BITCOIN BTC My vision. Short term Up - Long term down! See why!
Dear traders.
After today's violent drop, I have another update ready with my personal views on Bitcoin .
I already wrote several times about the risk for a big drop due to the Diamond and head shoulder formations. We see that these targets were met perfectly but it went much deeper and that was obviously meant to stop traders out. That is the game of the big boys who can influence the price with big money and the smaller investors who are only too happy to believe the stories in the media about huge targets. The hype is just fueled and everyone wants to buy crypto because of the huge profits.
Most coins have fallen between 20 and 30% which is indeed a real Crypto crash.
Bitcoin is the leader of this market and the rest will follow. Currently, Bitcoin dominance is increasing dramatically after a long period of decline. Money from the ALTS is going back into Bitcoin and we are seeing this again today as Bitcoin's price is currently down 11% from the much larger declines in the ALTS.
After licking its wounds, the price is definitely going to rebound. When everyone has gotten out and sold then there will only be buyers left. Price recoveries can be just as violent as declines because the market is ultra volatile.
Bitcoin is the more safe choice to go long because according to statistics the price will only go up ( in the long run but in the short term heavy corrections happen). Reason for the price rise of BTC is the maximum circulation of 21 million Bitcoins . The algorithm cannot be changed with Bitcoin but the difficulty can be changed (the Bitcoin Halving every 4 years). Other coins can be mined without linits and if necessary change the algorithms but there is the big difference.
Bitcoin is and will remain digital gold and with the printing of paper money, 4 trillion in the US alone, Bitcoin will certainly continue to rise in price as they cannot be reprinted.
Bitcoin view for the short term on a 6 hour chart.
I don't see a lower bottom forming due to the volume climax anymore but how far can Bitcoin recover before falling further again? I expect initially up to 46200 which is also immediately a 50% fibonaccie level but higher than 51000? I don't see it going any further. My idea is that slowly but surely and with strong recovery movements we will still continue to fall to a target of minimum 20000 USD. As in my previous analysis of Bitcoin , I see that happening between January 2022 and July 2022. By that time Bitcoin has lost a lot of interest and so the eternal circle of no interest to super hype keeps repeating itself.
Resistance is at 40000, 42723, 46234, 49125 and 51387.
Support at 30000 and 28782.
The Rsi on a daily basis is at 23.50 and could possibly go to 20 where there is very strong support. On the 6 Hour you see the divergence but on the smaller timeframe more prominent.
We see a bullish pinbar on this chart with a huge volume spike.
By the way, today's volume climax is among the second highest in the past 3 years and has only been surpassed in March 2020 when we had a top to bottom decline of 64% that was almost fully recovered in 58 days!
If we would see the same now then it could even be so by July 19, 2021. We had formed a Reverse head shoulder formation of about a year during that period. Again I do not expect it to recover fully now but that could possible if the market structure change and new patterns are forming.
Traders, please your comments so we can look at this situation from all sides!
Disclaimer Traders this is my view no advice to buy or sell. Also always do your own research!
--->> Traders please follow me for updates and give me support with a like👍. That motivates me a lot to continue💚!
After today's violent drop, I have another update ready with my personal views on Bitcoin .
I already wrote several times about the risk for a big drop due to the Diamond and head shoulder formations. We see that these targets were met perfectly but it went much deeper and that was obviously meant to stop traders out. That is the game of the big boys who can influence the price with big money and the smaller investors who are only too happy to believe the stories in the media about huge targets. The hype is just fueled and everyone wants to buy crypto because of the huge profits.
Most coins have fallen between 20 and 30% which is indeed a real Crypto crash.
Bitcoin is the leader of this market and the rest will follow. Currently, Bitcoin dominance is increasing dramatically after a long period of decline. Money from the ALTS is going back into Bitcoin and we are seeing this again today as Bitcoin's price is currently down 11% from the much larger declines in the ALTS.
After licking its wounds, the price is definitely going to rebound. When everyone has gotten out and sold then there will only be buyers left. Price recoveries can be just as violent as declines because the market is ultra volatile.
Bitcoin is the more safe choice to go long because according to statistics the price will only go up ( in the long run but in the short term heavy corrections happen). Reason for the price rise of BTC is the maximum circulation of 21 million Bitcoins . The algorithm cannot be changed with Bitcoin but the difficulty can be changed (the Bitcoin Halving every 4 years). Other coins can be mined without linits and if necessary change the algorithms but there is the big difference.
Bitcoin is and will remain digital gold and with the printing of paper money, 4 trillion in the US alone, Bitcoin will certainly continue to rise in price as they cannot be reprinted.
Bitcoin view for the short term on a 6 hour chart.
I don't see a lower bottom forming due to the volume climax anymore but how far can Bitcoin recover before falling further again? I expect initially up to 46200 which is also immediately a 50% fibonaccie level but higher than 51000? I don't see it going any further. My idea is that slowly but surely and with strong recovery movements we will still continue to fall to a target of minimum 20000 USD. As in my previous analysis of Bitcoin , I see that happening between January 2022 and July 2022. By that time Bitcoin has lost a lot of interest and so the eternal circle of no interest to super hype keeps repeating itself.
Resistance is at 40000, 42723, 46234, 49125 and 51387.
Support at 30000 and 28782.
The Rsi on a daily basis is at 23.50 and could possibly go to 20 where there is very strong support. On the 6 Hour you see the divergence but on the smaller timeframe more prominent.
We see a bullish pinbar on this chart with a huge volume spike.
By the way, today's volume climax is among the second highest in the past 3 years and has only been surpassed in March 2020 when we had a top to bottom decline of 64% that was almost fully recovered in 58 days!
If we would see the same now then it could even be so by July 19, 2021. We had formed a Reverse head shoulder formation of about a year during that period. Again I do not expect it to recover fully now but that could possible if the market structure change and new patterns are forming.
Traders, please your comments so we can look at this situation from all sides!
Disclaimer Traders this is my view no advice to buy or sell. Also always do your own research!
--->> Traders please follow me for updates and give me support with a like👍. That motivates me a lot to continue💚!
Happy trading!