BTC, what going on?

By z2x2

Uppdaterad

What's going on?

The resistance zones are shown on the charts. We're looking at them.

Orange line:

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It may change, but right now I see more of a growth signal.

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i am bullish. At this moment.

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So far, everything is according to plan. I hope bitcoin doesn't move to the purple line.

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Comment: Right now there is a retest of 59,500, which is an important level. Below 59.5k a four-hour candle should not close. And I hope that won't happen.

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In a nutshell, bitcoin's fall is accidental.
"The Bitcoin Hash Rate is down 40% today, as a result of the Xinjiang blackout."
The chart shows a peak drop, which confirms this assumption.

I'm not in a panic. But I have to develop a new plan.

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So far, the bitcoin's fall has been attributed to a power outage. Premium indices are bullish (coinbase, bitmex, kimchi).

Bitcoin will probably be in the 60 zone soon. Recall the market reaction to the fundamental news, Elon Musk's tweet raised the price from 31 to 38.5, and a day later the price was back to 32.5.
All in all, I will say, bad luck.

What could be an alternative scenario?

First you have to go below last swing low, and that's a long distance.
Next we are talking about 47, 43, 38. I don't believe in this development. It would take a big scare to the market right now (shutting down coinbase for example). And I guess those who could be scared have already sold out. The positions that could be liquidated are liquidated.
Think through your actions in this case as well. Will you buy the bottom or sell the hold. Think about it now, so you don't panic if this scenario happens.

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I don't see anything good, unfortunately.
The power outage lasted more than a day, which affected the price more than I expected.

It is now drawing a neutral triangle, which can also be interpreted as a bearish flag, which will lead to the 47k zone.

Tone Vays sees the same thing, check out his latest youtube post. He makes two more assumptions from the technical analysis as to why price might go towards 48.
I don't like it. I'm out of the bitcoin I recently bought at 55k, I'm not going to touch the hold.

Let's see where the triangle breaks through.

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