An Overview on Bitcoin and the Market as of 5/7
Hello! I just wanted to share with you guys my thoughts on the bitcoin chart and the market as a whole.
As of this post, bitcoin has bounced off of a major trendline at 35,200$ and been consolidating at around 36,000$ for around 24 hours. Bitcoin is waiting for a move and the price is being squeezed as I write. The market is waiting for bitcoin to make a move toward impending doom or a shimmer of hope. We could see bitcoin reach the 20,000s in the coming months or rebound to the massive 48,000$ - 53,000$ descending triangle resistance (for capitulation usually).
My idea is this: Get ready to prepare for the next cycle (bullrun)
We have failed technical targets from two bullish TA patterns on big timeframes indicating the market is leaning to capitulate heavily. I have marked the patterns as being an ascending triangle throughout the winter to early spring, and the descending wedge from the beginning to end of April. We originally broke up then had failed to retest the previous support and turn it to resistance. This bearish sentiment is not including any indicators or volumetric measurements. These are very bearish signs for the market, keep that in mind.
Our next supports in my opinion are 33,000$, 28,000$, 25,000$, 17,000$, and 14,000$ for Bitcoin. Everyone of these areas you should be looking to buy some more. In these bear markets, you have to have the balls to try and catch knives while either taking profits or DCAing each time. The market during this next crash should move quickly, so be in tune with the charts.
Alts will be great buys as many alts will fall 90%+, while on their next cycle they will be projected to go up around 3400%+. Many millionaires will be made in this next cycle as many more alts hopefully will become mainstream. Bitcoin might become the central trading network of the cryptocurrency market taking a more stable form eventually as more accumulators hold bitcoin, or Bitcoin might run to 7 figures next cycle and alts will run further. lmao
PREPARE FOR THE NEXT CYCLE
DONT MISS LOWS
As of this post, bitcoin has bounced off of a major trendline at 35,200$ and been consolidating at around 36,000$ for around 24 hours. Bitcoin is waiting for a move and the price is being squeezed as I write. The market is waiting for bitcoin to make a move toward impending doom or a shimmer of hope. We could see bitcoin reach the 20,000s in the coming months or rebound to the massive 48,000$ - 53,000$ descending triangle resistance (for capitulation usually).
My idea is this: Get ready to prepare for the next cycle (bullrun)
We have failed technical targets from two bullish TA patterns on big timeframes indicating the market is leaning to capitulate heavily. I have marked the patterns as being an ascending triangle throughout the winter to early spring, and the descending wedge from the beginning to end of April. We originally broke up then had failed to retest the previous support and turn it to resistance. This bearish sentiment is not including any indicators or volumetric measurements. These are very bearish signs for the market, keep that in mind.
Our next supports in my opinion are 33,000$, 28,000$, 25,000$, 17,000$, and 14,000$ for Bitcoin. Everyone of these areas you should be looking to buy some more. In these bear markets, you have to have the balls to try and catch knives while either taking profits or DCAing each time. The market during this next crash should move quickly, so be in tune with the charts.
Alts will be great buys as many alts will fall 90%+, while on their next cycle they will be projected to go up around 3400%+. Many millionaires will be made in this next cycle as many more alts hopefully will become mainstream. Bitcoin might become the central trading network of the cryptocurrency market taking a more stable form eventually as more accumulators hold bitcoin, or Bitcoin might run to 7 figures next cycle and alts will run further. lmao
PREPARE FOR THE NEXT CYCLE
DONT MISS LOWS
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