BTC LIGHTS OUT, SUB 30KThis idea leans a bit more on speculation, but it is something that's crossed my mind recently.
Given the IMF practicing for cyber-attacks specifically aimed at the global financial system, it gives worry of a covid like crash that'll break support at 30k.
Not to mention how close the current price action is now resembling the price action of back in March 2020. Take a look at the trend line on the chart image below:
It is the single most important trend line to hold in order to ensure that the bull run continues . The same goes for the PoC, sitting around 46k. If we break it along w/ the white trendline, it's a wrap. BBWP indicator has confirmed the end of consolidation moving into volatility... that I believe will head to sub 30k levels.
Key lines of support and resistance are identical to the previous idea linked below.
The likelihood of this entire idea playing out to be invalidated would be if we break above the prev high near 52K.
Rip Grichka Bogdanoff, may your phone calls ring beyond the grave .
Bogged
Bogged and planningRecently the market has bogged a lot of people. 2 fake break outs on June 10th and June 22nd. They seemed promising but S and P 500 correlation saw btc drop when indexes dropped. Thus index analysis is important for btc analysis.That being said now days the less obvious move is what the market has been doing. Things can still be bullish to a retirement to the 55ema at 8600 and 100 ema at 8450. But that would be seen as following ta so its best to adjust by having buys ladder 8200-8600 if one is bullish. This 10-12% drop would correlate with the stock indexes correcting 4-5% since bitcoin on average moves 1.5-2 times the amount the indexes do during steep corrections.Recently s and p 500 did -36 and btc roughly -72% from highs ( 14.4k to 3.8). So its a good basis to plan your trades remembering the 1.5-2 figure. And say we hit 8.3-8.4k area , we can bounce to the 9.1-9.2k area and if indexes remain bullish btc can continue its run up. If indexes cave down then a much greater move is possible with btc