Latest Market Data on Bitcoin

by Relaxmody, Tuesday, 6 September 2022 (6 months ago)


This is the weekly chart, obviously still very bearish. We’ll just start marking some levels. This area, I say area because it appears to be a strong area of support around 30k to 29k, and you know, you see support all over the place until price breaks through and eventually taps it.So that’s a key level. It’s also important to look at the market as a whole. Yes, there was a rally from 17k to 25k, but in the grand scheme of things, that’s still just a bearish rally. This isn’t a reversal, and as of right now, I still think the price is just going to bounce around. I’d feel a lot more comfortable calling this a bottom because I think it takes a long time for prices to settle down after big moves, and you kind of need to see this accumulation set in. Of course, the last big move down was in March 2020, when we saw the coveted “V-shaped bottom.” Those were very unusual circumstances with a lot of money in the system, so I don’t expect to see something like that happen again.


before going back down or is it going to look similar to this may consolidation area um where price just kind of consolidated for a while and then it died down lower as you can see um so really that’s that’s the question you have to ask yourself uh in terms of like some midterm view like you know is price going to consolidate here around maybe call it 18k 19k and then um will it reach will it reach this last floorpla uh last floor price of 29k uh before dying or will it just kind of uh you know just cr get crushed from here like you know is it just gonna like sit here and just go back lower and then and then uh either bottom here or just even go lower similar to the idea that i talked about before so really that’s the question you have to ask yourself i personally was of the opinion that it’s going to hit 28k and that idea right now is currently looking incorrect but uh you know i’m still of that opinion i still thought that 28k is going to happen um at a minimum i do believe that 23k is going to happen and and the reason for that is that this last move was an inefficient move you can see this move right here uh this just had a very steep uh drop nothing similar to like those big liquidation candles we’ve had in the past of course but um i do believe that price will fill it out a little bit you know we’ll see like some sort of grind up maybe 25. 22.5 k and then dump again but i do believe we’ll at least hit this kind of uh this consolidation area at a minimum i think it’s really important though just backtracking a little bit that you you really just take these trading opportunities as they come uh you know price did make like a 50 move or not 50 but it’s like 45 or something like that percent move from bottom to to the top of this current range that’s a really good trading opportunity i do understand that you know people are uh you know people are in general are trying to be cautious and it’s it’s obviously really good to be cautious and best to be cautious right now if you are an active trader then i do believe that you should try to take advantage of these opportunities as they come um if you if you’re just kind of like a long only type of person who just wants to buy and hold then i personally would i think that would just probably wait uh because i’m not so sure this is the bottom or you know coins are in their like overall bottom structure i do think that you know there could very well be more downside to come so dca is like a fine strategy i know it gets a lot of hate on twitter but i think it’s personally a fine strategies to dca into eath and btc especially these levels um if you’re just a long-term investor just like dca is totally fine you know it’s not the best necessarily for active investors of course because there’s opportunity costs and what have you um but like i personally dca like into some long-term positions i’m okay with it it’s always been a strategy that’s kind of worked fine for me um just because i know that there’s a portion of my stack that i know i’ll up eventually like when i’m trading or whatever so if i do have like a big win then i’ll take some of that money and i’ll throw it like you know i’ll i’ll dca into some some eath or something and then i’ll just like throw it into a cold wallet and just let it sit um you know that’s kind of how i’ve been holding up my wins uh the last few years uh is just throwing a portion of that money into uh ethereum or you know bitcoin or whatever and just letting it set so i personally think it’s an okay strategy um but obviously it depends on your your overall um time horizon your investing strategy etc .


Now, in the short term, as I said, I think the price will go to at least 23k. But after that, I honestly don’t know where it will go. The price action is very choppy, so it’s hard to tell where it will go. You can make a range, like this bottom and this top, but it’s where price respects the range that matters.

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