We're in an interesting position in the market right now. BTC needs to hold the 200 MA to see some continuation upwards. If not, we can visit the 45.2, 43.9, 42.8 levels.
Today it's Friday, weekend is coming and weekends usually are tricky. There's a lot of uncertainty in the market, some say it's better to wait and have some cash in case opportunity knocks on the door, while others can see hope for the bulls to fight the bears.
This time I decided to do nothing till the market can print more candles and we see some indications about where the market wants to go.
However, people are speculating on every social media platform, trying to be smart, guess the next move. I came across this chart today, by a gentleman called @edwardmorra_btc that looks very interesting, even thought the author himself admits it may just be hopium.
This chart definitely looks interesting and there may be some chance for history to repeat itself, even though TA may show a different path. If this chart would repeat itself, that would mean we would be ranging around $50k - $52k region for a month or two possibly. I would not mind as that would be a nice accumulation phase and opportunity for trading.
However, there's something I can't get out of my head. Ever since the May crash happened, I'm keeping an eye on Gareth Soloway's prediction. He was the one predicting the crash a week before it happened but no one believed him.
This is his prediction purely based on charts, made on 24 May 2021. Since then we've reached the $48 -$50 - $52 region and we're on our way down, kinda. As I said at the beginning of my post, we can visit the 45.2, 43.9, 42.8 levels and if those don't hold, then we're going down.
Long time investments are fine as my entries are not new, I've been able to get some good entries, but trading wise it's a different matter and there's something even more concerning than this.
HIVE has been doing really great lately, no one can complain. Holding its ground around $0.80 and the last crash could not shake it. This is a huge achievement. However, if BTC is going to the $20k, HIVE will probably go down as well. There will be liquidity on the market as quite many are preparing for the last phase of the bull run, so massive selloffs can happen.
From the time I started writing my post, the market has been pretty volatile, most of my watch list is red, except for two or three tokens. I don't know what's going to happen but I suspect it's going to be a red weekend. I still hope HIVE will be able to hold strong though, don't want to see it at the $0.6 level or lower. We're better than that.
What do you think about this weekend?Who's going to win? Bulls? Bears? What are your plans? Get your cash ready, there may be some good buying opportunities.
