Bitcoin has now reached a critical moment in history where we are bullishly re-testing the $4,600 level. Alts are amidst panic selloffs and this morning short-sellers learned the dangers of piling up money on a key resistance line that everyone in the world knows about and is afraid of, and were squeezed, bringing the market into the $4,640-4,660 range.
A pullback is most certainly due as evidenced by the MFI and Aroon. I believe that under the current situation with buy pressure being what it is, although not as manic as it was during the prior bull run, the most likely scenario is a pullback to the most recent trend line at $4,520~. Failing that, critical supports are at $4,400 and $4,100.
If $4,100 is breached panic will ensue.
If $4,500 is indeed the bounce point, optimism and FOMO will set in and the market is going to very quickly retest $4,900. A lot of money will be brought back into the market and alts will have a certain level of mania and hysteria. At that point, Bitcoin and crypto will be in the most dangerous situation in its history.
All the bears are going to have their heads spun and all the bulls are going to get a fever.
The whales are preparing for a feast.
In the meantime, right now, this is not a downtrend. Price action dictates its a bull market and so you have to treat it appropriately and be careful you don't short the biggest bull of all time.
What you think can happen and what is actually happening are two different things.
A pullback is most certainly due as evidenced by the MFI and Aroon. I believe that under the current situation with buy pressure being what it is, although not as manic as it was during the prior bull run, the most likely scenario is a pullback to the most recent trend line at $4,520~. Failing that, critical supports are at $4,400 and $4,100.
If $4,100 is breached panic will ensue.
If $4,500 is indeed the bounce point, optimism and FOMO will set in and the market is going to very quickly retest $4,900. A lot of money will be brought back into the market and alts will have a certain level of mania and hysteria. At that point, Bitcoin and crypto will be in the most dangerous situation in its history.
All the bears are going to have their heads spun and all the bulls are going to get a fever.
The whales are preparing for a feast.
In the meantime, right now, this is not a downtrend. Price action dictates its a bull market and so you have to treat it appropriately and be careful you don't short the biggest bull of all time.
What you think can happen and what is actually happening are two different things.
Bitcoin and crypto no longer has any real demand or userbase. During each wave, people are sucked in to buying during the ATH and then wrecked during the dump. They're sucked into this or that trap, and then wrecked.
Don't believe it? Take a look at Telegram, Discord, and Reddit. Once flourishing crypto communities have nothing but PR shills and bots remaining, with a combination of remnant moonkids lamenting cashing out because they need to pay their rent.
Despite that, Bitcoin pumps towards a brand new ATH while every alt spills blood as you capitulate back into paying way, way too much for Bitcoin. It is the classic scam that has been used to bankrupt you for 100 years.
All of the money in crypto comes from our pockets and flows into the pockets of institutional money. It is worse than Forex and Stocks. It is one of the greatest scams in human history, and billions of dollars of the global economy have been destroyed in this scheme.
In the future, the perpetrators will suffer retribution. The retribution will be greater than the sky in the known Universe and will be ceaseless. Until then, they get to succeed in destroying the world's economy. You all get to bear it because you supported it and walked along side it, every, single, step of the way.
To the eight people who will read this, what Bitcoin is going to face as S2X and November approaches is a classic Bump and Run Reversal (Google it if you care about yourselves) )where you get sucked into the mania of a 7k ATH and then are completely destroyed as the Core blockchain is no longer transactable and chain-death-spirals as everyone switches to either Bitcoin Cash or S2X (Hint: It'll be Bitcoin Cash, and no, you won't be able to buy it and hold it long enough to be a King), or the entire crypto-space has all of its whales exit, as in reality, the world does not need or use crypto currencies, and only Bitcoin is worth something anyway. Even Ethereum is a shitcoin.
Bears will get their necks snapped. Bulls will die from fever. Whales are enjoying stage 1 of their feast.
When everyone loses their life savings, will anyone get a bailout? Yet, if the decentralized community was to wreck the whales, they would get a bailout, wouldn't they?
Most of the economy has been annihilated amidst the pump and dump, yet Bitcoin rockets towards 5k all the same.
You are free to think for yourselves why that would be the case, what's going to happen, and if you're even remotely close to being able to evade it at the key time.