Here we can see Bitcoin pausing at the $30.4K level. Assuming it can break above, we may hit the $32K area before dropping to $28K and moving upward over the next month or two.
If we break above or below these ranges, it might make sense to consider positions in that direction. In this particular case, I am leaning towards the long side. Granted, there are events on the horizon that could potentially speak to the opposite. That being said, it seems unlikely for us to go below $19K again. I will update this post with thoughts on the range.
With continued layoffs, and other parts of the U.S. economy stalling, it is looking like the Federal Reserve will take us to a 'hard landing'- or some variation of it. Interestingly enough, bank failures would be bullish for Bitcoin. That is, unless the price action following SVB and other bank failures were a fluke...
Happy trading, everyone! A rather short but to the point post today.
Written by a human, not an AI.
Not financial advice - content is intended for educational or entertainment purposes.
If we break above or below these ranges, it might make sense to consider positions in that direction. In this particular case, I am leaning towards the long side. Granted, there are events on the horizon that could potentially speak to the opposite. That being said, it seems unlikely for us to go below $19K again. I will update this post with thoughts on the range.
With continued layoffs, and other parts of the U.S. economy stalling, it is looking like the Federal Reserve will take us to a 'hard landing'- or some variation of it. Interestingly enough, bank failures would be bullish for Bitcoin. That is, unless the price action following SVB and other bank failures were a fluke...
Happy trading, everyone! A rather short but to the point post today.
Written by a human, not an AI.
Not financial advice - content is intended for educational or entertainment purposes.
Comment:
We have exited the defined range. Buy levels are mainly the support ranges shown in the chart (and possibly other posts on BTC-USD).
Happy trading and investing! Not financial advice.
tl;dr - see post(s) for support levels, nfa
Happy trading and investing! Not financial advice.
tl;dr - see post(s) for support levels, nfa
Comment:
Bounced hard at $25K. Clockwork.
We are back in the range and have hit some resistance at $31.2K. That being said, it is looking like BTC-USD has successfully retested the $30.4K level. Time will tell, but both
27K
and $38K are in play at the moment.
Pump (almost done; Q2 '23), crab (Q3 '23), dump and halving (Q4 '23, Q1 '24), then potential bull market (Q2 '24). The author is of the belief that the bottom is in at this point in time. Worst case scenario still $19K tap, without wicks ;) NFA - stay zoomed out and happy trading and investing!
We are back in the range and have hit some resistance at $31.2K. That being said, it is looking like BTC-USD has successfully retested the $30.4K level. Time will tell, but both
27K
and $38K are in play at the moment. Pump (almost done; Q2 '23), crab (Q3 '23), dump and halving (Q4 '23, Q1 '24), then potential bull market (Q2 '24). The author is of the belief that the bottom is in at this point in time. Worst case scenario still $19K tap, without wicks ;) NFA - stay zoomed out and happy trading and investing!
Anyone else think this looks like the SOS in Phase D of a Wyckoff Accumulation? Will undoubtedly keep an eye on it...