Bitcoin Black friday
This will probably be one of the most simple charts I released.
I know you are panicking, and I felt it a bit as well this morning. The technical picture was great yesterday. Unfortunately, the new variant Covid news has created the catalyst for bears to take advantage and squeeze the longs. Also, algos using AI have liquidated their position based on news dumping the markets. Every market has plunged today, so crypto wasn't spared. The onchain analysis has shown that whales have been accumulating for the last 2 weeks, some 2.36 billion $ in BTC.
Although the crush was unexpected, the technical structure and bullish trend are still strong and intact.
I drew here for you the most important supports and strong dynamic trendlines. A descending wedge has been formed into the descending channel, which is bullish.
BTC at this level is super cheap, with all the momentum indicators and oscillators heavily oversold (same levels of July). Strong bullish divergences are flagging up in the different timeframes comprehending the daily and 4h.
All of this is to tell you not to panic as the uptrend will resume soon.
Instead of seeing this as a catastrophe, see it as an opportunity if you are sitting on some cash.
I know you are panicking, and I felt it a bit as well this morning. The technical picture was great yesterday. Unfortunately, the new variant Covid news has created the catalyst for bears to take advantage and squeeze the longs. Also, algos using AI have liquidated their position based on news dumping the markets. Every market has plunged today, so crypto wasn't spared. The onchain analysis has shown that whales have been accumulating for the last 2 weeks, some 2.36 billion $ in BTC.
Although the crush was unexpected, the technical structure and bullish trend are still strong and intact.
I drew here for you the most important supports and strong dynamic trendlines. A descending wedge has been formed into the descending channel, which is bullish.
BTC at this level is super cheap, with all the momentum indicators and oscillators heavily oversold (same levels of July). Strong bullish divergences are flagging up in the different timeframes comprehending the daily and 4h.
All of this is to tell you not to panic as the uptrend will resume soon.
Instead of seeing this as a catastrophe, see it as an opportunity if you are sitting on some cash.
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