Pivotal Moment
I generally just publish these as private so I have them handy to reflect on later. But I noticed I have not put anything up as public in a while. Maybe someone will find this worthwhile.
BTC is currently resting on the bottom of the uptrend channel that has been in place from July 2021 till now, Dec 14, 2021. It is also resting on the 200 day SMA, having penetrated all the other typical bands of support for a bull market. Either it is the very bottom of a fairly prolonged slump or it is done with the good times for bulls for a while.
It's certainly a time for fear: Omicron is working its way through the public consciousness and public policy. The Ukraine is tense to say the least. Feels to me, at least, like the fear index is pretty high. Maybe it is just a hope but I have a feeling that the tide is about to turn for a while. I classified this as a neutral analysis, but for now at least, I am all in buying this dip, betting that BTC and the crypto market as a whole is due for some upward movement.
We may be in for a continued fight at this level; one side or the other will capitulate eventually.
The fibs shown here are those of Tradingview user EuroMotif, my thanks.
BTC is currently resting on the bottom of the uptrend channel that has been in place from July 2021 till now, Dec 14, 2021. It is also resting on the 200 day SMA, having penetrated all the other typical bands of support for a bull market. Either it is the very bottom of a fairly prolonged slump or it is done with the good times for bulls for a while.
It's certainly a time for fear: Omicron is working its way through the public consciousness and public policy. The Ukraine is tense to say the least. Feels to me, at least, like the fear index is pretty high. Maybe it is just a hope but I have a feeling that the tide is about to turn for a while. I classified this as a neutral analysis, but for now at least, I am all in buying this dip, betting that BTC and the crypto market as a whole is due for some upward movement.
We may be in for a continued fight at this level; one side or the other will capitulate eventually.
The fibs shown here are those of Tradingview user EuroMotif, my thanks.
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