We see a normal market cycle playing out predictably dumping into the holiday/tax season when traders begin to close positions and realize P&L for the year. You can see this plays out quite often not just in crypto.
BTCUSD
is currently trapped in descending channel after 3 ascending channels earlier this year, the last of which was so strong with new money that almost all alts crashed. Then we saw a microcosm of 2017/2018 market play out to the Tee this time with the dump under the major support line triggered by the Bakkt futures launch in Sept (much like the CMO/CBOE futures launch in Dec 2017 triggered the end of the bull run and beginning of the 2018 bear market).
We are now in the zone where mining is becoming unprofitable yet again much like Jan-Mar this year as well as an important 382 fibonacci level.
People are looking to invest for the bull run into the Halvening next August (I have opinions about this too but that's for another post) and $6000 is such an obvious area to rally the bulls that I don't expect it to actually hit that but naturally it also coincides with the bottom of the price channel.
We also see that the last 5 or so days of each month are where big movements happen, I've marked where this has happened previously. Dec 24-30 also coincides with this being a time for a big movement because trading volume will be very low so the market will easily push in a direction. I expect this to be the DOWN direction to hit the bottom of the price channel. This will be the big opportunity to buy and a great Holiday present :)
Join my telegram group at https://t.me/flourishingcapital where I post updates way more often. You can now also join the wait list for my trading bot at https://t.me/flourishingcryptobot?start=404755994.
Thanks for reading everyone and happy trading!
BTCUSD
is currently trapped in descending channel after 3 ascending channels earlier this year, the last of which was so strong with new money that almost all alts crashed. Then we saw a microcosm of 2017/2018 market play out to the Tee this time with the dump under the major support line triggered by the Bakkt futures launch in Sept (much like the CMO/CBOE futures launch in Dec 2017 triggered the end of the bull run and beginning of the 2018 bear market). We are now in the zone where mining is becoming unprofitable yet again much like Jan-Mar this year as well as an important 382 fibonacci level.
People are looking to invest for the bull run into the Halvening next August (I have opinions about this too but that's for another post) and $6000 is such an obvious area to rally the bulls that I don't expect it to actually hit that but naturally it also coincides with the bottom of the price channel.
We also see that the last 5 or so days of each month are where big movements happen, I've marked where this has happened previously. Dec 24-30 also coincides with this being a time for a big movement because trading volume will be very low so the market will easily push in a direction. I expect this to be the DOWN direction to hit the bottom of the price channel. This will be the big opportunity to buy and a great Holiday present :)
Join my telegram group at https://t.me/flourishingcapital where I post updates way more often. You can now also join the wait list for my trading bot at https://t.me/flourishingcryptobot?start=404755994.
Thanks for reading everyone and happy trading!
Join us at t.me/flourishingcapital
