Why the market bottom is a lot closer than you think..
Updated
Loving all the positive comments and messages - thank you ;) At the same time there's messages calling for a bear market lasting months throughout the remainder of the year. Let me convince you that's not going to happen. The remaining months of this year are going to be awesome.
One last chart for today… this one has had my attention for some time. I think Benjamin Cowen from ‘into the cryptoverse’ has alluded to this idea before some while ago, but forget which video.
Anyhoo.. what you have here is the 2-week death cross. That is the 2-week/21-week EMA (yellow line) crossing down the 2-week/50-week SMA (blue line). A death will print on June 20th.
Previous crosses on this time scale have called the market bottoms perfectly. Whatever happens between now and June 20th is irrelevant, by that time the bottom is in. Yes, 8 days from now I’m calling bottom. I’ll eat my hat if not.
The orange dotted line is the 200-week EMA. I know a lot of folks are using this on the weekly timeframe forecasting 20k area, however, in my opinion it will be a wick at best. Look left, the time spent at the 200-week has been reducing on each event. If it happens again, the time spent there is measured in days.
After the cross has printed price action will rally to the ever evasive 100k area. Does it happen this year? I don’t know. The target measured from extrapolating previous rallies and also hours of study on the log grow growth curve.
Ww
PS: I don’t own a hat.
One last chart for today… this one has had my attention for some time. I think Benjamin Cowen from ‘into the cryptoverse’ has alluded to this idea before some while ago, but forget which video.
Anyhoo.. what you have here is the 2-week death cross. That is the 2-week/21-week EMA (yellow line) crossing down the 2-week/50-week SMA (blue line). A death will print on June 20th.
Previous crosses on this time scale have called the market bottoms perfectly. Whatever happens between now and June 20th is irrelevant, by that time the bottom is in. Yes, 8 days from now I’m calling bottom. I’ll eat my hat if not.
The orange dotted line is the 200-week EMA. I know a lot of folks are using this on the weekly timeframe forecasting 20k area, however, in my opinion it will be a wick at best. Look left, the time spent at the 200-week has been reducing on each event. If it happens again, the time spent there is measured in days.
After the cross has printed price action will rally to the ever evasive 100k area. Does it happen this year? I don’t know. The target measured from extrapolating previous rallies and also hours of study on the log grow growth curve.
Ww
PS: I don’t own a hat.
Note
PS: A little reminder on the 3-day Po3 (power of 3) signalling at this time. Look left ;-) This is the entire history of Bitcoin price action. And for the 3rd ever the 'incredible buy' signal has printed.Note
** 200-week SMA strike **On the daily chart below price action has just struck the 200-week MA with consideration of the M2 money supply increase.
You can see the back test of the January 2021 breakout is now underway as is a back test of the 2017 top.
This is the best buying opportunity. Don't concern yourself with +/- $2-3k right now when you'll have a chance to sell at 100k to 120k at the end of the year.
Trade active
For the first time ever a 'incredible buy' signal has printed on the weekly chart across a number of high volume exchanges. Look left.Bitstamp
Bitfinex
Kraken
Coinbase
Note
Are you seeing the number of oscillators printing bullish divergence? These are measured over a 15 day period. Look left!Note
** 22k level broken - Micro Strategy margin call soon ?? ** "MicroStrategy Stock Falls 25% on Bitcoin Plunge"
"The company had said it would face a margin call if the price of bitcoin drops to about $21,000"
This is important, I don't know for how much longer that business can tolerate the debt but they'll be forced to sell tens of thousands of Bitcoin onto the market to clear the debt. Salyor took massive leverage like a gambler in Las Vegas with a new credit card. Now the debtors are knocking...
wsj.com/articles/microstrategy-stock-falls-23-on-bitcoin-plunge-11655150167
Note
The source of the info was from MicroStrategy itself:"Should the price of bitcoins drop below about $21,000, that would trigger a "margin call" or demand for extra capital, MicroStrategy President Phong Le said in a webcast in May."
Note
Today Bitcoin price action is testing the 300-week simple moving average (green line) @ 11.5k!11.5k comes from the 40% increase in M2 money supply since the 2017 top.
Note
The green bars will only illuminate on this 2-day chart when market bottom is in. This week is bottoming week.Note
The main trend line on the top chart. The more days that come to pass the higher the bottom moves. At this moment it would take a considerable amount of selling pressure to push price action below 18.5kNote
On the 2-day chart below USDT.D (Tether market dominance) is printing strong bearish divergence. Mid July 2021 was the last time this strong bearish divergence printed. The world was ending then too.Over Bitcoin price action is overlaid with this chart you see this rotation indicates a huge upside move is coming.
Trade closed manually
** Strong market bottom signal **This is bottom folks.. see you at top later this year.
Note
Love reading those old comments:
"A lot further than you think, the bear market is far from over, Bitcoin never traded in a real recession or even a depression, it will sink with the rest of the markets, you can bet on that."
“what are you smoking?”
“when you think it is bottom, basement shows up.”
BTC
bc1q2eckdzh0q8vsd7swcc8et6ze7s99khhxyl7zwy
Weblink: patreon.com/withoutworries
Allow 3-6 months on ideas. Not investment advice. DYOR
bc1q2eckdzh0q8vsd7swcc8et6ze7s99khhxyl7zwy
Weblink: patreon.com/withoutworries
Allow 3-6 months on ideas. Not investment advice. DYOR
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