A Bitcoin Hodler's Story - Potential Bounce In Play
Updated
Note: This is a repost of my last post titled "Keep Calm. Bitcoin Is Not Capitulating!". The original was banned for violating House Rules. So guys, please RE-LIKE this post for me. Thanks!
Hello everyone! Despite all the bullish news that came out in the last 3 days, the crypto market is back in red. Those who are cuddling their precious coins (be it Bitcoin or alts) are going through a challenging period of time. If it makes any difference, just know that you are "not" alone.
Bitcoin looks really bad right now. It’s true because you bought at $8,300. It’s like what now, $6,900? (Sigh!)
Fellow traders around you are frustrated and lost. Some of those whom you look up to are screaming $4000 or the word "capitulation" that barely made sense to you. You are afraid that if you don't sell now, Bitcoin might go down further and you would lose even more of your hard-earned money. Money that your overworked mama handed you to buy groceries last week as your under-stocked fridge gets cleaned out each passing day.
You start to panic. No, you ARE panicked because your left thumb is right above the big red button that says "SELL ALL".
All of a sudden, you are conflicted with a whirlpool of emotions that you never even knew existed in you. A feeling that is so much worse than what held you from getting to first base with your first crush, Amy, in your much-regretted prom night.
You thought to yourself, "Just one push and I can end it all. B-but what if it goes up? No, it won't because Bl4ckEnergY said it's gonna… what's that word again? Oh yeah… Ca-Pi-Pulate!".
STOP RIGHT THERE, BUDDY!
Keep calm. Bitcoin is not going to capitulate.
In fact, there is a pretty good chance that price might get a bounce from here. If we look at the 4-hour chart, all the indicators ( MACD, RSI and Stochastic ) are officially “oversold”. PPO is flashing strong buy signals. This is a level where people are buying and not the other way around.
What's that? A grin on your face? Oh boy, now you are thinking 10k, aren't you?
Let’s be realistic here. This bounce won’t take us to the moon or back to $8,000. Not even close. But it sure gives us some pretty good targets to sell over the short term. A minute ago, you were ready to sell it all so why not sell at a higher price? There are two targets in my chart that price would likely get to within a week or two and those targets are marked with (A) and (C). No, no, no... Don’t you dare turn your head and look at other analysts. If they are really good analysts, they would be telling you the same and not mentioning the unholy word “capitulation”.
From here on until late-August (or early-September), I believe that Bitcoin is going to trade sideways, particularly within a limited price range. For your convenience, I have highlighted that range with magenta lines.
That’s all for now, my friends. If you enjoyed this post, please hit that LIKE button so it gets more exposure and more people can read it. Thank you so much for supporting me on TradingView. Until next time, trade safe and good luck!
Gifts & Support:
BCH: qznk2nnuppn0xszpmx0ruvfzlh7z5ux8r527d05k3f
Hello everyone! Despite all the bullish news that came out in the last 3 days, the crypto market is back in red. Those who are cuddling their precious coins (be it Bitcoin or alts) are going through a challenging period of time. If it makes any difference, just know that you are "not" alone.
Bitcoin looks really bad right now. It’s true because you bought at $8,300. It’s like what now, $6,900? (Sigh!)
Fellow traders around you are frustrated and lost. Some of those whom you look up to are screaming $4000 or the word "capitulation" that barely made sense to you. You are afraid that if you don't sell now, Bitcoin might go down further and you would lose even more of your hard-earned money. Money that your overworked mama handed you to buy groceries last week as your under-stocked fridge gets cleaned out each passing day.
You start to panic. No, you ARE panicked because your left thumb is right above the big red button that says "SELL ALL".
All of a sudden, you are conflicted with a whirlpool of emotions that you never even knew existed in you. A feeling that is so much worse than what held you from getting to first base with your first crush, Amy, in your much-regretted prom night.
You thought to yourself, "Just one push and I can end it all. B-but what if it goes up? No, it won't because Bl4ckEnergY said it's gonna… what's that word again? Oh yeah… Ca-Pi-Pulate!".
STOP RIGHT THERE, BUDDY!
Keep calm. Bitcoin is not going to capitulate.
In fact, there is a pretty good chance that price might get a bounce from here. If we look at the 4-hour chart, all the indicators ( MACD, RSI and Stochastic ) are officially “oversold”. PPO is flashing strong buy signals. This is a level where people are buying and not the other way around.
What's that? A grin on your face? Oh boy, now you are thinking 10k, aren't you?
Let’s be realistic here. This bounce won’t take us to the moon or back to $8,000. Not even close. But it sure gives us some pretty good targets to sell over the short term. A minute ago, you were ready to sell it all so why not sell at a higher price? There are two targets in my chart that price would likely get to within a week or two and those targets are marked with (A) and (C). No, no, no... Don’t you dare turn your head and look at other analysts. If they are really good analysts, they would be telling you the same and not mentioning the unholy word “capitulation”.
From here on until late-August (or early-September), I believe that Bitcoin is going to trade sideways, particularly within a limited price range. For your convenience, I have highlighted that range with magenta lines.
That’s all for now, my friends. If you enjoyed this post, please hit that LIKE button so it gets more exposure and more people can read it. Thank you so much for supporting me on TradingView. Until next time, trade safe and good luck!
Gifts & Support:
BCH: qznk2nnuppn0xszpmx0ruvfzlh7z5ux8r527d05k3f
Note
My friends, the worse is over. Price held firmly above 50 SMA in the daily chart despite met with strong selloff.In the hourly chart, we can see that a triple bottom has been formed around 6890 support level. It is clear and evident that Bitcoin is ready to take on our first target on the chart that is marked with (A).
Note
Here is an updated chart following the recent development of Bitcoin. Our targets remain unchanged. Things are looking very good so far.Please click the LIKE button if you haven't. Thank you.
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