Bottom or Bull Trap? What Is Bitcoin Doing?

in LeoFinance2 months ago

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Bitcoin looks to be finding some bounciness around the current levels. We have seen the top crypto asset plunge down nearly to it's old all time high from the 2017-2018 bull run. But we are seeing that sellers seem to be running out of gas and some very short term bullish movement has been in play. Surprisingly we didn't see another drop with the FED's .75% rate hike today, this means it was expected and already priced in to the market.

Looking here on the daily time frame we see that the momentum wave on the market cipher indicator is showing a buy signal with the green dot printing today. This has created a higher low in the momentum which is a bullish indication, but not guaranteed. We are still hovering in the low oversold levels on the RSI, but we have upwards movement in that along with the Money Flow indicator.

In the volume profile, we are seeing that we have been creating a bit of a smaller volume node at our current levels, but not much to stop the price if buyers decide to step in. We could easily get it back up to the 30k range where there has been allot of volume over the last few weeks. People just need to get over the fear in the markets and realize this is a generational buying opportunity.

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Zooming a bit into the 4HR time frame we see that we do have a bit of a V forming in the price action and we have rising momentum in the indicators. And looking here at the volume profile, we see our point of control, which is the highest level of volume for the time frame in the last 360 candles, is hanging out right there at that 30K level, so based on the point of control theory, where it acts like a magnets and pulls price back to it, I think we will see a return to that level at some point in the next few weeks. It's going to take some time though, at least from what I see.

I just hope we aren't forming yet another bull trap like we have seen basically seen all the way down. Hopefully we can start to find some support and consolidate at the current levels.

Are You Shook?

Anyway, what are your opinions about Bitcoin and the markets? Are you scared and running for your life, or are you diving in with all the dry powder you have to scoop up more coins at these low low prices?

I am trying to trade it a bit, but the last few days I haven't wanted to touch it, just kind of letting everything settle down and consolidate a bit to see what the next move is looking like. I have basically used up my dry powder to cover bill, but that's just life in a crazy inflationary world. But hopefully the trading will eventually help build the portfolio back up to its former glory.

Let me know in the comments what you think about the markets.

Until next time...

Be Cool, Be Real, and always Abide!

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No idea. I know plain things - RSI shows oversold on Weekly chart. But it can be anything.

I have bought some ETH... Not sure what to do next :D

Hey that's something, lol. Yeah, the RSI being oversold, and the fact that we are dancing with the 200 week moving average is showing me we are at the bottom, but of course I am just a dude in a van so I may be wrong, lol.

Doesn't matter what it's doing - just HODL Hive :)