The End is Nigh for Bitcoin
The title sounds ominous, and it is.
BTC is coming to a crossroads this weekend. It will either find support from the 60 EMA, or with the red trend line that was acting as support since April 1st, or with the Fib 0.382. All of these 3 strong supports will be tested this weekend. If it fails all of these supports, then BTC will fall through them in search of a lower support region. There is strong support at 8k to 8.5k and is unthinkable for many that it could fall that far. But look at the descending volume and the bearish indicators: OBV, RSI and MACD. Bitcoin needs more hot air (volume) to push the balloon higher. Otherwise it will drift lower in the pitchfork.
Remember that the Death Cross on the 4H occurred this week and we have been going down ever since. We may get a large pump from a whale like we did on July 18th, to get us back in a bullish mood. But that single upward spike did not last long and only delayed things. The price is now back to where it was before the bullish spike occurred. At this rate we may be retesting 9.5k this weekend.
You will notice the price has been following the green pitchfork channel downwards since the beginning of the month. It needs to break out of this green channel and it may get it from a bounce off of the Fib 0.382 retracement level. This Fib was drawn from the ATH of 19.8k down to the low in December.
Which direction is Bitcoin headed? We will find out early next week.
I don't want you to think the title means this is the end for Bitcoin. I am very bullish for Bitcoin and by the end of the year we should have a new ATH. We are looking for a level of support so we can accumulate and move higher. We may find support around 10k or at 8.5k. In the long run, 5 years from now, it doesn't really matter. But if the Bitcoin price does fall lower it gives us the ability to buy it at a discount when it reaches the next support region, which may be around 8.5k. The amount of Bitcoin we are able to purchase before the moonshot is very very important. So don't panic if we go lower. Accumulate what you can, when you can. Don't be upset if you are given an opportunity to buy Bitcoin at a discount. For example. If you had your heart set on buying a new BMW, don't be angry at the dealership if you find out they are going to have a 30% off sales in a couple of months. You might be able to buy two at that price! LOL
BTC is coming to a crossroads this weekend. It will either find support from the 60 EMA, or with the red trend line that was acting as support since April 1st, or with the Fib 0.382. All of these 3 strong supports will be tested this weekend. If it fails all of these supports, then BTC will fall through them in search of a lower support region. There is strong support at 8k to 8.5k and is unthinkable for many that it could fall that far. But look at the descending volume and the bearish indicators: OBV, RSI and MACD. Bitcoin needs more hot air (volume) to push the balloon higher. Otherwise it will drift lower in the pitchfork.
Remember that the Death Cross on the 4H occurred this week and we have been going down ever since. We may get a large pump from a whale like we did on July 18th, to get us back in a bullish mood. But that single upward spike did not last long and only delayed things. The price is now back to where it was before the bullish spike occurred. At this rate we may be retesting 9.5k this weekend.
You will notice the price has been following the green pitchfork channel downwards since the beginning of the month. It needs to break out of this green channel and it may get it from a bounce off of the Fib 0.382 retracement level. This Fib was drawn from the ATH of 19.8k down to the low in December.
Which direction is Bitcoin headed? We will find out early next week.
I don't want you to think the title means this is the end for Bitcoin. I am very bullish for Bitcoin and by the end of the year we should have a new ATH. We are looking for a level of support so we can accumulate and move higher. We may find support around 10k or at 8.5k. In the long run, 5 years from now, it doesn't really matter. But if the Bitcoin price does fall lower it gives us the ability to buy it at a discount when it reaches the next support region, which may be around 8.5k. The amount of Bitcoin we are able to purchase before the moonshot is very very important. So don't panic if we go lower. Accumulate what you can, when you can. Don't be upset if you are given an opportunity to buy Bitcoin at a discount. For example. If you had your heart set on buying a new BMW, don't be angry at the dealership if you find out they are going to have a 30% off sales in a couple of months. You might be able to buy two at that price! LOL
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