Bitcoin - What goes up must come down
Updated
Happening now: We are looking good on the daily timeframe, BTC has decisively gone over multiple resistance points and continues to cross over them with conviction. The concern is that this is all happening as the leading economies in the world are showing signs of bad times coming, During different times I would say that the bottom was in, but since we are in the times we are in, I would warn you and tell you to be cautious, at this point, I still expect BTC at around 11K.
On the weekly timeframe, I will wait to see if at the very least Bitcoin closes above the 200MA on Sunday. This is like poker and I believe that BTC has a weak hand and it will be coming down soon. I am 66% in and at this point I have nothing to lose if I sit and wait. The last 34% of capital left has to go in at the right time and into the right coin in order to multiply 30+ times.
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What is driving this move up? I see it as a two-sided effect. 1. The traditional markets are still posting good gains and profit seems to be healthy in a few sectors. What does that mean? It means that as companies raise their prices you are ok paying a premium for their products therefore they are posting profits. 2. Bitcoin is simply following the Dow, if it goes up so will BTC. However, as far as Bitcoin and crypto are concerned the current bull spike is not sustainable.
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.
On the weekly timeframe, I will wait to see if at the very least Bitcoin closes above the 200MA on Sunday. This is like poker and I believe that BTC has a weak hand and it will be coming down soon. I am 66% in and at this point I have nothing to lose if I sit and wait. The last 34% of capital left has to go in at the right time and into the right coin in order to multiply 30+ times.
[img]
What is driving this move up? I see it as a two-sided effect. 1. The traditional markets are still posting good gains and profit seems to be healthy in a few sectors. What does that mean? It means that as companies raise their prices you are ok paying a premium for their products therefore they are posting profits. 2. Bitcoin is simply following the Dow, if it goes up so will BTC. However, as far as Bitcoin and crypto are concerned the current bull spike is not sustainable.
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.
Note
[img]It is not uncommon for bitcoin to take a shot at critical moving averages such as the 200 (white line) and 50 (yellow line) while it is under, but if rejected it can get costly. I circled when we took the last shot at the 200MA on the daily timeframe and what the consequences were: we went from 48k to 17k. I don't think we will take another shot at the 200MA but we are currently interacting with the 50MA as you can see below. If rejected we could drop quite a bit.
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Note
Just as predicted and expected we did not close above the 200MA and now we are back under it again. My 34% of leftover capital stays safe and I'll wait until we hit rock bottom in the next few weeks. [img]
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