Bitcoin | Bearish Impulse, 3 Weeks Red, New ATH & The Reporter

Aug 31

We are likely entering the next bearish impulse phase...

Good evening my fellow cryptocurrency trader, I am hoping you are having a wonderful now.

It is Friday day and we are officially in the last weekend of August. The weekly session is about to close.

We can see, by looking at the chart, how last week was full green. Follow me next and see how this week is full red.

➖ The 5-Aug. week closed green.
➖ The 12-Aug. week closed neutral.
➖ The 19-Aug. week closed green.

Since the start of the year, after a major low, we've been having exactly three weeks before the resumption of the bearish move. Make no mistakes, the market is no longer bullish but the bearish action is coming to its end.

Hold on... The purpose of this trade-idea is to let you know that I believe we are now entering a period of consecutive bearish action. That is, 3 weeks all closing red. I don't know what effect this will have on you or the market, but it is something to consider.

What would you do, if you knew before-hand that the market was about to produce almost an entire month of bearish action?

What actions would you take if you knew that something of this nature was about to take place?

Plan the before and the after, and you are bound to find some success.

➖ A 30% drop from current price, below 60K, would put Bitcoin around 41K. Sounds fair?

➖ A 50% drop would put Bitcoin around 29,000 and a 55% drop would put Bitcoin around 26,000.

The thing is that we cannot predict future.
We don't know what will happen to make such an outcome possible.

We can definitely predict the trend and the direction before-hand. In fact, it is not "predicting" anything, prices are going down, so we simply point out what is happening. What we do is try and guess how far down it will go before it changes; before a reversal happens.

It is not that the chart will help us predict the future about a Bitcoin crash, but that the chart shows Bitcoin going down. We are just guessing, based on data, how far down can it go.

The thing is that we cannot predict if some FTX like event will go down, very soon, or something related to finance and war. More likely a major crypto figure getting in trouble but the SEC has been suing everybody for years now, so, how bad can it get?

The fact that everything and everyone is talking about new all-time highs as prices are going down, is a major warning signal.

Let's say you are bullish, imagine I am a reporter and I stick a microphone into your face and with bulging eyes ask the following questions:

1) Sir, what do you make of the fact that Bitcoin has been going down for the past 6 months?

2) Sir, what do you say about the altcoins being 80-90% down and some even hitting new all-time lows?

3) Do you consider these bullish developments?

And then the reporter pushes the microphone into your left eye and apologises yet continues to wait for an answer... And comes back again even before you have the time to answer:

4) Sir, are you blind?

5) How can you be speaking of all-time highs when the market has been depressed and bleeding for the longest of times?

6) Sir, what do you make of the fact that Bitcoin has been experiencing the worst and longest bearish period since 2022?

7) Do you consider these bullish developments?

As you prepare yourself to make up excuses to answer in the negative and say that everything is good, "we are going up!" You turn around and look at a screen that is quoting Bitcoin's price and even before you end up the sentence it is already too late... The crash is on!

Bitcoin starts dropping in a matter of hours from 59 to 56 then 53 and stops cold at 50K... You breathe deeply and turn around to answer thinking that you will make an excuse about support and higher low, but the reporter is gone, he is already interviewing the person that got it right because he realized that you were in the wrong.

It is weekend... And the weekends are meant for entertainment and fun.

Thanks a lot for reading and for your continued support.

Namaste.