BitcoinLong
BTC At Key Support & Market Is Fearful
Updated
Bitcoin is now entering a key support zone ( 9.6 -9.1k ). Everyone thinks that the recent drop has "broken the triangle" and this means 8-7K is a given. when infact, that pattern was simply invalid to begin with, we need to just throw it away and move on.
On the chart above we see that whenever price breaks below initial support, it goes for a test of the support at 9.1K and then rallies. This time its NOT any different, however, we might "hover on the edge of disaster" in the low 9K are for a tad longer than last time.
anything below 9.1K won't last long, and IMO can only really be achieved by mass liquidation of coins, which seems unlikely even if there is talk about 2billion dollars worth of bitcoin that will apparently be "forced" into doing just that. ( google: Craig Wright )
If by some miracle, a black swan event like that occurs, price would bounce back hard and continue to rally.
IMO what is more likely is that Craig Wright continues to maintain that he is satoshi, but he simply can't access the 1 million coin, for XYZ reasons... the market will now have confirmation that there's that much less supply and price is going to reflect that.
Put your tin foil hat on for a min. maybe the powers that be have put on a big long show ( with Craig Wright as the star attraction ) in order to get YOU to sell low, right before a massive rally to new ATH and beyond.
who the fuck knows, all i know is that even if CW does have the coins, its in his best interest to pretend he can't move'm.
On the chart above we see that whenever price breaks below initial support, it goes for a test of the support at 9.1K and then rallies. This time its NOT any different, however, we might "hover on the edge of disaster" in the low 9K are for a tad longer than last time.
anything below 9.1K won't last long, and IMO can only really be achieved by mass liquidation of coins, which seems unlikely even if there is talk about 2billion dollars worth of bitcoin that will apparently be "forced" into doing just that. ( google: Craig Wright )
If by some miracle, a black swan event like that occurs, price would bounce back hard and continue to rally.
IMO what is more likely is that Craig Wright continues to maintain that he is satoshi, but he simply can't access the 1 million coin, for XYZ reasons... the market will now have confirmation that there's that much less supply and price is going to reflect that.
Put your tin foil hat on for a min. maybe the powers that be have put on a big long show ( with Craig Wright as the star attraction ) in order to get YOU to sell low, right before a massive rally to new ATH and beyond.
who the fuck knows, all i know is that even if CW does have the coins, its in his best interest to pretend he can't move'm.
Note
Zooming in a little... we now have a support line to track, a break above 9630 will probably spark some renewed confidence which can take us to 10K
Note
it's looking good, now watching 4hrEMA ribbon for confirmation of next bull trend.
Note
this morning I started to think it looked kinda toppy, but I figured it could give one more good push to 11K. when the drop happened I panicked and rushed to the exchange.
BUT... it has gone up considerably faster then I thought, and it makes sense that there would be strong selling pressure so close to 11K. I panic sold a few coins for no reason I think.
I'm still confident in my original prediction, we'll hit 11K and then the REAL choppy waters will start, I hope to come out of it with more BTC, and then ride the inevitable clear break above 11K.
Note
4hr EMA is still below us.
price is moving up on low volume.
bears appear to be in hiding when they SHOULD be attacking.
12.5K target is looking good!
during the move up from 9.3k to 10.9k, every time volume when low price went up a little and then BAM green dildo.
after this bad recent drop, the price continues to rise on low volume but the bulls are spooked and so we have yet to see a green dildo.
everyone's waiting for another dump, but its looking less and less likly, or at the very least i think its safe to assume that if there is a dump it won't be devastating.
it appears as tho bears are exhausted if so, the bigger triangle will break UP and it's going to be one hell of a show.
Note
we are below the 4hr ema, but there appears to be support here. it could go either way.
it feels like we in the danger zone, where if we break support prices will surely fall to at least 9.8K probably 9.2K and maybe even 8-7K ultimately. but then again one large green dildo and everything changes.
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