Bitcoin- Signs of a bottom formation?
已更新
Hey everyone,
what a crazy time to be in this space right now! Hope you all are fine out there! No matter if you made it through this mess or not, money comes back, always remeber that!
There will be tons of new opportunities out there in the future, this space is just evolving more and more. As scammers get revealed, people will be much more cautious, as it should be.
The one sector which I think will rise much stronger from the ashes of this whole situation will be the defi sector.
Don't trust, verify!
I don't want to talk more about this topic, so lets get right to the charts:
RSI is clearly in the buttoming territory, which has always marked the buttom relatively accurate.
More and more folks out there are shouting again "this time it's different", and they will always shout it out while sitting at or near the buttom.
That's the way market psychology works. Buttoms are created when there are no sellers left at these prices. People like these already sold and are waiting for much lower prices.
The next chart shows that we are sitting right at strong support of the total crypto marketcap:
Moreover I always like to compare price fluctuation of Ethereum relative to Bitcoin (orange line).
As you can see, imbalances in the relation of the Altcoin market to BTC often showed prominent turning points, or an imbalance in the otherwise highly correlated assets:
Let's look at the volume, shall we:
As always said in my previous posts, volume and price action are the two main factors everybody should watch.
The volume spikes we can see right now can mark the buttom, as it always did. And again, I stick to what is most likely, not to the exception!
Technically, ETH and a lot of Altcoins did not make a lower low like BTC did. So what do we need for confirmation, that this could really mark the buttom?
Reclaiming and pushing though the area of 19k - 19,5k (orange box in the image above) and also holding above 19,5k.
I could also point out that we are again in the territory where the costs of mining BTC is not profitable anymore for a lot of miners around the globe, which has also marked the buttom territory everytime.
As Satoshi said: the price will always come back to the cost of production.
It will fluctuate around this price level and eventually come back to test it from time to time. As most of you know I guess, these will rise constantly due to the halving.
There are a lot more things I could show here but I guess it's enough, these are the most important facts in the Charts in my personal view.
But I will not end this post without pointing out the current market sentiment: It is crazy bearish, as it always will be in buttom territories.
Right now everyone looks into the same direction, lower prices. Ask yourself the question: when was the last time nearly everybody was convinced that prices HAVE TO be heading in one direction?
The crowd is never right, and right now we are at the extreme end of that bearish sentiment.
Timing the REAL buttom exactly to the tip is not what I strive for and also not a realistic thought.
Finding the right range which should be a good spot for buying and holding for a longer period of time is the key element in my strategy. This is what I aim for.
*** Keep in mind that this is NOT A FINANCIAL ADVICE, just my own thoughts about the market! ***
what a crazy time to be in this space right now! Hope you all are fine out there! No matter if you made it through this mess or not, money comes back, always remeber that!
There will be tons of new opportunities out there in the future, this space is just evolving more and more. As scammers get revealed, people will be much more cautious, as it should be.
The one sector which I think will rise much stronger from the ashes of this whole situation will be the defi sector.
Don't trust, verify!
I don't want to talk more about this topic, so lets get right to the charts:
RSI is clearly in the buttoming territory, which has always marked the buttom relatively accurate.
More and more folks out there are shouting again "this time it's different", and they will always shout it out while sitting at or near the buttom.
That's the way market psychology works. Buttoms are created when there are no sellers left at these prices. People like these already sold and are waiting for much lower prices.
The next chart shows that we are sitting right at strong support of the total crypto marketcap:
Moreover I always like to compare price fluctuation of Ethereum relative to Bitcoin (orange line).
As you can see, imbalances in the relation of the Altcoin market to BTC often showed prominent turning points, or an imbalance in the otherwise highly correlated assets:
Let's look at the volume, shall we:
As always said in my previous posts, volume and price action are the two main factors everybody should watch.
The volume spikes we can see right now can mark the buttom, as it always did. And again, I stick to what is most likely, not to the exception!
Technically, ETH and a lot of Altcoins did not make a lower low like BTC did. So what do we need for confirmation, that this could really mark the buttom?
Reclaiming and pushing though the area of 19k - 19,5k (orange box in the image above) and also holding above 19,5k.
I could also point out that we are again in the territory where the costs of mining BTC is not profitable anymore for a lot of miners around the globe, which has also marked the buttom territory everytime.
As Satoshi said: the price will always come back to the cost of production.
