Bitcoin Weekly chart shows PA under pressure - Key support Lost
This is my most trusted chart that I have begun sharing on Trading View.
And as you can see, the weekend was Not good for PA as we fell off that Long Term support.
In many ways, that is not surprising really. Weekly MACD has a Long way to fall before Neutral, as you can see in the chart below
I am hoping that PA is aiming for at least the Neutral line before going higher for a new Cycle ATH.
As you can see, at current Rate of descent, it is Mid May to Early June before we get there.
The shorter term problem we now face is simply that PA fell below that support and despite a great rally to recover from the Dip down to fill that CME GAP I have talked about ( which did not get fully filled). We got rejected off that line of support we once had ( See chart below )
This is the Daily version of the same chart above and you can see, rejection was bang on that line.
And so you understand, that Rally, Jump higher over the weekend, opened up a Bigger CME Gap . ( I posted about this Earlier today)
And, as you can see, we have 3 lines of Major support below.
This starts with a rising long Term support at around 74K ( origins in 2017 )
Then we have the 2 fib Extension at 68242. Remember, the Roof we had since Dec was the 2.618
Then we hit 63K if those listed above fail.
For me, A worst case scenario will be that 2 Fib extension and so, I have once again placed Spot Buy orders around 70K
What a superb buying opportunity when you think about the possibility of a Cycle ATH in Q4 of around 250K MINIMUM !
So, in summery, I am holding with the idea of that RED March I mentioned in previous posts and small Green April / May but Green Rockets from June onwards, depending, of course, on Macro events and so many other things........This is just an idea..NOT FACT.
So, do not loose heart, Bitcoin is FINE.
We just seem to need "Thoughts and Prayers" for all those ALTS
Mr Trump does seem to be trying to kick start ALT season...But the real world Liquidity for his Cryprto ideals are .....questionable......
Unless....................
