Why The Force? Correction In Terminology +Altcoins Market Update
First, I need to apologize for the confusion and misunderstanding. The most common question that keeps on arising is, "Why the force?", "Why should Bitcoin drop so strongly?"
The mistake is mine and obviously made in the terms being used. At one point, we started to call it a drop, a move down, a correction, a classic correction, strong correction, standard correction, etc. And normally people would reply pointing out the distinct support levels, as they should. But the problem is that we are not looking at a correction, we are looking at capitulation.
I looked up the definition for capitulation and this is what came up:
"Capitulation refers to a situation in which investors/traders liquidate their existing long stock position during an extended stock price decline. It can be viewed as the moment in which investors/traders lose hope in their long position and accept losses."
When you look at it from this point of view, this is the reason why there is no reason to talk about or consider any support. The floor just breaks down. People are not looking to sell or buy, to trade; a bullish or bearish wave; it is a change in mentality, a definite action taken by a large section of the market, those that have been holding for almost six months. Maybe it is 100% psychological I don't know, because capitulation tends to happens after six months.
On the 14th of September, it will be exactly six months since Bitcoin stopped experiencing growth.
➢ Altcoins Market Update
We are now focused, bullishly, on the altcoins vs bitcoin pairs and I have good news. These pairs continue to do good and continue bullish. We have the initial bullish breakout on many and the retrace, for all of them, is ending in a classic higher low.
The way things are developing, the charts and price action, fully indicates that this is the much awaited altcoins season. This is to say, that these pairs are set to grow between 3-6 months. Some will grow between 6-12 months and some will grow for an even longer period of time. This is counting since their last major low.
Most of these pairs, which we have been looking at recently, hit bottom early August. Some hit bottom in April, June and July but these are the exception; the majority in August, it makes no difference.
Our attention is going back again to the altcoins and we will let Bitcoin do its thing.
Patience is key. We will see the money that is withdrawn from Bitcoin going to these altcoins through ALTS-BTC.
The other pairs can also grow, some of them.
The USDT pairings are risky right now and each chart needs to be considered individually.
I can only speak for the charts/pairs that I am looking at individually because there are thousands and thousands of altcoins now. Some are bearish, some are bullish, some are neutral.
Whatever will happen with Bitcoin the market will let us know (an easy guess), but we know that the altcoins (BTC pairings) are going up!
Namaste.
The mistake is mine and obviously made in the terms being used. At one point, we started to call it a drop, a move down, a correction, a classic correction, strong correction, standard correction, etc. And normally people would reply pointing out the distinct support levels, as they should. But the problem is that we are not looking at a correction, we are looking at capitulation.
I looked up the definition for capitulation and this is what came up:
"Capitulation refers to a situation in which investors/traders liquidate their existing long stock position during an extended stock price decline. It can be viewed as the moment in which investors/traders lose hope in their long position and accept losses."
When you look at it from this point of view, this is the reason why there is no reason to talk about or consider any support. The floor just breaks down. People are not looking to sell or buy, to trade; a bullish or bearish wave; it is a change in mentality, a definite action taken by a large section of the market, those that have been holding for almost six months. Maybe it is 100% psychological I don't know, because capitulation tends to happens after six months.
On the 14th of September, it will be exactly six months since Bitcoin stopped experiencing growth.
➢ Altcoins Market Update
We are now focused, bullishly, on the altcoins vs bitcoin pairs and I have good news. These pairs continue to do good and continue bullish. We have the initial bullish breakout on many and the retrace, for all of them, is ending in a classic higher low.
The way things are developing, the charts and price action, fully indicates that this is the much awaited altcoins season. This is to say, that these pairs are set to grow between 3-6 months. Some will grow between 6-12 months and some will grow for an even longer period of time. This is counting since their last major low.
Most of these pairs, which we have been looking at recently, hit bottom early August. Some hit bottom in April, June and July but these are the exception; the majority in August, it makes no difference.
Our attention is going back again to the altcoins and we will let Bitcoin do its thing.
Patience is key. We will see the money that is withdrawn from Bitcoin going to these altcoins through ALTS-BTC.
The other pairs can also grow, some of them.
The USDT pairings are risky right now and each chart needs to be considered individually.
I can only speak for the charts/pairs that I am looking at individually because there are thousands and thousands of altcoins now. Some are bearish, some are bullish, some are neutral.
Whatever will happen with Bitcoin the market will let us know (an easy guess), but we know that the altcoins (BTC pairings) are going up!
Namaste.
Comment
🅱️ Bitcoin Crash Confirmed | Weekly Timeframe
We have two signals here to consider: Moving Averages and Candlesticks.
Let's start with the moving averages because it is the easiest of the two.
➖ Bitcoin moved below EMA8/13/21 weekly in July. After trading two weeks below, it recovered last week. This week we have a full rejection and the action is back below these moving averages. This is an ultra-bearish signal and confirms the bearish bias and potential. Major crash confirmed.
Now the candlesticks.
➖ Bitcoin closed below the "weekly support" only once in 2024, that is in early July. After this close, it quickly recovered. Bitcoin traded 7 weeks above this level, blue line on the chart, and this week is closing below it.
➖ A close below this level, confirmed within less than two hours, confirms major crash. This would be the weakest close since February 2024 if we skip the July candle.
👉 In simple terms, these signals are pointing to a crash toward $43,000 and $38,000 within the coming weeks. No bullish signals are present. Everything is extremely bearish. Run for your life.
Namaste.
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