50% drop in 45 days. Although there are multiple reasons to technically understand the decline, it is also true that this is a young market and with certain participants that move huge volumes, called whales and krakens, which are unthinkable for a shrimp or plankton such as the ordinary citizen. When a wallet with a lot of bitcoins moves from cold addresses to an exchange, it is a sale alert that scares the market without even the sale itself having occurred. It is also healthy to remember that one of the essences of this market is high volatility and if you see difficulties as opportunities, it is something you can tolerate if you have always followed the advice not to invest beyond the money you can afford to lose.
China has never liked BTC and from time to time some related news appears that later remains as an anecdote. About Musk and his media show is just that, a show and has contributed to a greater interest of the #nocoiner public in the world of crypto assets so any mention is positive, they say that bad publicity does not exist.
Our forecast for the MA10 MA20 crossover was advanced a couple of weeks due to the price drop that has put MA10 on a tighter curve than expected. This supposes the exit of the bull market and the beginning of a crypto winter. Our RSI forecast has been correct as it is in the expected accumulation phase and a lateralization phase begins. The faces say it all.
Taking the cross as 1 and a retracement in #FIBO there is a high support at 0.786 that allows a time of accumulation and stabilization after the drop of -50%. At the end of this icy season, a second big fall comes that breaks the 0.618 and tests the 0.5, to then start a new spring. We do a close up on the forecast to clarify. Point E is an alternative in case of looking to test resistance to 1 in the 49k.
They always ask me at what price it is good to buy bitcoin, the answer is, learn to make your own decisions because every day is a good day to buy bitcoin (and ethereum).
Since April 14, when we closed the long position (63k USD), the BTCUSDT pair has suffered a -50% drop in 45 days. Although there are multiple reasons to technically understand the decline, it is also true that this is a young market and with certain participants that move huge volumes, called whales and krakens, which are unthinkable for a shrimp or plankton such as the ordinary citizen. When a wallet with a lot of bitcoins moves from cold addresses to an exchange, it is a sale alert that scares the market without even the sale itself having occurred. It is also healthy to remember that one of the essences of this market is high volatility and if you see difficulties as opportunities, it is something you can tolerate if you have always followed the advice not to invest beyond the money you can afford to lose.
China has never liked BTC and from time to time some related news appears that later remains as an anecdote. About Musk and his media show is just that, a show and has contributed to a greater interest of the #nocoiner public in the world of crypto assets so any mention is positive, they say that bad publicity does not exist.
Our forecast for the MA10 MA20 crossover was advanced a couple of weeks due to the price drop that has put MA10 on a tighter curve than expected. This supposes the exit of the bull market and the beginning of a crypto winter. Our RSI forecast has been correct as it is in the expected accumulation phase and a lateralization phase begins. The faces say it all.
Taking the cross as 1 and a retracement in #FIBO there is a high support at 0.786 that allows a time of accumulation and stabilization after the drop of -50%. At the end of this icy season, a second big fall comes that breaks the 0.618 and tests the 0.5, to then start a new spring. We do a close up on the forecast to clarify. Point E is an alternative in case of looking to test resistance to 1 in the 49k.
They always ask me at what price it is good to buy bitcoin, the answer is, learn to make your own decisions because every day is a good day to buy bitcoin (and ethereum).
Trade active:
After 4 candles this forecast has come close to accuracy in a chilling way, this encourages me to dedicate more time and deepen my knowledge, I hope that it will serve someone else as well.
Trade active:
We have seen how the price has respected our fractal, there was a resistance test at 50k and it has once again lateralized in our first FIBO range. Could it be that there is still the test at 0.618 and 0.5?
