Bitcoin - The domino effect
The thought is that If we lose the 200MA on the 1D we will force a quick death cross which will lead to a dip to the 4k area. For now let's look at what we have right in front of us.
The 200MA on the 1D has been pierced, if price does not climb above asap we are for sure headed to the $6,900 - 7k area which is likely to hold since that is the 61.8% retracement area for the 2019 move. A bounce up from here is very significant, why? Because that would indicate a secular bull market, meaning we are going up for a while with some retracements here and there.
Let's look at this chart below, it indicates the total market cap for crypto, which translated it means all the money currently in crypto, this chart shows you if money is coming in or flowing out. As you can see currently it is falling out of that trendline which indicates money is being pulled out, in my opinion, it's being done on purpose to get to those low prices and to short the last drop of life out of some alts. Keep in mind it is on a downtrend which indicates more drops in price.
Also, this is the 12H interacting with the 200MA (I showed you this a while back) and so far it is behaving as it did back in 2018. I'm showing you this chart so you can see the road map of what's ahead. We'll see moves up and down for a while before we go over the 200MA again and make big gains, once we hit the top (resistance) I'll give you the signal and you sell. It will take months for another low and we will not put money back in until we hit that next low.
So today the headline is: WE ARE NEAR THE BOTTOM.
NOW, THE LEGEND;
Support trendlines are green
Resistance trendlines are Red
Horizontal support lines are Black the thicker the stronger the support
50 Moving Average is yellow
200 Moving Average is Black
THE TREND: Going a little further down still.
THE OUTLOOK: Unsafe to buy BTC but safe to buy top 10 market-cap Alts as they dip.
Be safe and follow me to make money and stay ahead of the curve.
The 200MA on the 1D has been pierced, if price does not climb above asap we are for sure headed to the $6,900 - 7k area which is likely to hold since that is the 61.8% retracement area for the 2019 move. A bounce up from here is very significant, why? Because that would indicate a secular bull market, meaning we are going up for a while with some retracements here and there.
Let's look at this chart below, it indicates the total market cap for crypto, which translated it means all the money currently in crypto, this chart shows you if money is coming in or flowing out. As you can see currently it is falling out of that trendline which indicates money is being pulled out, in my opinion, it's being done on purpose to get to those low prices and to short the last drop of life out of some alts. Keep in mind it is on a downtrend which indicates more drops in price.
Also, this is the 12H interacting with the 200MA (I showed you this a while back) and so far it is behaving as it did back in 2018. I'm showing you this chart so you can see the road map of what's ahead. We'll see moves up and down for a while before we go over the 200MA again and make big gains, once we hit the top (resistance) I'll give you the signal and you sell. It will take months for another low and we will not put money back in until we hit that next low.
So today the headline is: WE ARE NEAR THE BOTTOM.
NOW, THE LEGEND;
Support trendlines are green
Resistance trendlines are Red
Horizontal support lines are Black the thicker the stronger the support
50 Moving Average is yellow
200 Moving Average is Black
THE TREND: Going a little further down still.
THE OUTLOOK: Unsafe to buy BTC but safe to buy top 10 market-cap Alts as they dip.
Be safe and follow me to make money and stay ahead of the curve.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.