BTC setting up for the next leg down

in hive-148441 •  2 months ago 

After a failed breakout at $10k, bitcoin is likely heading for support levels

Bitcoin tried to break the $10k mark on 4 separate occasions over the last several weeks.

Failing to hold above it every single time.

Interestingly enough instead of that price becoming weaker with every touch, bitcoin eventually lost the muster to push all the way through.

Now, it looks like bitcoin needs to test some support levels before it is ready to ultimately bust through that $10k level...

Looking at the chart it looks like we are heading for $8k in the near term.

Check it out:

(Source: https://bittrex.com/Market/Index?MarketName=USD-BTC)

We have tested $8k on two separate occasions in the last several weeks, with the second bounce being weaker than the first.

I fully expect bitcoin to at least test $8k in the coming weeks and probably break through it to the downside...

As I mentioned in a previous post, which can be seen below, it looks like there is a gap on the bitcoin CME charts around $7,600 that may work as a tractor beam pulling prices toward it.

https://hive.blog/hive-148441/@jrcornel/the-bitcoin-cme-gap-fill-is-likely-underway

Those gaps have something like a 90% fill rate, so I expect we will see that one fill at some point here, and with the current price action, it looks to me like it may fill sooner rather than later.

That being said...

I do think you want to be a buyer in any weakness we get in bitcoin as the next bull market has already begun and prices are likely to break all time highs by a wide margin within the next 12 months or so by judging by how bitcoin has traded during its last halving induced bull markets...

Stay informed my friends.

-Doc

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How do altcoins react to the fall of BTC? Is there more decline than BTC?

I think there will probably be less decline than BTC, but we shall see. It probably depends on how bitcoin pulls back. Is it gradual or all at once? If it's gradual altcoins will be ok, if it's all at once, well that usually isn't good for altcoins.

I just keep dripping more FIAT into BTC but that is not always easy in these times

Everybody unpack their diving gear, we are heading down...

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