It will fluctuate around this price level and eventually come back to test it from time to time. As most of you know I guess, these will rise constantly due to the halving.
There are a lot more things I could show here but I guess it's enough, these are the most important facts in the Charts in my personal view.
But I will not end this post without pointing out the current market sentiment: It is crazy bearish, as it always will be in buttom territories.
Right now everyone looks into the same direction, lower prices. Ask yourself the question: when was the last time nearly everybody was convinced that prices HAVE TO be heading in one direction?
The crowd is never right, and right now we are at the extreme end of that bearish sentiment.
Timing the REAL buttom exactly to the tip is not what I strive for and also not a realistic thought.
Finding the right range which should be a good spot for buying and holding for a longer period of time is the key element in my strategy. This is what I aim for.
*** Keep in mind that this is NOT A FINANCIAL ADVICE, just my own thoughts about the market! ***
注释
Nothing has changed. BTC is sitting right at the very important resistance of 25k. All I see is a strong performing BTC and a nice buildup beeing formed at this level. The longer the buildup takes, the more sustainable the breakout will be (if it happens). As always, be patient and let the market play out.Both the weekly MA 21 and MA30 are sitting at the strong support of 20k right now.
Weekly RSI also in the bullish zone with a successful ceiling test.
Break one of these and I will reconsider my bullishness. Until then, nothing to worry about.
注释
Daily price action gets tighter and tighter.To me it looks like a solid buildup while still sitting right at strong resistance.
This is the ideal scenario if BTC wants to take out this 29/30k area.
As I said before, the longer the buildup, the more sustainable the breakout.
Right now the odds seem to be on our side, but be aware, this can always change.
So the best way is to not stare into your crystal ball, but just follow price action and react.
Weekly MA 20 is sitting around 21,7k and rising.
As long as it holds, just ride the wave and enjoy it
注释
Back again, looking at corn for an update.Btc perfectly tested the strong support at ~25k and continued with the buildup.
As I have repeated again and again, the best case for me has always been a long lasting buildup in this are of strong restistance up here at ~30-31,5k.
This is the ideal scenario for a double pressure to eventually push through this resistance sustainably.
Besides the charts, all those latest news, which are extremely positive for the market as a whole, confirm this double pressure even more.
So in my personal opinion, dips are for buying. Every dip.
And if that wasn't enough, there are still plenty of people waiting on the sidelines.
Eventually they will join and intensify the double pressure, one by one. It's just a matter of time.
Always stay level headed and zoom out. Peace and love
注释
Here we are: sitting at strong support, and the buildup towards the resistance (30k area) becomes tighter day by day.Small dips across the board in such an environment are very welcome to me.
Don't be fooled: The big boys are buying these dips, and they will definitely buy lower if they get the chance.
Hash Ribbon signaled one of its rare buy signals, sentiment getting more and more bearish again: All good signs for me here.
注释
Every cycle is similar, but always the same, although different. #BTCAltcoin market already going nuts. For me it's clear, bullmarket is here.
Since nov. '22 I said, bottom is in. As said many times, the prolonged buildup at 30k cluster was the best catapult needed for lasting follow through.
Absolut perfect price action in my personal view.
Broken out of accumulation zone with strong follow through after the little battle between bulls and bears.
Now in next stage of the bull market.
Enjoy the ride #crypto
注释
We are now at or very close to the level I am watching the whole time as a potential first target.At this equivalent level in BTC's history, an extended correction always occured which always marked one of the best buying opportunities.
I do not know what will happen due to the ETF in the short term, but expect huge volatility.
注释
Monthly chart filters out any noise. Perfect test of last support, consolidation within the range above ATH. Exactly what we want to see #Bitcoin注释
Consolidation above monthly support, lining up perfectly for a substantial breakout. No worries for me as long as this support holds. Imo reaccumulation within the channel
#Bitcoin
BTC
交易开始
Monthly outbreak after massive reaccumulation.
Then 10 k USD
Then 50k USD
Now 100k USD
The upcoming media attention that attracts the masses is always triggered by exceeding a certain price level that seems to magically attract people.
Within a short time, they develop an addiction to the whole thing and are desperate to be part of this unstoppable revolutionary innovation. Fomo will be massive this time too imo, and it won't be long before they realize they have served as exit liquidity.
#Bitcoin
BTC #Crypto
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