BTC/USD - Quarterly Overview (Q3 2022)For the third quarter of 2022, Bitcoin had bullish inception during the first month upon which it had a build-up to test the major resistance level of $25K during August. The price action formed a rising channel pattern before facing significant retracement from the resistance level. The retracement somehow settled at the psychological mark of $20K and maintained temporary sustainability, however, by the end of August, the level was too broken. During the last month of the quarter, the world’s largest cryptocurrency was on the brink of breaking below the crucial support level of $18K but had a strong bounceback and retested the resistance present at $22.5K but failed to have a positive breakout and faced sharp retracement again.
The price action pattern is witnessed for the second consecutive time which can indicate that between the price level of $22K to $25K, there are a great number of sellers expecting to encash their BTC
Since then, BTC is looking to have a positive and sustainable breakout above the 0.786 FIB level based on the Fibonacci retracement table. It also suggests that bitcoin can face strong resistance at 0.5 FIB level and 0.382 FIB level respectively
Considering technical indicators, the RSI level had been quite volatile throughout the quarter by entering overbought and oversold regions on multiple occasions reflecting upon the price rebound between the range of $18K to $25K. MACD level also reflects similar nature as it had multiple breakouts both below and above the histogram. Considering future prospectus, MA-20 just had a positive crossover against MA-50 which may provide some positive momentum for BTC in the upcoming days. The RSI level is also forming a rising channel pattern while the MACD level has again climbed above the histogram. Overall resistance levels can be placed at $21K and $25K. On the negative side, support levels can be placed at $17K and $15K
Blockchain
BTC/USD - Weekly OverviewAs the global economic conditions turned bearish during the past week, Bitcoin seemed to struggle between the price level of $18K to $19.K. However, the crucial support level of $18K remained intact. The current price level is hovering around $19K and might look to retest the resistance present at $20K
In a short timeframe, the price level needs to have a positive crossover above MA-50 which can help to regain bullish momentum. Looking at the technical indicators, the RSI level is looking to cross above 50 which might prevail in positive sentiment for the world’s largest cryptocurrency. MACD level is still struggling below the histogram but has started to form green bars
Overall, the price level has avoided significant price dumps by having strong sustainability above the crucial support level of $18K. If broken below, the next support level will be $17K. BTC might also test the psychological mark of $20K on the upside and if had a positive crossover, the next resistance level can be placed at $22K
BTC/USD - Weekly OverviewThe past week had a quick change of sentiments as the world’s largest cryptocurrency is back again above the crucial psychological mark of $20K. The price level did make a weekly low of around $18.5K
Currently, the price level is testing both MA-100 and MA-200. However, the alarming aspect is that MA-50 is still showcasing negative nature which might hint that a routine correction might be on the way
The RSI also supports a similar sort of hypothesis as the level is near the overbought region and can face quick retracement. MACD level has finally started to formulate green bars and broke above the histogram for the first time this month.
Overall, Bitcoin has showcased a positive rally in this month and a profit booking momentum can be expected in the upcoming days. Support levels can be placed at $20K and $18K whereas the resistance levels can be placed at $23K and $25K.
CHZ/USD: Yearly Overview The technical analysis suggests that Chiliz (CHZ) has performed quite well considering the overall market conditions since the past quarter. The YTD return for the sports engagement coin is down by -30.00% whereas its indirect competitors including Gala Network and Ejin Coin are almost down by 80%. This also suggests that CHZ has better price sustainability throughout the year till the time of writing.
On price action, CHZ is currently facing strong resistance above 0.382 FIB level while maintaining strong sustainability above 0.236 FIB level over the past month. One of the surprising takeaways amid bearish sentiment is that moving averages are strongly hinting at a positive momentum. MA-50 had a golden crossover against both MA-100 and MA-200.
The RSI level also recovered from the downfall as it was residing in the overbought region a couple of times before. But the level has maintained strong sustainability above 50 which suggests that positive sentiment is present for the coin.
With the fundamental aspects of Chiliz looking optimistic, the least we can expect from the coin is to have certain price sustainability amid volatile market conditions. The upcoming engagements events including FIFA World Cup and many other league championships can result in greater engagement within the whole ecosystem of Chiliz.
If considering investment opportunities, important price levels that can be considered are as follows:
Resistance: $0.24 and $0.26
Support: $0.17 and $0.15
BTC/USD - Weekly OverviewThe month started with bearish sentiment and still prevailing as the world’s largest cryptocurrency is unable to maintain sustainability above the crucial psychological mark of $20K.
Since the past month, the price level had a negative breakout from the rising channel pattern and currently possibly forming a falling wedge. Furthermore, it should be noted that BTC is struggling at the lowest level of Fibnonnaci retracement table.
Technical indicators including RSI are also replicating similar sentiment as it had failed to break above 50 since mid of the past month.
During the previous week, MA-50 faced a sharp negative breakout against MA-100 which suggests that further correction can occur.
Overall, Bitcoin needs to sustain crucial support levels including $19K and $17K. If there’s a quick of sentiment in the market conditions, resistance levels can be placed at $21K and $23K.
Weekly Analyze of Crypto Investing in July, 2022This week, the popularity of the crypto market has increased, and the market has broken through with the trend, and the trend is expected to remain.
BTC’s daily breakout and step back verification trend extended to the weekly line, and finally it successfully stopped falling and completed another breakthrough. The daily line returns to the upward trend, and there is a certain resistance on the upper edge of the upward channel constructed. The support range is 22000-22500, and the pressure range is 26000-26500.
ETH has a positive weekly line and is currently in the process of repairing the second big Yin column in the previous downtrend. If the potential resistance of MA120 is superimposed, the pressure range is 1900-2000. The daily line showed a pull-up, and the consolidation broke through the higher pattern again, and the trend was still strong. Trend defensive range 1500-1600.
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Bitcoin, decision time. This will change everything for us. So its really come down to this,
Anything above $37k is a bull for me.
Anything, even a wick below ~$37k might lead to a break in the market structure and then we wait for a bounce and do what we have to, to survive.
Selling here is not a place for me, If anything, its a final opportunity.
The Titanic sails or sinks?
Honey badger don't care, I will always have a soft corner for Crypto and I will bid to the last point.
This is an innovation of our lifetime and everything will be done by the ones in power to stop this. In short term it will feel hopeless, but we know nothing stops this.
I have no doubt in my mind, crypto will prevail. Prices and markets don't matter there, tech is here to stay!
This sounds counter intuitive, but always have some Bitcoin and Crypto apart from monetary intentions
Good Luck, don't get too busy gambling and miss the point totally. Survive, young Padawan!
Don't let them steal your coins.
Godspeed!
Bitcoin, looking Back!There are always, and I mean ALWAYS, warnings about the trend before it starts manifesting.
Looking at this recent Bitcoin crash, was no different. There were like 5 warnings before it nuked to the goblin town.
But we, being silly emotional creatures are always busy thinking what we want it to do and get delusional and miss the clear evidences, which later on comes to bite us bad. We are left in emotional and financial turmoil. Thinking of quitting where we should've been buying had we paid attention.
It it quite natural. I am not blaming anyone. Even to this day, I fall for these fallacies. Key is to evaluate it, look back, see what you could have done differently. Facing your fears and mess ups' is the first step in a hero's journey.
One must not quit because of this. Its just too silly a reason for that. If you think you can make it here, you will.
Don't quit. Learn. Get better. Don't worship Twitter Gurus, VCs, Hype, etc. you get the drill.
Path to success is a lonely one. And rightly so.
Charts never lie, people do.
Godspeed!
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