Changes in BTC Outlook
The range from last week didn't hold very long. You can see the technical levels in this previous post here. I actually put in a small order at support of this previous range assuming it would climb 10% to resistance of this small range. But it rejected about mid range level and I was stopped out for a small 3% gain roughly.
Currently all of the cryptocurrencies, major coins and alt coins, are experiencing a meltdown. This is tipycal in a market crash. This appears to be a total crypto market crash that we are currently in. For long term bulls on crypto this is a great opportunity to average down. For bears this is a great time to bank on shorting some crypto related companies like $MicroStrategy (MSTR.US)$ $Riot Platforms (RIOT.US)$ $MARA Holdings (MARA.US)$ $Coinbase (COIN.US)$ $Robinhood (HOOD.US)$ $Voyager Digital Ltd (VOYG.CA)$ $TeraWulf (WULF.US)$ Then again this could possibly be a great oppertunmity to grab some long term leaps if you think the bottom will hit soon. I definitely dont recomend the leaps until the Fed makes borrowing money less costly.
The only bullish indicator I could find for BTC currently is the fact that Bitcoin's price is resting on top of a support from the Fibonacci levels produced from the last rally. BTC's price has reacted strongly at these levels so it is definitely an area of interest where you might find more volume, volatility, a reversal or rejection, or a bigger meltdown should happen if price dips below this level.
When you zoom in to the daily candles you can see past all of that clutter and spaghetti graphs. If we do break down below this strong fib level then there is a weaker support level around 16000. For some traders this could possibly be a strong psychological support level as it is a solid round number very far below the all time highs. If we do catch a bounce off of this fib level then we have some local resistance levels to get above before things will start to look any better for BTC and most other cryptos.
Basically the picture is getting very bearish for BTC. The very long term charts are still looking bullish but if BTC keeps dropping then the long term trend will be flat or even down and that has only happened to bitcoin a few times in its existance. If you are a contrarian trader then you are probably very excited because you know the bounce back up will be massive similar to the other times that cryptocurrencies have melted down. Personally I am Bullish on BTC for the very very long term. The lower it goes then the better the buying oportunity in my opinion. Just make the purchases small and average down if you believe in BTC.
$SPDR S&P 500 ETF (SPY.US)$ $Invesco QQQ Trust (QQQ.US)$ $SPDR Dow Jones Industrial Average Trust (DIA.US)$ $VIX Index Futures(DEC4) (VXmain.US)$ $Crude Oil Futures(JAN5) (CLmain.US)$ $SPDR Gold ETF (GLD.US)$ $Tesla (TSLA.US)$ $Apple (AAPL.US)$ $Microsoft (MSFT.US)$ $GameStop (GME.US)$ $AMC Entertainment (AMC.US)$ $Mullen Automotive (MULN.US)$
$SPDR S&P 500 ETF (SPY.US)$ $Invesco QQQ Trust (QQQ.US)$ $SPDR Dow Jones Industrial Average Trust (DIA.US)$ $VIX Index Futures(DEC4) (VXmain.US)$ $Crude Oil Futures(JAN5) (CLmain.US)$ $SPDR Gold ETF (GLD.US)$ $Tesla (TSLA.US)$ $Apple (AAPL.US)$ $Microsoft (MSFT.US)$ $GameStop (GME.US)$ $AMC Entertainment (AMC.US)$ $Mullen Automotive (MULN.US)$
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SpyderCall OP : @Basjan@102640653
SpyderCall OP : the bounce will be historic. But the bottom does not seem near yet.
Basjan : Awesome dude. You rock this thing !!
It did bounce and bot averaged awesome dca with the peanuts ive got. Those programmers deserve some sort of medal... Anyhoo. This roller coaster is something to get used to if it doesnt close completely. Thanks again for your research, time and efforts every day with the different markets. Im really learn something new every time i find a new post from you. God bless and stay humble.
=)
SpyderCall OP Basjan : NICEEE. they bought in near the FIB level like many others. Those bots are doing you good. it had a really quick bounce. Good stuff. I missed that buy point even though i was waiting for it. i was a little busy. it ran up so fast I will need to wait for a tiny dip IF i feel like buying in later. we will see how this bounce plays out.
SpyderCall OP : the last support zone on BTC did not last very long so this one will be interesting because it seems like BTC is accelerating to the downside on the daily candles. But I do like to trade the short term bounces for sure
71770950 : sorry what does btc do? oh wait nothing.
SpyderCall OP 71770950 : right. except follow a trend, attract investors, and makes me money. i can swing trade the thing. if the chart follows trends then i make money off of it. BTC follows trends. So i trade it
Basjan : Yah shucks Market Cap down again for BTC/USD side. But have a look inside almost every other alt coin BTC pair, 90% way green. ADA/BTC to XRP/BTC Almost fell when i noticed. Now makes sense why BTC's value so low, everything transfered to ALT's. Check for yourself, maybe im wrong...?
SpyderCall OP Basjan : check lite coin/bitcoin. that one performed quite well.
Basjan : hehehe posting pic now.
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