I know a lot of crypto enthusiast would say but abdex, just last week you said Bitcoin will pump to $30k soon then we're going to 100k plus. Why are you saying this now❓ Calm down 😂... One thing about bull markets or bear markets generally is there must be ups and downs. The market don't just dump or pump on a straight line. Like I said in one of my previous post, I would always come around and say one or two things "when" I see little changes in the chart🙂.
It's obvious that we've not changed course with the "green 2023" everything still look good. It would take a lot of sell pressure to change the course. I'll share dome few charts to show what's happening and why I think BTC might drop to retest $20k or even less than 19600. Before we proceed, there's a disclaimer I need to declaim. Everything I post here are for educational purposes and for fun I'm not a financial advisor and I'm not claiming to be a crypto aficionado. Do your own research. This post will be relatively short, and straight to the point.
- Bearish divergence on the weekly
Despite having a Bullish divergence on the 2month chart and also a Bullish engulfing candle printed unexpectedly on the monthly, that turned the markets around. We're printing a bearish divergence on the weekly- Having price going up and the RSI going down... This only mean one thing. Dump. One may ask where will this dump stop? Where's our next support level? It's clear on the chart... We could drop to the neck formed during the pump, if it doesn't hold, we go lower very fast. I hope we hold
Also, the Stochastic RSI on the weekly chart is down. Showing low momentum.
- Bullish engulfing candle on Monthly Chart
We can see that we struggled to hold 19.5k for months, then broke to form the bottom, another monthly candle was printed to confirm the break. However, Bitcoin caught everyone by surprise and printed a long green candle to negate what was expected. That's technically the first big green candle on the monthly since our top in 2021, which is a good sign. Now since there's a bearing divergence on the weekly or an expected pullback, it is expected to at most touch the previous strong support that we tested for months which is at $19.5k. We can wick down but hope to close the body of the candle above 19.5k, then we good.
Note: These are just speculations, we're just talking about the best or most probable scenario that may play out. Don't sell or buy if you're in doubt. Best thing to do is never be out of Bitcoin in a bear 🐻 market. Keep buying and stay safe😘. I'll catch you on the next one. Oh shit!!! 😆 I said this post was gonna be short and straight to the point. Ooops