DON'T PANIC if Bitcoin Hits 55K USDT - here is why
So, heres an interesting set of "coincidences" for you to contenplate
The Bigger Box is the Range Bitcoin has been in since March 2024
https://www.tradingview.com/x/QWqVKoop/
We are currently sliding down one of those dreaded 236 Fib circles ( red) and we are also battling the CME Gap ( green box) that is trying to suck PA down to 58K so the CME doesn't loose money and to fill that Gap.
Just below that. we have an area of the SOPR bearish alert I talked about yesterday on X. This starts at 56K and goes down to 50283
Interestingly, this alert begins near bottom of Range and so I am hoping that Support will hold.
But, what is also interesting for me is that 14.618 Fib circle, the next one after the red one.. It crosses the lower line of Range on 27 August and would have just entered that SOPR Bearish range.
THAT could be enough FEAR to Kick start the next Big push higher.
BTC at 55K ! People would be screaming, Weak hands would sell, Media would Cry "Bitcoin Death" and BTC pumps !
I am not discounting this idea at all......This sort of thing happens
And All this, it brings the Weekly MACD nicelky back to Neutral, ready to turn up BULLISH
The Bigger Box is the Range Bitcoin has been in since March 2024
https://www.tradingview.com/x/QWqVKoop/
We are currently sliding down one of those dreaded 236 Fib circles ( red) and we are also battling the CME Gap ( green box) that is trying to suck PA down to 58K so the CME doesn't loose money and to fill that Gap.
Just below that. we have an area of the SOPR bearish alert I talked about yesterday on X. This starts at 56K and goes down to 50283
Interestingly, this alert begins near bottom of Range and so I am hoping that Support will hold.
But, what is also interesting for me is that 14.618 Fib circle, the next one after the red one.. It crosses the lower line of Range on 27 August and would have just entered that SOPR Bearish range.
THAT could be enough FEAR to Kick start the next Big push higher.
BTC at 55K ! People would be screaming, Weak hands would sell, Media would Cry "Bitcoin Death" and BTC pumps !
I am not discounting this idea at all......This sort of thing happens
And All this, it brings the Weekly MACD nicelky back to Neutral, ready to turn up BULLISH
Note
Well, here we are, a week later. Bitcoin Hit 49K with a Very Fast and sharp recovery. We now sitting around 60K, catching our breath. We have a Lot of Macro and World events going on but that Bearish signal I talked about has just Gone...We could be about to see the beginning of the next push.. But we may not..it is impossible to say for now...Be cautious and ..well...Be Cool
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