Bitcoin - Look at this chart or you'll go blind
Updated
Looking at the one-week chart you can see where we are and where we've been. This is the only long-term chart that will help you understand what is happening now, today. BTC has found strong double support, for now, it will be hard to fall from here (but anything is possible.) We can go to 12K but it will go back up right away -- almost immediately. This has been a very logical place to buy BTC and Alts.
Bitcoin has never spent this much time under the 200 moving average on the weekly timeframe and even though this is uncharted water for bitcoin we can still look at the charts and figure out why we are here at the 19k area. The odds of going down are less likely than the odds of going up. Looking at the weekly timeframe it seems like bitcoin has found a place to land. BTC has been walking along my white line since 2013, this knowledge plus other indicators can be used as a signal to jump in -- DYOR.
Remember? A few months back I talked about BTC going into a range for months and here we are doing exactly that. What's next? Most likely we'll stay in a sideways range pattern for a couple of more months. A lot of signals point at this being the bottom, even if we try to go down some more to the 11k - 12k area this was the place where BTC was at the most logical point to buy along with a truckload of Alts. If you are waiting for BTC at 12k you may be left waiting. No one can guarantee that it will go there, your most logical move is to jump in when it looks exhausted and during the subsequent dips.
When will we go back up? When all nervous holders sell their BTC. How can we tell that they've done that? VOLUME and PRICE. There will be a very specific signal that HAS to happen before going up which indicates they've all sold which in turn allows the manipulators to start moving the price up.
Look here: If you have a problem buying now that price is low and you have no problem buying when price is high your trading psychology is 100% backward. This does not mean you will never be good, it simply means you have limited experience. The market works in predictable cycles, pay attention to how the previous cycle (March 2020 to September 2022) happened. Look at the peaks, the valleys and the volume. Another cycle will get started soon and you can apply the lessons from the previous disastrous cycle to the upcoming cycle and make a fortune. Once you understand the predictability of the market cycle you'll never be broke.
Wisdom: I hope it is very clear how marked up the price of BTC was at $70,000. BTC can survive just fine at around $19,000. What other product or service can possibly go this low and not generate a buying frenzy? If a $70,000 dollar car was selling for 17K or 19k would you buy it? The answer is yes and so would many others and that would generate high demand causing the price to go up again quickly. If supply is already exhausted (and I think it almost is) we may start going up in the next few weeks or months. Since my strategy is to buy low, I buy when terrible news are coming out, news about collapses, strong regulations, governments cracking down… Remember the people that control the banks, the media and all the markets around the world are the same as the people that run the governments and create wars. They all went to the same schools, and they all move within the same social circles. Truth is no one is regulating anything that affects market manipulation, Market manipulation is how they all got rich. Learn to decipher the code, fear = time to buy. Make a move when they make their moves, not when they want you to make a move.
VERY IMPORTANT: Hitting the "Like" button is like a tip, please don't forget to do so after reading, this is your way of thanking me for my time and so I thank you for yours. The fewer likes the less likely to post.
Bitcoin has never spent this much time under the 200 moving average on the weekly timeframe and even though this is uncharted water for bitcoin we can still look at the charts and figure out why we are here at the 19k area. The odds of going down are less likely than the odds of going up. Looking at the weekly timeframe it seems like bitcoin has found a place to land. BTC has been walking along my white line since 2013, this knowledge plus other indicators can be used as a signal to jump in -- DYOR.
Remember? A few months back I talked about BTC going into a range for months and here we are doing exactly that. What's next? Most likely we'll stay in a sideways range pattern for a couple of more months. A lot of signals point at this being the bottom, even if we try to go down some more to the 11k - 12k area this was the place where BTC was at the most logical point to buy along with a truckload of Alts. If you are waiting for BTC at 12k you may be left waiting. No one can guarantee that it will go there, your most logical move is to jump in when it looks exhausted and during the subsequent dips.
When will we go back up? When all nervous holders sell their BTC. How can we tell that they've done that? VOLUME and PRICE. There will be a very specific signal that HAS to happen before going up which indicates they've all sold which in turn allows the manipulators to start moving the price up.
Look here: If you have a problem buying now that price is low and you have no problem buying when price is high your trading psychology is 100% backward. This does not mean you will never be good, it simply means you have limited experience. The market works in predictable cycles, pay attention to how the previous cycle (March 2020 to September 2022) happened. Look at the peaks, the valleys and the volume. Another cycle will get started soon and you can apply the lessons from the previous disastrous cycle to the upcoming cycle and make a fortune. Once you understand the predictability of the market cycle you'll never be broke.
Wisdom: I hope it is very clear how marked up the price of BTC was at $70,000. BTC can survive just fine at around $19,000. What other product or service can possibly go this low and not generate a buying frenzy? If a $70,000 dollar car was selling for 17K or 19k would you buy it? The answer is yes and so would many others and that would generate high demand causing the price to go up again quickly. If supply is already exhausted (and I think it almost is) we may start going up in the next few weeks or months. Since my strategy is to buy low, I buy when terrible news are coming out, news about collapses, strong regulations, governments cracking down… Remember the people that control the banks, the media and all the markets around the world are the same as the people that run the governments and create wars. They all went to the same schools, and they all move within the same social circles. Truth is no one is regulating anything that affects market manipulation, Market manipulation is how they all got rich. Learn to decipher the code, fear = time to buy. Make a move when they make their moves, not when they want you to make a move.
VERY IMPORTANT: Hitting the "Like" button is like a tip, please don't forget to do so after reading, this is your way of thanking me for my time and so I thank you for yours. The fewer likes the less likely to post.
Note
Some alts are looking to precede BTC in the recovery. DOGE may be one of them. As you can see it is about to break out of it's range. [img]
Note
Bitcoin - the double support on the weekly timeframe holding up very well so far. [img]
Note
Closer look.[img]
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