Direct from the desk of Dane Williams,
exclusive to leofinance.io
Key Takeaways:
- Bitcoin remains above higher time frame support/resistance zone.
- Higher time frame bullish trend remains intact.
- Nothing about the correction says we should change our bias from only taking long trades.
Bitcoin Technical Analysis
Did you guys see the LeoFinance community's good friend @edicted's latest market watch babyrage blog post?
Babyrage, lolz.
Well that word pretty much summed up market sentiment across not only our community, but the wider finance community on social media too.
Twitter went into absolute meltdown, talking huge percentage corrections, liquidation numbers and even dropping the dreaded statement of... a bear market.
Oooooooo!
Umm okay lads.
But have any of you actually looked at the charts?
Here's the Bitcoin daily chart that I shared in a comment on the babyrage blog I've linked to at the top.
BTC/USD Daily:
As you can see, we've got a quick little drop there.
BUT...
With not even a single daily support/resistance zone being broken, this entire correction is nothing but noise.
After posting how ridiculous the Bitcoin monthly chart looks right now, we all expected a correction.
It's going to come and it's going to be healthy.
Even if it does break through one or even a few of the higher time frame resistance zones that have formed on the way up.
But the fact that within this correction, literally the first zone that price came to was held, is UBER bullish for mine.
UBER BULLISH!
Everyone melting down needs to take a chill pill and calm down.
The times we live in huh.
Best of probabilities to you.
Data to Watch:
- Not applicable on decentralised cryptocurrency markets.
Why not leave a comment and share a chart of your own in the comments section below? All comments that add something to the discussion will be upvoted.
This daily market analysis blog is exclusive to leofinance.io.
Posted Using LeoFinance Beta
That is what I thought
With stock Market open today
bitcoin and alts are recovering
Posted Using LeoFinance Beta
Yep, just let price do its thing between zones.
The market is still in an overall bullish trend and just building a base at each step on the way up.
Healthy price action :)
Posted Using LeoFinance Beta
is the Coinbase insider dump rumor is also playing that part into pushing the correction?
the rumor run wild in twitland before it being corrected by some other.
Posted Using LeoFinance Beta
The crypto/finance media needs to write stories and most of the time just match current events with price, even though they're not really the reason.
Sure the Coinbase dump probably contributed, but what did we expect to happen there lol?
The only thing that matters is price action and with the market still in an overall bullish trend, we can see its just building a base at each step on the way up.
The only thing that matters is price.
Posted Using LeoFinance Beta
In fact I wouldn't be surprised to see BTC soon at the $47K buddy, there is the .38 Fibonacci of the entire upside and it would be a very good point for a correction. It would be very healthy for BTC to correct to this point, so then start to gain strength for a rally to new highs. Here is a Fibonacci chart.
I am also observing a bearish flag pattern in the short term that could push BTC to these prices. Here is a chart.
As you can see the target of that flag is at $46K approximately. Best regards colleague!
Posted Using LeoFinance Beta
That hourly pennant looks GROSSSSSS for the bulls, but...
Price is still above the horizontal zone at 50K and for me that trumps any short term price action like this.
As long as we're above that horizontal zone, I'm treating any bearish price action above as just noise.
If we break down through the zone, then things will start to get interesting.
Posted Using LeoFinance Beta
That's right buddy, let's wait and see if the $50K support holds the downward pressure. In the next few days we will know the direction BTC will take in the short term.
Posted Using LeoFinance Beta
Honestly seems like a healthy correction and one I was planning on happening once COINBASE went public. With any of these things such as a stock listing crypto, a halving or hardfork the markets are already bought in on the idea before it happens. As soon as it happens and we see the outcome of any of these three things the markets sell back off. From there it's honestly just up as development around blockchain continues to grow providing more demand and use cases.
Posted Using LeoFinance Beta
But really, what effect does Coinbase insiders dumping their shit stock on retail buyers have on the price of BTC?
Just sentiment that those invested in crypto are as crooked as the rest of the financial industry?
Posted Using LeoFinance Beta
I think it's the rally up before it happens and once it happens the sell off happens. It's repeated over and over again in the history of Bitcoin. Anytime there is an upcoming event it gets pumped before it happens and dumps right after. Really we could say that about any token or blockchain we see it here on hive as well. The Hype trend I like to call it lol
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