💥 BITCOIN FIGHTS FOR SUPPORT!! 💥
Hey, I hope you guys don't mind but I'm gonna make today's Idea bit short just to help those check in on what they want!
Last time I made my Idea we saw Bitcoin perform it's breakout back up to 40k before Whales and MM dumped us back to 38,000 where we saw an increase jump in buy volume alongside Bitcoin move back up to 39k where it sits currently.
Fib:
What's Fib? Most people may not understand Fib however the Fib retracement to put it basic give a good idea of well 'retracement' levels. Those basically tell us at what levels we could look at in the future or may be heading for even in some cases! If we look at the Fib which I've had up since my last idea we can see that we are almost moving perfectly in sync with things, trading sideways almost perfectly in between the Fib's. While we can't predict just how a crypto is gonna move, we can in the least get a good idea of what to expect next based on action within the Fib.
Fib Line Watch 37882 is that Fib line to watch next for any retracement lower below 38k as it's at this Fib where we see some of the strongest support come in for Bitcoin. Based on the fact that we have been trading relatively sideways in between the 38,000 - 40,000 range basically for the past few weeks we can see expect large price action soon which usually follows sideways movement if we look at previous price action we always saw sideways action before we saw those big pumps, which of course usually were followed with dumps. If we see BTC breakout again and this time hold above 40k then that'll be great in establishing that we aren't necessarily in a Bear market like so many suggest. I personally don't believe we are, but we are seeing a lot of bubbles pop though in many areas.
What's tough What's so tough about figuring out things right now is that even with Technical Analysis which is so crucial in market's like this, you can't do TA for Market Makers and Whales, they will always try to make a profit on any move or price action, and that you can't predict that one too well. Ultimately my analysis is that right now they are trying to use any geopolitical events to make their moves. This morning we saw Russia cut off it's gas to Poland and Bulgaria in a bid to divide the west and put pressure on Europe. This is likely one of the biggest factors that contributed to the large fall we saw this morning before seeing that support fight back once again.
What to think: Alright so at the end of the day it seems like most people are bearish on Bitcoin and the market thanks to Inflation, Russia, the Fed, and other factors that are hitting us. Personally, I don't see that. I do see us retracing a bit more if we can't get any good news or if Market Makers want to try to buy up at a lower price. What props us up following big falls is relatively low buy volume on behalf of regular investors that believe that is the quote on quote 'bottom', which we usually see then followed by a fall or a breakout in some rare cases albeit. So don't take or mistake large movements up as necessarily the big money, just take it as regular investors jumping in at a good low and likely holding long. If your in it to hold long this isn't a bad position at all, even if we do end up sinking a bit more, let's be honest. Crypto's the future one way or another, money may be exiting a lot of sectors currently, but the smart money knows that the best type of asset, will be digital money.
I can't speak on trading strats' but long-term I'm happy with things even if everyone else wants to take this chance to bash Bitcoin and crypto. As I like to say: "Don't follow the crowd, make your own choices and paths, it's your life after all." Thank you and have a great day and stay tuned for more as always!
~ Rock
Last time I made my Idea we saw Bitcoin perform it's breakout back up to 40k before Whales and MM dumped us back to 38,000 where we saw an increase jump in buy volume alongside Bitcoin move back up to 39k where it sits currently.
Fib:
What's Fib? Most people may not understand Fib however the Fib retracement to put it basic give a good idea of well 'retracement' levels. Those basically tell us at what levels we could look at in the future or may be heading for even in some cases! If we look at the Fib which I've had up since my last idea we can see that we are almost moving perfectly in sync with things, trading sideways almost perfectly in between the Fib's. While we can't predict just how a crypto is gonna move, we can in the least get a good idea of what to expect next based on action within the Fib.
Fib Line Watch 37882 is that Fib line to watch next for any retracement lower below 38k as it's at this Fib where we see some of the strongest support come in for Bitcoin. Based on the fact that we have been trading relatively sideways in between the 38,000 - 40,000 range basically for the past few weeks we can see expect large price action soon which usually follows sideways movement if we look at previous price action we always saw sideways action before we saw those big pumps, which of course usually were followed with dumps. If we see BTC breakout again and this time hold above 40k then that'll be great in establishing that we aren't necessarily in a Bear market like so many suggest. I personally don't believe we are, but we are seeing a lot of bubbles pop though in many areas.
What's tough What's so tough about figuring out things right now is that even with Technical Analysis which is so crucial in market's like this, you can't do TA for Market Makers and Whales, they will always try to make a profit on any move or price action, and that you can't predict that one too well. Ultimately my analysis is that right now they are trying to use any geopolitical events to make their moves. This morning we saw Russia cut off it's gas to Poland and Bulgaria in a bid to divide the west and put pressure on Europe. This is likely one of the biggest factors that contributed to the large fall we saw this morning before seeing that support fight back once again.
What to think: Alright so at the end of the day it seems like most people are bearish on Bitcoin and the market thanks to Inflation, Russia, the Fed, and other factors that are hitting us. Personally, I don't see that. I do see us retracing a bit more if we can't get any good news or if Market Makers want to try to buy up at a lower price. What props us up following big falls is relatively low buy volume on behalf of regular investors that believe that is the quote on quote 'bottom', which we usually see then followed by a fall or a breakout in some rare cases albeit. So don't take or mistake large movements up as necessarily the big money, just take it as regular investors jumping in at a good low and likely holding long. If your in it to hold long this isn't a bad position at all, even if we do end up sinking a bit more, let's be honest. Crypto's the future one way or another, money may be exiting a lot of sectors currently, but the smart money knows that the best type of asset, will be digital money.
I can't speak on trading strats' but long-term I'm happy with things even if everyone else wants to take this chance to bash Bitcoin and crypto. As I like to say: "Don't follow the crowd, make your own choices and paths, it's your life after all." Thank you and have a great day and stay tuned for more as always!
~ Rock
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