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#Bitcoin 
& Market update
1/n
tl;dr: I expect a bull trap and a further dip towards 30K
Good news: this will result in a more sustainable bull market
$BTC $ETH #Bitcoin
& Market update1/n
tl;dr: I expect a bull trap and a further dip towards 30K
Good news: this will result in a more sustainable bull market
$BTC $ETH #Bitcoin
2/n $BTC crashed!
No higher low and higher high and a further dip wasn’t bought up. These were the signals we needed to see for the next leg up and we did not get them
This one hurt me too, I thought we had a strong reversal candle, no follow through unfortunately, SLs hit
No higher low and higher high and a further dip wasn’t bought up. These were the signals we needed to see for the next leg up and we did not get them
This one hurt me too, I thought we had a strong reversal candle, no follow through unfortunately, SLs hit
3/n What am I seeing? (1/2)
- Market feels weak, significant sell pressure and not enough buy pressure
- Inflows to exchanges went up significantly (miner inflows?)
- I see some FUD on tether (= probably FUD, will address this later)
$BTC $ETH #Bitcoin
- Market feels weak, significant sell pressure and not enough buy pressure
- Inflows to exchanges went up significantly (miner inflows?)
- I see some FUD on tether (= probably FUD, will address this later)
$BTC $ETH #Bitcoin
4/n What am I seeing? (2/2)
- Funding still high but could get down soon
- 2bn in liquidations but not max pain yet
$BTC $ETH #Bitcoin
- Funding still high but could get down soon
- 2bn in liquidations but not max pain yet
$BTC $ETH #Bitcoin
5/n What’s next? (1/2)
Normally with these kind of drops we always get a bull trap
A trap to the .618 - . 786 fibs is to be expected (see chart), let’s be conservative and let’s make it 38K
We could get it now or dip a bit further and then make the bull trap
$BTC $ETH
Normally with these kind of drops we always get a bull trap
A trap to the .618 - . 786 fibs is to be expected (see chart), let’s be conservative and let’s make it 38K
We could get it now or dip a bit further and then make the bull trap
$BTC $ETH
6/n What’s next? (2/2)
After the bull trap, I think we head down again, a wick towards 30K makes a logical target.
I could be wrong, it all depends on the buy pressure. Will buyers step up significantly and buy dips?
$BTC $ETH #Bitcoin
After the bull trap, I think we head down again, a wick towards 30K makes a logical target.
I could be wrong, it all depends on the buy pressure. Will buyers step up significantly and buy dips?
$BTC $ETH #Bitcoin
7/n the good news:
In the end this correction is healthy and will pave the way for a more sustainable bull market, that’s the good news!
$BTC $ETH #Bitcoin
In the end this correction is healthy and will pave the way for a more sustainable bull market, that’s the good news!
$BTC $ETH #Bitcoin
8/n What am I looking for?
- We need to see buyers step up, buy dips and the sell pressure to get less
- If we head down and this becomes a longer and larger correction bull divs on RSI, esp on the 4hr is what I’m looking for. RSI bull div in oversold territory would be a gift
- We need to see buyers step up, buy dips and the sell pressure to get less
- If we head down and this becomes a longer and larger correction bull divs on RSI, esp on the 4hr is what I’m looking for. RSI bull div in oversold territory would be a gift
9/n For now: I’ve traded the dip but will be selling the bull trap hoping to reload lower
Unless I see very strong signals then after a potential bull trap I’m bearish short term
$BTC $ETH #Bitcoin
Unless I see very strong signals then after a potential bull trap I’m bearish short term
$BTC $ETH #Bitcoin
10/n finally, the tether FUD
The past 4-5 years, there has always been FUD surrounding USDT
And it always stayed FUD and blew over
THE END!
The past 4-5 years, there has always been FUD surrounding USDT
And it always stayed FUD and blew over
THE END!
11/n
Kidding...
So, a couple more thoughts:
I don’t buy into the whole money laundering narrative
They know they would get caught, these players have to KYC, it doesn’t make sense to me
$BTC $ETH #Bitcoin
Kidding...
So, a couple more thoughts:
I don’t buy into the whole money laundering narrative
They know they would get caught, these players have to KYC, it doesn’t make sense to me
$BTC $ETH #Bitcoin
12/n furthermore, in the end more regulated stablecoins like USDC will take market share and all will be fine.
However, it’s not about what I think. It’s about what the market thinks and a lot of entrants in this market don’t have the background to get grip on this narrative
However, it’s not about what I think. It’s about what the market thinks and a lot of entrants in this market don’t have the background to get grip on this narrative
13/n therefore, this could mean that if this becomes a large FUD narrative that will result in more sell pressure
Something to keep a watch on and be mindful of
$BTC $ETH #Bitcoin
Something to keep a watch on and be mindful of
$BTC $ETH #Bitcoin
