BitcoinLong
THE BOTTOM IS IN?
As mentioned in my previous post, things were not looking too bullish as the price failed to bounce from the uptrend that began in January. For just over three weeks the price attempted to push up several times. There was of course more selling pressure than buying pressure. The channel's support flipped to resistance and has since crashed about 36% in the past week.
The fundamentals have not changed but there is an obvious reaction in traditional and digital asset markets to the CPI exceeding the expectations originally anticipated by economists. On another note, Luna will go down in crypto history for its $30 Billion collapse due to the unpegging of UST to the dollar and its convertibility to Luna. It is believed that Blackrock and Citadel are responsible for this collapse by making this unpegging advantageous for them.
Do Kwan attempted to reach out to the community for support on Twitter in what looked like a desperate plea. He seemed to have lost his composure IMO. I believe the pressure got to him as it would any of us. Terra Luna attempted to save their ecosystem by selling off its Bitcoin holdings.
This caused a lot of selling pressure on Bitcoin. The Fear& Greed Index hit the sub-10 range. The price has since bounced off the previous support of the descending channel that began in mid-November. The price has since wicked back up and is now holding out each daily close above the bottom of the major short to/ Buy Zone Target support box.
The RSI and MACD are clearly showing the price to be oversold. The RSI at the time of writing is starting to show bullish pressure however there is not a lot of support from the volume yet. The MACD is slower at signaling a buying opportunity, but the two moving averages are starting to bend towards each other.
No one knows when the carnage will end. DCA into a position has proven to be my best method to build a position. Buy when the price is on sale is usually a suitable method of getting more stock for a buck. Look for a foundation for the price to build off. The price could keep dipping. Accept that and don’t try to time the bottom. I understand putting all your money at the exact bottom is the most profitable in any trade. This is also if you sell at the exact top. However, no one knows when the price will reverse. Splitting up your entry point into several points will average out the entry price. This is done using DCA.
SO, TIMING THE ENTRY POINT AND EXIT POINT is a great way to get rekt. Right now the price has found major support. Should the price fall below the red box and fail to flip the descending channel then more pain will come. Entering any position comes at a risk so make sure to calculate your risk before entering.
None of this is investment advice.
LIKE, COMMENT and SHARE if you’d like more content like this and share your thoughts. I’d love to connect with you.
The fundamentals have not changed but there is an obvious reaction in traditional and digital asset markets to the CPI exceeding the expectations originally anticipated by economists. On another note, Luna will go down in crypto history for its $30 Billion collapse due to the unpegging of UST to the dollar and its convertibility to Luna. It is believed that Blackrock and Citadel are responsible for this collapse by making this unpegging advantageous for them.
Do Kwan attempted to reach out to the community for support on Twitter in what looked like a desperate plea. He seemed to have lost his composure IMO. I believe the pressure got to him as it would any of us. Terra Luna attempted to save their ecosystem by selling off its Bitcoin holdings.
This caused a lot of selling pressure on Bitcoin. The Fear& Greed Index hit the sub-10 range. The price has since bounced off the previous support of the descending channel that began in mid-November. The price has since wicked back up and is now holding out each daily close above the bottom of the major short to/ Buy Zone Target support box.
The RSI and MACD are clearly showing the price to be oversold. The RSI at the time of writing is starting to show bullish pressure however there is not a lot of support from the volume yet. The MACD is slower at signaling a buying opportunity, but the two moving averages are starting to bend towards each other.
No one knows when the carnage will end. DCA into a position has proven to be my best method to build a position. Buy when the price is on sale is usually a suitable method of getting more stock for a buck. Look for a foundation for the price to build off. The price could keep dipping. Accept that and don’t try to time the bottom. I understand putting all your money at the exact bottom is the most profitable in any trade. This is also if you sell at the exact top. However, no one knows when the price will reverse. Splitting up your entry point into several points will average out the entry price. This is done using DCA.
SO, TIMING THE ENTRY POINT AND EXIT POINT is a great way to get rekt. Right now the price has found major support. Should the price fall below the red box and fail to flip the descending channel then more pain will come. Entering any position comes at a risk so make sure to calculate your risk before entering.
None of this is investment advice.
LIKE, COMMENT and SHARE if you’d like more content like this and share your thoughts. I’d love to connect with you.
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