Bitcoin - Your blueprint to freedom and beyondBitcoin - Looking at the one-week timeframe this is what we are seeing at the moment. Back on June 17th when we hit the 200MA and unlike many years before, Bitcoin went well below the white line, nearly 4 weekly candles later we are still under and looking very weak. This weakness and the inability to cross above the white line greatly tips the odds in favor of going to 11K. This means the odds of going lower are much higher than the odds of moving up. Time does make a difference here, the more time we spend under the white line the more sellers are going to get nervous and trigger a selloff, not to mention that we are grossly under production cost which could generate another problem.
On the daily timeframe, we still have to take shots at the 50MA which is our second battle, our first and harder battle zone is the one I spoke about above. Also here in the 1D timeframe, we can see that this is BTC's 2nd major effort to start closing out of that new and tight range, even here there isn't enough energy to make a decisive move.
Heads up: This is a little insight. No matter if the price is too high or too low know that it always likes to be near the moving averages. Price does not like to stay away from them for too long.
Warning: consumer debt is at an astronomical level, what does that mean? It means that we have been putting vacations, car payments, clothing, food... on our credit cards. What does that mean? It means that credit card rates are now purposely very high and those loans have to be paid. If a "recession" hits many of you will default on car payments and loans... which will create a domino effect that will very negatively affect the world economy and the markets. Expect a drop if this slow-moving train wreck comes into effect.
Wisdom: Credit card companies with the blessing of your government are allowed to entice you to borrow, if you haven't borrowed enough they create more incentives, once you have borrowed too much they change the rates and lock you in debt for a few years. This benefits your government and the global banking system. How? The Banks steal your money and power (That you willingly gave up) on the other side of the coin? Corporations hire you for cheap or under their terms and the government gets tax revenue and high employment rates... After a while rates go down and the cycle starts again. Be smart and do not top off your credit cards, buy what you can afford, and save so you can invest. You are a hamster in a wheel if you allow yourself to be one.
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