BTCUSD $33,000 was Bottom
Looking at the 4-hour time frame of Bitcoin we can see that the dump looks like its over and that it caught support along the 33k level until it eventually evened out along $37,000.
From here, i'm expecting another week or so in accumulation in this same range underneath the 1.618 Fib level until Bitcoin breaks out to the topside and wicks $57,000 again and above.
It is only a matter of time before Bitcoin breaks back above to new highs again, it's just going to take a bit of patience. Markets can't move up in a straight line forever, they need to take a breather.
This is the biggest wave of capitulation we've seen so far and as the market continues to get more crazy towards the end of the year, we're going to see moves down like this just as great if not move intense.
Let me know your thoughts in the comments below, thanks for reading. Cheers
From here, i'm expecting another week or so in accumulation in this same range underneath the 1.618 Fib level until Bitcoin breaks out to the topside and wicks $57,000 again and above.
It is only a matter of time before Bitcoin breaks back above to new highs again, it's just going to take a bit of patience. Markets can't move up in a straight line forever, they need to take a breather.
This is the biggest wave of capitulation we've seen so far and as the market continues to get more crazy towards the end of the year, we're going to see moves down like this just as great if not move intense.
Let me know your thoughts in the comments below, thanks for reading. Cheers
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