Bitcoin Weekly Update
Hi Friends,
This week, in lieu of a video, I'm going to give the update via static post. Bitcoin is still ranging as I stated it might continue to do in my last video and the accumulation in this range is extremely bullish IMO. Now, I know there are many analyst who want to claim this is a Wyckoff distribution with the potential being down at this point. Although, this could be the case, I don't think so. I'm more inclined to believe the potential remain upwards at this point vs. down.
Of course, a break below my 29,900 level of support could mean I am wrong. And though, we have closed a candle or two below that level a couple of times, the market has never followed through with confirmation on the next. Indeed, ranging on this fence line has made many of my subscribers and followers nervous. And really, isn't that the whole point. The market movers are very aware of these psychological levels and will play traders until exhaustion sets in. I believe that is what is occurring rn. Many nervous longs may exit during this period. It is then that the prices could move swiftly up.
That green level that we're flirting with rn btw ...that marks (approximately) the body high of the June 10th candle of 2022 right when everything went to hell in a handbasket and BTC crashed from our price today of around 30,000 all the way down to 17,500 in just over a week! This is why it is so significant.
The fact that we made it through and are sitting above that orange major resistance area is a very positive sign for the bulls. I know, I know. Just barely. Still the accumulation up here has lasted almost a month now and I am thrilled. This is a huge win for the bulls.
And checkout that bull flag on my RSI chart!
Really, at this point though, to know more about what Bitcoin is actually going to do here, it's better to ignore Bitcoin. Not completely. As you can see, I am still tracking indicators from it's chart. But our macro-econ picture here in the U.S. is a great help. I have predicted for the last year that the market would become irrational, acting out against all fundamental indications regarding the longer-term economic picture which shows recession and long term stagnation on the way. I have stated that regardless of the clear picture that this is where we are eventually headed, before that, a blow-off top would occur. And that is exactly what is taking place right now. The dollar is crashing, the VIX remains at 2 year lows, and stocks are blowing up. These events are more significant to understanding where Bitcoin will go than anything.
Until next week, best on all your trades!
Peace y'all.
Stew
This week, in lieu of a video, I'm going to give the update via static post. Bitcoin is still ranging as I stated it might continue to do in my last video and the accumulation in this range is extremely bullish IMO. Now, I know there are many analyst who want to claim this is a Wyckoff distribution with the potential being down at this point. Although, this could be the case, I don't think so. I'm more inclined to believe the potential remain upwards at this point vs. down.
Of course, a break below my 29,900 level of support could mean I am wrong. And though, we have closed a candle or two below that level a couple of times, the market has never followed through with confirmation on the next. Indeed, ranging on this fence line has made many of my subscribers and followers nervous. And really, isn't that the whole point. The market movers are very aware of these psychological levels and will play traders until exhaustion sets in. I believe that is what is occurring rn. Many nervous longs may exit during this period. It is then that the prices could move swiftly up.
That green level that we're flirting with rn btw ...that marks (approximately) the body high of the June 10th candle of 2022 right when everything went to hell in a handbasket and BTC crashed from our price today of around 30,000 all the way down to 17,500 in just over a week! This is why it is so significant.
The fact that we made it through and are sitting above that orange major resistance area is a very positive sign for the bulls. I know, I know. Just barely. Still the accumulation up here has lasted almost a month now and I am thrilled. This is a huge win for the bulls.
And checkout that bull flag on my RSI chart!
Really, at this point though, to know more about what Bitcoin is actually going to do here, it's better to ignore Bitcoin. Not completely. As you can see, I am still tracking indicators from it's chart. But our macro-econ picture here in the U.S. is a great help. I have predicted for the last year that the market would become irrational, acting out against all fundamental indications regarding the longer-term economic picture which shows recession and long term stagnation on the way. I have stated that regardless of the clear picture that this is where we are eventually headed, before that, a blow-off top would occur. And that is exactly what is taking place right now. The dollar is crashing, the VIX remains at 2 year lows, and stocks are blowing up. These events are more significant to understanding where Bitcoin will go than anything.
Until next week, best on all your trades!
Peace y'all.
Stew
Stewdamus Trades -
Prophesying the price action of markets one chart at a time.
Crypto predictions, targets, how-tos, and much, much more!
Never miss a prophecy. Sign up for my free newsletter at:
stewdam.us
Prophesying the price action of markets one chart at a time.
Crypto predictions, targets, how-tos, and much, much more!
Never miss a prophecy. Sign up for my free newsletter at:
stewdam.us
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