What it concerns me on Bitcoin price action at the moment!
Updated
Greetings all.
Things are looking beautiful and sound good for most people.
Many turned Bullish, and some others are seeing as a key bullish level the break out of 30ks.
My first concern
In my opinion, the most crucial area is the area between $34.087 - $35.791.
This area is more crucial as it is a Fibonacci golden pocket resistance from the all-time high of 69ks to the last low of $15.500.
My second concern
The second thing it worries me is that critical areas of $23.287 - $25.109 and $17.111 - $18.324 are both Non-test meaning that
we have an unsustainable rally.
My third concern
Looking back at previous bearish bottoms, we can find out that in all the previous cycles, we reverse through Inverse Head and Shoulders,
or through Double Bottom, patterns that are requiring a lot of volume, something that I did not see this time. The only possible Pattern we
can spot is a V-Share pattern but look at the volume under this pattern. Is a dead volume, something that it makes it looks like a Dead Cat
bounce.
Expectations
At the moment we are in a crucial resistance but not the most important in my opinion.
Meaning that we can see another push around 35ks, an area where we will see the real picture of the market.
We can not exclude the possibility of the market dumping from here all the way down to the Non-Tested areas.
I will feel safer if the market tests those areas before starting a rally. The market will be more sustainable.
About Altcoins and Altseason
All is about bitcoin dominance at the moment in my opinion.
With a breakout above 48.80, altcoins will suffer more.
With a break below 46.90, we can see a mini altcoin season but I will not expect crazy Xs from alts as they are all below crucial resistances.
Real altcoin season I am expecting to see it after Q2 of 2024.
Also, Alts depends a lot on Ethereum's performance. In 1 week we will have the ability from investors to unstacked their Ethereum. Nobody knows,
this event how will act in Ethereum Price.
Your comments and a possible like in our TA, will be always appreciated.
I am waiting from you to discuss anything connected with cryptocurrencies and crypto industry. :)
Have everyone a nice day ahead!
Things are looking beautiful and sound good for most people.
Many turned Bullish, and some others are seeing as a key bullish level the break out of 30ks.
My first concern
In my opinion, the most crucial area is the area between $34.087 - $35.791.
This area is more crucial as it is a Fibonacci golden pocket resistance from the all-time high of 69ks to the last low of $15.500.
My second concern
The second thing it worries me is that critical areas of $23.287 - $25.109 and $17.111 - $18.324 are both Non-test meaning that
we have an unsustainable rally.
My third concern
Looking back at previous bearish bottoms, we can find out that in all the previous cycles, we reverse through Inverse Head and Shoulders,
or through Double Bottom, patterns that are requiring a lot of volume, something that I did not see this time. The only possible Pattern we
can spot is a V-Share pattern but look at the volume under this pattern. Is a dead volume, something that it makes it looks like a Dead Cat
bounce.
Expectations
At the moment we are in a crucial resistance but not the most important in my opinion.
Meaning that we can see another push around 35ks, an area where we will see the real picture of the market.
We can not exclude the possibility of the market dumping from here all the way down to the Non-Tested areas.
I will feel safer if the market tests those areas before starting a rally. The market will be more sustainable.
About Altcoins and Altseason
All is about bitcoin dominance at the moment in my opinion.
With a breakout above 48.80, altcoins will suffer more.
With a break below 46.90, we can see a mini altcoin season but I will not expect crazy Xs from alts as they are all below crucial resistances.
Real altcoin season I am expecting to see it after Q2 of 2024.
Also, Alts depends a lot on Ethereum's performance. In 1 week we will have the ability from investors to unstacked their Ethereum. Nobody knows,
this event how will act in Ethereum Price.
Your comments and a possible like in our TA, will be always appreciated.
I am waiting from you to discuss anything connected with cryptocurrencies and crypto industry. :)
Have everyone a nice day ahead!
Note
Note
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