Bitcoin not looking great
Now many people have been calling for a short in Bitcoin recently and wonder if there is any bearish possibility. Well its the weekend and we seen week volume. A 500btc pump than 3k btc dump from this morning to now. Theres two outcomes atm sideways accumulation or more dumps.
Accumulation might be likely, but again we could go lower due to miner reward can't keep up with the zero demand atm. Why would we dump? Well like talked about before after the halving the new bottom is between low 6k to high 7k, yet with inflation you could say the new bottom is 7k and 8k range which backs up the sideways accumulation.
TA
-i drew a downtrend pitchfork from the high to sidways movement to recent dump. It shows we are in the midzone of great value for bitcoin, yet it is trending down and i suspect a massive move when we get close to the purple line at 8196 roughly.
-The support and resistence lines between 8728-8959 is pretty massive which is uncertainty as we go sideways.
-MACD is bearish, but it is over blown and could see a bounch back to 9121 before going back down
-RSI supports the MACD turning bullish with an oversold zone, yet could go sideways till futher movement down.
-We are below the ema, yet most the time we do have a bounch back creating a newer high.
I think bitcoin is a great buy between there 6-8k range, but wont be buying till I see further confirmation of more movement. Many people I know are predicting a near 20k btc by eoy, which we didn't 20k we hit in the 19k range, so we could hit 17-18k buy eoy by shorting their expectations. I put a short even tho I'm buying due to the fact the pitchfork points in more downward movement, yet we are close to miners breakeven point.
Accumulation might be likely, but again we could go lower due to miner reward can't keep up with the zero demand atm. Why would we dump? Well like talked about before after the halving the new bottom is between low 6k to high 7k, yet with inflation you could say the new bottom is 7k and 8k range which backs up the sideways accumulation.
TA
-i drew a downtrend pitchfork from the high to sidways movement to recent dump. It shows we are in the midzone of great value for bitcoin, yet it is trending down and i suspect a massive move when we get close to the purple line at 8196 roughly.
-The support and resistence lines between 8728-8959 is pretty massive which is uncertainty as we go sideways.
-MACD is bearish, but it is over blown and could see a bounch back to 9121 before going back down
-RSI supports the MACD turning bullish with an oversold zone, yet could go sideways till futher movement down.
-We are below the ema, yet most the time we do have a bounch back creating a newer high.
I think bitcoin is a great buy between there 6-8k range, but wont be buying till I see further confirmation of more movement. Many people I know are predicting a near 20k btc by eoy, which we didn't 20k we hit in the 19k range, so we could hit 17-18k buy eoy by shorting their expectations. I put a short even tho I'm buying due to the fact the pitchfork points in more downward movement, yet we are close to miners breakeven point.
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