With All the Hoopla and Craze Bitcoin Is Still Above 20K

in LeoFinance2 years ago

Funny how a little over a week ago everyone was freaking out when bitcoin touched into the 17K area.

Now here we sit above the 20K level everyone was sweating so hard and still don't have a weekly (or monthly) candle that closed below it.

This is not to say I'm bullish, but sentiment just a week ago was bitcoin is done for and going down to 10K.

Bearish Chart, but Technically Holding...

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The above chart is a weekly timeframe. We clearly see the downtrend in place by looking at the all time high price and following it down and to the right.

Based on this, there actually is no technical signal to go bullish. At the moment it is holding a key support, which is important and the first step for things to turnaround.

Hell though, even if there is a bounce price would need to break out of the descending channel it is in for price action to swing away from bearish.

That would likely mean a break of 25 or 26K just from eyeballing it. A bounce I would gladly take.

Personally I am still hoping for lower prices. After acquiring more at 19,100 and 18,400 I am likely not going to buy more unless we see fire sale prices at 14K-ish and below.

Thus, I am happy either way. If price goes up my bags grow. If price goes down I have a potential chance to get in at a much lower price. Now it's just a wait and see approach.

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It's $19,000 now and looking to fall. You might get your chance to buy it at $14,000.

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It is, to be honest though 19,300 area is the bottom support in my eyes. Price needs to establish below that before I'm riding the bear again.

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Interesting how suddenly no one is an expert at predicting Bitcoin moves anymore. Everybody is back to the table. It’s nice to see

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Yeah true, it's nice to see normalcy (as normal as it gets anyway in crypto)

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It's doing that right now.

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That is the same as I see the technicals. And like you, I'd be happy either way as I bagged some BTC at 17,900 and can buy lower or be content to grow from the sub 18K level.

It could take many months for a reversal to play out and confirm, so 14K, heck, even 11K, could be in the cards possibly even in 2023... or not. Ultra-patience is the key.

Agreed, as this drop just happened and no base has even formed yet.

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I still don't own any bitcoin...I started in crypto during the peak of last year, and hive just kind of won my attention. I do intend to start accumulating bitcoin, but I'd like to see it drop below another support level first. I do intend to start moving some of my polycub earnings into bitcoin eventually, but I'd like to see polycub put out a couple more development releases first.

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Polycub seems to be coming out with new development very quickly, so you'll get your wish soon!

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Indeed, the leo team is killing it

I think Bitcoin will go down till 10.000$... let's see what will happen. Thanks for sharing info

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Fear Index says buy no more, time for a roller coaster. It's a very crazy market bro, where it will end no idea.

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Perhaps once CBDC is implemented?

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and that line pretty much exactly to where stimmy checks dropped lol Crypto will trend upwards now but it's not going to be a moonshot like before at least for another year.

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Yeah, I feel like its all a coinflip at the moment. Stock market hasn't gotten down to stimmy check levels yet.

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El Salvador scooped like 80 more ay 19k. Bullish

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Yeah, they are committed for sure.

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The smartest way to depeg themselves from the Dollar. I'm surprised not more countries who economically tied to the US hasn't taken that path!

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Oh, I thought the bear is going to stay for a while. I will not be surprised to see BTC going below the ATL of this year.

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Agreed, that is still my thesis and I'm hoping I can buy below 17k

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Yeah, I'm pretty much there too. On a wait and see approche. I would gladly buy more at a discount around 14k. But for now, trying to just see where it goes.

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20K seem to be it's bottom, even with dips it seems to always find its way back to the $20,000 mark. The next bull will be interesting and may it is getting ready to hit $100k

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