Hey guys! Wishing everybody well as always, let's begin!
💥It's definitely been a hell of a day so we're just gonna kick this off and try to keep it short for you guys. After everything that's happened this week Bitcoin seems to finally have formed this sort of ascending channel which has brought it up to where it is now.
💥On top of that following our last idea Bitcoin did manage to reenter the 200 EMA and well, you guys already know as I've been signaling. If we enter that 200 EMA we're good and set long as we keep within, it's when we lose that EMA that things get murky. Bitcoin nearly faced rejection a second time at $20,000 however you can see the large buy order that kicked in as Bulls did their best to propel us through that resistance and damn right they did it well. That helped kick off this ascending channel further to push us up to $21,000 at which we'll now face another test on whether or not we can push further or face another rejection.
💥Below is a better overall chart for Bitcoin so check it out.
💥Overall it's looking great. We managed to get far away and avoid that support point at $18,800 so that's a threat we don't have to worry about right now. The main thing at this point is those EMA's. They have yet to flip and once those 20/50's flip we could see ourselves get pulled out of this ascending channel by which point we'd likely see a fall that could possibly extend to the point at which we lose our 200 EMA again. That's simply a possibility that I wanna make you guys aware of as you always have to expect the unexpected.
💥I'm gonna leave the idea here for now but at this point it's up to the whales to do their job and decide whether they wanna pull us out or bring us back down. Though it should be noted that amongst all that's been going on w inflation and these crazy 100 BP rate hikes Bitcoin and mid-cap crypto's have managed very well through all of this. Now whether or not we've seen the Bitcoin bottom I have no idea but Bitcoin definitely has support and continues to surprise us daily, there's no doubt about that.
Thank you guys for tuning in and if you'd like to leave a like and follow it'd be much appreciated, thank you! I always do my best with my ideas for you guys. Thank you and keep well.
~ Rock '
💥It's definitely been a hell of a day so we're just gonna kick this off and try to keep it short for you guys. After everything that's happened this week Bitcoin seems to finally have formed this sort of ascending channel which has brought it up to where it is now.
💥On top of that following our last idea Bitcoin did manage to reenter the 200 EMA and well, you guys already know as I've been signaling. If we enter that 200 EMA we're good and set long as we keep within, it's when we lose that EMA that things get murky. Bitcoin nearly faced rejection a second time at $20,000 however you can see the large buy order that kicked in as Bulls did their best to propel us through that resistance and damn right they did it well. That helped kick off this ascending channel further to push us up to $21,000 at which we'll now face another test on whether or not we can push further or face another rejection.
💥Below is a better overall chart for Bitcoin so check it out.
💥Overall it's looking great. We managed to get far away and avoid that support point at $18,800 so that's a threat we don't have to worry about right now. The main thing at this point is those EMA's. They have yet to flip and once those 20/50's flip we could see ourselves get pulled out of this ascending channel by which point we'd likely see a fall that could possibly extend to the point at which we lose our 200 EMA again. That's simply a possibility that I wanna make you guys aware of as you always have to expect the unexpected.
💥I'm gonna leave the idea here for now but at this point it's up to the whales to do their job and decide whether they wanna pull us out or bring us back down. Though it should be noted that amongst all that's been going on w inflation and these crazy 100 BP rate hikes Bitcoin and mid-cap crypto's have managed very well through all of this. Now whether or not we've seen the Bitcoin bottom I have no idea but Bitcoin definitely has support and continues to surprise us daily, there's no doubt about that.
Thank you guys for tuning in and if you'd like to leave a like and follow it'd be much appreciated, thank you! I always do my best with my ideas for you guys. Thank you and keep well.
~ Rock '
