Bitcoin Weekly Loses All Support | The Path Is Clear For 38K-42K
I wasn't even looking at Bitcoin but opened this chart to check some numbers in relation to ETCBTC, which is ultra-bullish right now and what do I see?
Bitcoin just lost ALL support on the weekly timeframe.
There is only the wick from the 5-Aug. week that's been lower since February. Bearish bias, bearish potential, bearish continuation confirmed for the 300th time.
What is happening is nothing new. This is something that has been in the making for the past six months. Bitcoin gave the first massive, impossible to ignore signal on the 5th of March, six months ago, with the highest bearish volume session on the daily timeframe in years.
The action has been bearish, sideways, down, lower highs and lower lows... The chart tells us the tendency, the market will make up the event that will be the catalyst that produces the crash that we've been seeing developing for so long.
➖ What to make of this situation?
➖ Where do go we from here?
➖ What about Crypto?
This is a positive situation. We are seeing the natural workings of the market first hand. The market grows and shrinks. Money flowing out of Bitcoin will reach other portions of the market and all is well. Everything is as it should be and life is good.
From here, we move to the Altcoins. We enjoy the Altcoins and profit from their rise as Bitcoin crashes. When Bitcoin hits bottom, we can either move back to Bitcoin or continue with the Altcoins, but, when the bottom is hit, the opportunity to buy again presents itself. Better prices, more people, new participants will join. All the gambling, all the weak-hands, all these things will be "corrected," erased, removed from the market and only those that are ready for the long-term will stay in the game. This is again positive, there has always been corrections and corrections will continue to exist for as long as we humans live in a world of duality with good and bad, night and day, left and right, pleasure and pain. This is exactly what the market does. Energy from the moon (down), energy from the sun (up).
Crypto as a whole is becoming better. Crypto as a whole is evolving. What about Crypto?
Cryptocurrency is doing great and will continue to do great. The Cryptocurrency market is evolving and will continue to evolve.
Think of the 2022 bear-market. When Bitcoin crashes, everything crashes. Bitcoin would only hint at moving lower and everything would be down 20-30%. Now we are seeing the lowest prices in months and many pairs are staying strong, ready to move ahead.
Imagine billions upon billions moving from Bitcoin, Ethereum, Solana, Binance Coin, Tron and the rest, to the smaller Altcoins, what do you think will happen? A major bullish wave.
So, when one side of the market is depressed, the other side can grow. We are here, we are adults, we are advanced, we are smart; we can see this dynamic and instead of letting our Bitcoins lose value, we can take action and profit all day long.
➖ What action to take now?
➖ How to survive the correction?
Sell the pairs that are trading high. High can be those trading near March 2024 prices or February 2024 or near their recent peak. Those are no good, for now. Sell those.
Buy those trading low. Low can be those trading near a strong support. Can be a support that is 1 year old, 2-3 years old, etc.
Buy those trading at All-Time Lows or those trading near their October/September 2023 low/support. These are good now and set to grow.
The Tether (USDT) pairs are risky no matter how they look. They will crash when Bitcoin crashes. Period.
The Bitcoin (BTC) pairs are the only way to succeed at this point. Plenty of time we had to take action, plenty of time to prepare. There is still time now because, while Bitcoin has been going down, some of these Altcoins, most of them, are still at their lowest level in 3,4,5 or 6 years; it can't get any better than this. These will grow long-term and it will be a win-win-win.
➖ What happens if you are wrong?
This is not financial advice.
Thanks a lot for your continued support.
Namaste.
Bitcoin just lost ALL support on the weekly timeframe.
There is only the wick from the 5-Aug. week that's been lower since February. Bearish bias, bearish potential, bearish continuation confirmed for the 300th time.
What is happening is nothing new. This is something that has been in the making for the past six months. Bitcoin gave the first massive, impossible to ignore signal on the 5th of March, six months ago, with the highest bearish volume session on the daily timeframe in years.
The action has been bearish, sideways, down, lower highs and lower lows... The chart tells us the tendency, the market will make up the event that will be the catalyst that produces the crash that we've been seeing developing for so long.
➖ What to make of this situation?
➖ Where do go we from here?
➖ What about Crypto?
This is a positive situation. We are seeing the natural workings of the market first hand. The market grows and shrinks. Money flowing out of Bitcoin will reach other portions of the market and all is well. Everything is as it should be and life is good.
From here, we move to the Altcoins. We enjoy the Altcoins and profit from their rise as Bitcoin crashes. When Bitcoin hits bottom, we can either move back to Bitcoin or continue with the Altcoins, but, when the bottom is hit, the opportunity to buy again presents itself. Better prices, more people, new participants will join. All the gambling, all the weak-hands, all these things will be "corrected," erased, removed from the market and only those that are ready for the long-term will stay in the game. This is again positive, there has always been corrections and corrections will continue to exist for as long as we humans live in a world of duality with good and bad, night and day, left and right, pleasure and pain. This is exactly what the market does. Energy from the moon (down), energy from the sun (up).
Crypto as a whole is becoming better. Crypto as a whole is evolving. What about Crypto?
Cryptocurrency is doing great and will continue to do great. The Cryptocurrency market is evolving and will continue to evolve.
Think of the 2022 bear-market. When Bitcoin crashes, everything crashes. Bitcoin would only hint at moving lower and everything would be down 20-30%. Now we are seeing the lowest prices in months and many pairs are staying strong, ready to move ahead.
Imagine billions upon billions moving from Bitcoin, Ethereum, Solana, Binance Coin, Tron and the rest, to the smaller Altcoins, what do you think will happen? A major bullish wave.
So, when one side of the market is depressed, the other side can grow. We are here, we are adults, we are advanced, we are smart; we can see this dynamic and instead of letting our Bitcoins lose value, we can take action and profit all day long.
➖ What action to take now?
➖ How to survive the correction?
Sell the pairs that are trading high. High can be those trading near March 2024 prices or February 2024 or near their recent peak. Those are no good, for now. Sell those.
Buy those trading low. Low can be those trading near a strong support. Can be a support that is 1 year old, 2-3 years old, etc.
Buy those trading at All-Time Lows or those trading near their October/September 2023 low/support. These are good now and set to grow.
The Tether (USDT) pairs are risky no matter how they look. They will crash when Bitcoin crashes. Period.
The Bitcoin (BTC) pairs are the only way to succeed at this point. Plenty of time we had to take action, plenty of time to prepare. There is still time now because, while Bitcoin has been going down, some of these Altcoins, most of them, are still at their lowest level in 3,4,5 or 6 years; it can't get any better than this. These will grow long-term and it will be a win-win-win.
➖ What happens if you are wrong?
This is not financial advice.
Thanks a lot for your continued support.
Namaste.
Note
Another important support level to consider for Altcoins is the March 2020 low. Some USDT pairs that corrected to this level are good to go.Note
Bitcoin will wick below 40K on the next drop. It will be the strongest you've seen since 2022.
People will be wondering what the heck happened. Volatility will hyper increase and the ALTS—BTC will rise while this is all happening. Confusion will continue for several days before everything settles.
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🔝 Daily Cryptocurrency Technical Analysis
followalan.com
🚨 Free PREMIUM Trade-Numbers
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