$BTC BTC/USDT Wash out before parabolic run or end of bullcycle?
At the moment, we see some bigger selling pressure on Bitcoin and the whole crypto market.
But, is this really a problem, or maybe just the last wash out of weak hands and leverage before we actually start to move up even higher?
First of all, Bitcoin is very well known for corrections of around 20-30%, that's literally needed to work off those massive and impulsive runs,
like we had it since end of july, where Bitcoin more than doubled it's value in under 4 months.
So, the current situation is nothing, a Bitcoin investor should get any scared of, it is of course a pain for those, who entered at the high, especially on leverage, but that is just the name of the game when you move into crypto.
68k or even higher, just was NOT the place to start fresh long positions.
But, if it is all good, and we're still bullish, what levels are there to maybe pick up Bitcoin at a level that actually makes sense ?
And there is literally just one answer in my opinion:
NOW (but look out for some kind of confirmation on smaller timeframes like the 8h or 4h), and even lower, if we should get close to 53ish areas.
Why?
Because the downside, until we have to be actually scared of a possible end of the bullrun is very small. Bitcoin, in my opinion, has to hold at least 52.500$ to remain bullish, or if you wanna play it loose and with no leverage 50k is where i would cut off any new started longs in bitcoin. That corresponds nicely with that little uptrend that market has created with the july low and the end of september low, if we can't hold that demand line, i think a bigger correction might be upon us, and therefore a position that is now opened could be stopped out and reopened way lower.
So you have a downside of lets say maximum 15ish% untill the cut off, but if we stay bullish and if history repeats itself, what would mean that the second half of the cycle is even more bullish than the first half, we might see Bitcoin at least at 75k or most likely even at 88k or even higher.
Overall, I think this is a very well timed little correction, which should find it's bottom at around 52-53k $, and nothing to even think about happened. If we go lower that that, watch out though!
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But, is this really a problem, or maybe just the last wash out of weak hands and leverage before we actually start to move up even higher?
First of all, Bitcoin is very well known for corrections of around 20-30%, that's literally needed to work off those massive and impulsive runs,
like we had it since end of july, where Bitcoin more than doubled it's value in under 4 months.
So, the current situation is nothing, a Bitcoin investor should get any scared of, it is of course a pain for those, who entered at the high, especially on leverage, but that is just the name of the game when you move into crypto.
68k or even higher, just was NOT the place to start fresh long positions.
But, if it is all good, and we're still bullish, what levels are there to maybe pick up Bitcoin at a level that actually makes sense ?
And there is literally just one answer in my opinion:
NOW (but look out for some kind of confirmation on smaller timeframes like the 8h or 4h), and even lower, if we should get close to 53ish areas.
Why?
Because the downside, until we have to be actually scared of a possible end of the bullrun is very small. Bitcoin, in my opinion, has to hold at least 52.500$ to remain bullish, or if you wanna play it loose and with no leverage 50k is where i would cut off any new started longs in bitcoin. That corresponds nicely with that little uptrend that market has created with the july low and the end of september low, if we can't hold that demand line, i think a bigger correction might be upon us, and therefore a position that is now opened could be stopped out and reopened way lower.
So you have a downside of lets say maximum 15ish% untill the cut off, but if we stay bullish and if history repeats itself, what would mean that the second half of the cycle is even more bullish than the first half, we might see Bitcoin at least at 75k or most likely even at 88k or even higher.
Overall, I think this is a very well timed little correction, which should find it's bottom at around 52-53k $, and nothing to even think about happened. If we go lower that that, watch out though!
If you like my content, please like, comment and subscribe!
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