BITCOIN MAJOR TEXT!!!
BTCUSDTLike I said in my last post guys BITCOIN is coming to a major test!!!
Like I said on my last post Bitcoin has hit the MAJOR $49,000 USD level of resistance. As we saw before when it hit this level of resistance we had a ABC correction before a retest and an eventual collapse of the $46,800 USD of support.
This is a crucial time for Bitcoin. BTC is looking for a retest of the $49,000 USD resistance after a simple ABC correction if the $46,800 USD level of support is held.
In my opinion Bitcoin is strong right now, there is a lot of buying force coming in from not only major hedge funds and whales but also a wave of retail investors who are slowing starting to realize how overpriced the stock market is. There is this narrative being pushed around that "BTC IS THE NEW GOLD" this is extremely good for not only Bitcoin but also all other cryptocurrencies out there. Inflation rates are Right now around about 5.3% and this is bound to raise the United States Fed Fund rate. Whenever this rate is increased we do see the stock market slowing down or doing worse for example 2008. This will just bring more money into Crypto as crypto is this "government free" investment. Right now people are buying onto the narrative BITCOIN HAS OVERTAKEN GOLD, IT IS THE DIGITAL GOLD and this is what is driving the price up along with the October 1st hype.
However a correction is imminent. We can't just keep pumping forever. I think BTC will find a strong level of support at $46,800 USD and will continue to hold it and retest $49,000 USD and eventually break it until to tests the long term down trend at $50,000 USD. There is a big buying force behind Bitcoin right now but we are gonna be smart investors and not buy because of the hype.
I will be going long at around about $46,800 if I do see price rejection and big wicks forming around that level and will further increase my position if it does pass this $49,000 USD "test".
Make sure to keep an eye on the price and these posts in the next few hours you don't want to miss this analysis.
Thank you guys be sure to let me know your plans for Bitcoin.
Make sure to keep updated with my posts as I will be giving professional analysis on exactly why and what causes movements in the market and I will be giving them in real time!!
Invest smart guys and as always this is not FINACIAL ADVICE!!
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