The Last SHORT Of 2024 | Bitcoin ($40K Or Below $30K Bottom)Good morning my dear friend and fellow trader, It is with great joy and pleasure that I write for you today.
We are currently looking at what can only be described as the most interesting, intriguing and surprising technology of our time. This is the chart for Bitcoin.
➢ Bitcoin (BTC1!) has been showing bearish tendencies since early this year, March 2024, when a new All-Time High was hit on much emotion, enthusiasm, euphoria, hype and hope around the launch of the Bitcoin Spot ETFs. Truly an event that will remain in our memories for years to come.
➢ Once the event ran its course, the market sentiment started to die down and bearish signals, as well as momentum and price action became the norm. Everything is bearish now.
1) Since March, BTC has been experience lower highs, as well as lower lows.
2) Since March, the highest volume in a single session has resulted in major selling.
3) Since March, there has been strong selling pressure each time Bitcoin tried to move up, and 70K became a major barrier in late July while 65K ended as the latest lower high.
➖ We went from $74K (March) to FWB:73K (April) to $72K (May, June), to $70K (July) and finally FWB:65K (August). The gaps between each lower high are becoming wider.
➖ A similar bearish dynamic is taking place with the lower lows. We hit a major low of $61K (March) followed by $57K (April) to $53K (July) and GETTEX:49K (August).
Logic is pointing toward a new lower low hitting around $40-43K next in September but this is not how the markets work. Seeing this intensification of bearish momentum, price action becoming stronger on the bearish side; this tend to lead to a final impulse where the market moves decidedly. Instead of another small move, the market gives its all and we are over and done, with the correction.
Bitcoin is expected to move below $40K on the next drop. It will be strong and it can last for weeks... Prepare accordingly.
Namaste.
