Technical analysis for Bitcoin right now is in an extremely tenuous position. This $35k level has been pinnacle for a month now and we are testing it once again. It's also weird that the descending triangle is still in play even though we are trading at the resistance line and not trapped inside it anymore.
Perhaps Goddess Moon has reversal plans for Bitcoin. We got a solar eclipse and now the price looking like it might start to move up. Again, if the market keeps moving with the stars we still have another week to go before we hit that full moon on the 24th. Market loves a full moon apparently. Maybe the werewolves are buying the dip.
Now that the descending triangle's resistance and the flat $35k unit-bias line have converged, this support should be stronger than ever. A move under $35k would immediately make me think we were headed for $30k, but again I haven't even traded this market for months so I'm just over here guessing with zero risk involved. Sometimes it's fun to window shop.
https://www.binance.com/en/trade/HIVE_BTC?layout=pro&type=spot
I'd also like to point out how once again, even though it's no fun to bleed, I've been pretty impressed with Hive's ability to mitigate the losses of the larger market. In relation to Bitcoin, we are still doing okay, and by all accounts we may be testing a hardcore support line right now at both 30 cents and 850 sats.
Personally I'm ultra-bullish on Hive right now, as I think that the upcoming hardfork 25 at the end of the month is going to be the best one implemented ever by a huge margin. Not that I necessarily think these changes will have an immediate affect on Hive price, but still there is a lot of development going around to be bullish on.
There's still a ton of fear left in the market, to be sure, but the vast majority of the weak hands and over-leveraged positions have been liquidated. If there was ever a time to start seeing a reversal, this would be it.
Even though this cyclical chart has been somewhat of a fail, it's interesting how it has failed. Learning from our mistakes is pretty important. You can learn a lot more from losing than from winning.
In reality it turned out a bit more like this during this cycle.
to be fair June isn't done yet, but I highly doubt we'd make enough of a recovery to justify a green color. On the other hand if this bull run is really over we could dip below $30k and that would be pretty devastating to the already devastated market. Somehow I doubt that will happen but you never know.
Hot Vax summer: gross.
So I wasn't really understanding what this meant when I saw it.
Turns out Google knows everything.
https://www.cnbc.com/2021/05/22/yes-its-going-to-be-a-hot-vax-summer.html
For the uninitiated, hot vax summer plays on the idea that once single Americans get their coronavirus vaccines, there will be a surge in dating, hookups and overall social opportunities due to all the pent-up demand. (You may also know it as shot girl summer.)
Oh, okay cool...
So it's called hot vax summer because randoms are going to be fucking again. Neato. Stinky apes.
But seriously, this is in line with what I've been saying about summer for quite some time now. The economy has been signaling it's going to be opening and people have been stir crazy from over a year of lockdowns. In theory, money should be flying around like crazy. Bitcoin, being the ultimate liquidity trap, should see inflows, if only temporarily.
Bumble CEO Whitney Wolfe Herd told investors the company was seeing “meaningful pent-up demand as economic and health improvements approve across regions.”
Yeah, I mean that's what I've been saying this entire time... although I didn't really have the dating sites in mind when I said it. Same thing though.
Conclusion
The economy is in a very tenuous position. It's make or break time. While June hasn't turned out to be a great month like I thought it would, it also makes sense after being up a record-breaking six months in a row. Perhaps this summer run hasn't been canceled, but rather delayed for July/August. I still there there is a good chance that September will be a good buy month no matter what happens. This reversal appears to be materializing slowly but surely.
At the end of the day I'm only going to become extremely greedy and overleveraged if and only if Bitcoin dips back down to the doubling curve at $20k. That's just free money at that point, and I'll be more than willing to buy a piece of my own blood, on leverage if necessary. Until then, I'll try to maintain a more balanced position so I stop getting caught off guard.
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Technical analysis doesn`t work. If you don't want to be caught by the whales, you need to use the Wyckoff method to predict the market movement.
Technical analysis doesn't work.
Use technical analysis instead.
heh
This is funny, but it could be true as well.
Yeah. I am impressed as well.
This is true but we never want to lose. We always want to win at all times
At least we still have 10 more days to go. Magic can happen, you know if the moon is happy with us as you mentioned before....lol
I will not lie all this happening really scared me but what always keep me going is that nothing last forever, once I have this thought I will encourage myself, and keep on pushing.
Doing what is best and hoping for the best to come.
Lol I giggled at this
I would not wonder to see 100k BTC by end of the year, but on the other side, I would also not wonder to see a 19k BTC or lower.
Altcoins gets rekt.
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Doubling curve is at $25k at the end of the year it won't go lower than that for any significant period of time.
Just buy the dip..:) wen can we buy into your project since I may have some extra crypto around one of my many wallets..🤩
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eh technically I could launch it before it has a frontend and premine it while I build it out
still it will be a while before I'm confident with what I've built
This situation scary me, but always keep in mind that it go up again, the oscillations never end, that's part of understand. Have some worries about the hive and pob price, so down now... Hope this better soon
By the way, what about your speculation about HBD? That it would go more up than Hive. Didn´t do it so far, right? Are you still stacking HBD?
I heard a weird view of those consolidating triangle. If it breaks it but becomes a false positive then it just means there is a larger consolidating triangle that its suppose to follow. That was his view of BTC recently.
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Interesting, I'm still of the opinion that anything between 41K and 30K is just noise. Though I do recognize that is a large range. However, neither bulls or bears are in control inside this range.
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I'm also impressed by Hive holding its ground lately.
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Quite a scary situation for BTC. Been here for the long haul, I guess we will be seeing lot of crazy ride. Hope we close June in greens.
First we had an overdue correction triggered by the fool from Tesla, but now we have the Fed giving all the asset markets some deflation conniptions by pretending to be hawkish. Sprinkle in a bit of run-of-the-mill and recycled FUD stories over the last month and here we are. Jittery.
Still think this is a bit of a head fake and weak hands are being shaken out. Yes, inflation is going to be a problem but I'm not seeing the end of the Everything Bubble just yet. Hopefully we don't have another panic flash crash in crypto before the orderly bull run resumes but nothing would surprise and the mainstream asset markets are possibly due for a tantrum, which won't be good for jittery crypto speculators.....