BitcoinShort
Turbulence Ahead!
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Investors have been looking for a bounce that has yet to manifest at the 37.5k-43k levels. From the 12th-19th, strong bullish pressure showed its head alongside decent volume. This led to a bull trap on the 21st. Some market participants are looking for a bullish case. Prices need to reclaim the 40k level and support of the rising channel to further support their bullish case.
After breaking this support that flipped to resistance on April 28th, 2022, the price has been following a legacy trend that began as resistance back in November. The clear direction is down however, I determine the situation more neutral since for the first time the downwards trendline is still acting as support. If the price maintains above this level, then this downtrend can go on to mid-June.
If you are looking for a short setup, tons of orders are waiting to execute at the 28k-33k. It is at this level that many investors are salivating at the thought of securing more bitcoin for a decent price. Thus, this could be a level to look for putting in a long. Even if traditional markets continue to dip, this will be a zone of interest to look for a bounce that could turn into a buy the dip and sell the rip moment or the bottom for the next leg up.
On another note, to support the bullish case somewhat fundamentally, Elon Musk said Tesla would continue to provide the option to accept bitcoin as a medium of exchange instead of fiat dollars if the mining industry becomes at least 50% green with renewable energy. It is currently at 58%. So, we will wait until he keeps his word and announces the continuation of purchasing Tesla vehicles with Bitcoin. In my opinion, this would be a catalyst to consider as the spark for the next wave of corporations and investors adopting bitcoin.
Be ready for this next week as we MAY be in for a bumpy ride.
Please be cautious moving forward. Do not invest unless you have a plan. Know what you're going to do at times like this. Be objective. Long, Wait, or Short are your only options. What do you see long-term? What needs to take place to get there? What do you see short-term? What is supporting your thesis?
If you liked my ideas please hit the LIKE button to show your SUPPORT. Anything else you'd like to add/ask or object to please post it in the COMMENT section. None of this is investment advice but instead user experience.
Investors have been looking for a bounce that has yet to manifest at the 37.5k-43k levels. From the 12th-19th, strong bullish pressure showed its head alongside decent volume. This led to a bull trap on the 21st. Some market participants are looking for a bullish case. Prices need to reclaim the 40k level and support of the rising channel to further support their bullish case.
After breaking this support that flipped to resistance on April 28th, 2022, the price has been following a legacy trend that began as resistance back in November. The clear direction is down however, I determine the situation more neutral since for the first time the downwards trendline is still acting as support. If the price maintains above this level, then this downtrend can go on to mid-June.
If you are looking for a short setup, tons of orders are waiting to execute at the 28k-33k. It is at this level that many investors are salivating at the thought of securing more bitcoin for a decent price. Thus, this could be a level to look for putting in a long. Even if traditional markets continue to dip, this will be a zone of interest to look for a bounce that could turn into a buy the dip and sell the rip moment or the bottom for the next leg up.
On another note, to support the bullish case somewhat fundamentally, Elon Musk said Tesla would continue to provide the option to accept bitcoin as a medium of exchange instead of fiat dollars if the mining industry becomes at least 50% green with renewable energy. It is currently at 58%. So, we will wait until he keeps his word and announces the continuation of purchasing Tesla vehicles with Bitcoin. In my opinion, this would be a catalyst to consider as the spark for the next wave of corporations and investors adopting bitcoin.
Be ready for this next week as we MAY be in for a bumpy ride.
Please be cautious moving forward. Do not invest unless you have a plan. Know what you're going to do at times like this. Be objective. Long, Wait, or Short are your only options. What do you see long-term? What needs to take place to get there? What do you see short-term? What is supporting your thesis?
If you liked my ideas please hit the LIKE button to show your SUPPORT. Anything else you'd like to add/ask or object to please post it in the COMMENT section. None of this is investment advice but instead user experience.
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