Wen new price floor? Do you remember that post?
Hi guys! It's been 24 days since I wrote about my thoughts on the Bitcoin market and how I was more interested in the new price floor. It's amazing how the market can change in such a short period of time, and I'm glad to see that my thoughts about the new price floor for Bitcoin have come to fruition.
The price of Bitcoin has tested $24k after a very long time, and it seems like the $20k range is now the new price floor. The support has been excellent at $22.8k and even stronger at $22.5k, making it a nice time to watch the charts.
I also mentioned the recent pump of Hive and how it's usually followed by a dump, but this recent pump has been giving a different vibe. After pumping to $0.65, Hive has found a pretty strong support at $0.45 and even stronger at $0.40, making it a great time to hold some Hive. The new price floor for Hive should now be around $0.38 or $0.40, which is a good sign for those who missed the previous pump.
In my previous post, I admitted that I missed the pump because I was too focused on scalping in little margins. I was so used to buying low and selling higher that I never saw this pump coming, and I sold my profits too early. But, it seems like I've learnt from my mistakes, and I'm glad that I've DCA'd into the market since then.
The FTX contagion is slowly getting behind us, and I think it's a wise decision to continue DCAing now, especially with the new price floor being established. If the market stays at these 22k levels for a bit and a new floor is confirmed, I wonder how long it will take for the market to become boring again.
I'm glad that the market has been exciting to watch these past few days, and I'm looking forward to seeing where it will go next. It's always important to keep an eye on the market and to not get too complacent, as it can change quickly. As always, trade safely and never invest more than you can afford to lose.
Thanks for reading.
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I actually expect the dump, just like I didn't expect the pump, but I must tell you, we'll experience some unexpected prices, come the end of the year. DCAing is king.
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Expecting a dump is a good way to stay safe, over optimism in these markets can be very dangerous. So carefully dcaing is the best way to go
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I really have no idea of reading the market and so will keep up with your posts and that of a few others.
It's simply not one of my strengths.
It gets better with time and the more you pay attention to it, having a few people to follow up for updates is also good way to learn.
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Okay. Thank you. I'll hang around long enough to learn the ropes.
Bitcoin has a tendency to go south in these kinds of market conditions. Fingers crossed!
Did you notice the repeating price pattern on Hives market?
I spotted it and wrote about it yesterday. Kindly share your thoughts
https://hive.blog/hive-167922/@mistakili/hive-s-repeating-price-pattern-a-third-pump-to-usd0-65-amidst-the-bitcoin-correction
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seems like we share a common outlook :)
https://peakd.com/hive-167922/@tobetada/crypto-analysis-or-hive-rally-like-in-2021
Interesting analysis. Love to see it
Thanks for sharing your point of view.
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You are very welcome 🤗
It is truly exciting to see life coming into the market lately the boring long bearish and cold days are slowly getting behind us.
I won't be nagging about the price levels we are at present, hopefully, it stays that way for upward momentum.
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Fingers crossed. We all want upward momentum
An upward momentum will be so cool
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The rewards earned on this comment will go directly to the people( @mistakili ) sharing the post on Twitter as long as they are registered with @poshtoken. Sign up at https://hiveposh.com.
Present shows that anything can happen, we can still have massive dump in price of btc
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You can probably thank @lazy-panda who needs Hive to stack HBD...🤓
Coincidence. Yeah, it was going to happen regardless
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