Okay, I'm back. Been away for a while. Just sitting on the sidelines watching certain parts of the space make assertions for bullish runs back to the ATH, 100k, and bitcoin bottoms and even saw
a few who compare data from 3 years ago to now as if the economic conditions globally are the same.
Now there's nothing wrong with these assertions, however, I do believe they lack perspective because many aren't taking into account the current state of the world.
Nevertheless, nothing has changed in my analysis, thoughts, or personal opinions when it comes to the direction of bitcoin.
As is charted back in march the S&P500 the direction was down, why? because world as well as the U.S economy is in a terrible state. Even though the fed's didn't raise rates by that much then. I pretty much assumed they would do
what they did now. Which was raise rates by 75bps, because the obvious is happening. We are heading into a harsh recession.
I still feel that way now, but with inflation being a primary concern and the fed hiking rates by 75bps and continuing to hiking it to i believe to 150bps next the fed is using a method
called quantitative tightening (you can think of it as the fed putting inflation in a chokehold) to get hold of inflation , which hurts the stock market in the process and could last for 2 years.
With the fed trying to get a hold of inflation, the current state of the world, and U.S., and the performance of the stock market.
It's imperative to remember bitcoin and the whole crypto market isn't a mature market yet, it's fairly new.
So it's going to fall to the whims of stock market (mature market) movement because it's reflects investor confidence.
In other words and simply put whatever the stock market is going to do, bitcoin is going to do.
I made a chart previously that showed on the weekly TF that on the entire chart that most of the trading volume is at 9k.
Which tells me in regards to S/D trading technique that is where most of the demand is for $BTC.
This chart that i've have created should be the last leg downward for bitcoin.
As you can see on the chart bitcoin as drawn out the same patterns over and over. This is why i didn't understand why people were calling for bottoms at 17k?
Based on this bearish pennant that it's currently forming we should expect to see 9k btc, with the likely of touch as low as 7k briefly.
This all aligns with everything i have been saying since january, i have not changed my stance. Whether you like it or not.. we will see 9k.
I've told people months ago, to put money to the side because you're going to get an opportunity of a lifetime
with some cheap entries into your favorite projects. This is where millionaires will be made...😎 take advantage!
a few who compare data from 3 years ago to now as if the economic conditions globally are the same.
Now there's nothing wrong with these assertions, however, I do believe they lack perspective because many aren't taking into account the current state of the world.
Nevertheless, nothing has changed in my analysis, thoughts, or personal opinions when it comes to the direction of bitcoin.
As is charted back in march the S&P500 the direction was down, why? because world as well as the U.S economy is in a terrible state. Even though the fed's didn't raise rates by that much then. I pretty much assumed they would do
what they did now. Which was raise rates by 75bps, because the obvious is happening. We are heading into a harsh recession.
I still feel that way now, but with inflation being a primary concern and the fed hiking rates by 75bps and continuing to hiking it to i believe to 150bps next the fed is using a method
called quantitative tightening (you can think of it as the fed putting inflation in a chokehold) to get hold of inflation , which hurts the stock market in the process and could last for 2 years.
With the fed trying to get a hold of inflation, the current state of the world, and U.S., and the performance of the stock market.
It's imperative to remember bitcoin and the whole crypto market isn't a mature market yet, it's fairly new.
So it's going to fall to the whims of stock market (mature market) movement because it's reflects investor confidence.
In other words and simply put whatever the stock market is going to do, bitcoin is going to do.
I made a chart previously that showed on the weekly TF that on the entire chart that most of the trading volume is at 9k.
Which tells me in regards to S/D trading technique that is where most of the demand is for $BTC.
This chart that i've have created should be the last leg downward for bitcoin.
As you can see on the chart bitcoin as drawn out the same patterns over and over. This is why i didn't understand why people were calling for bottoms at 17k?
Based on this bearish pennant that it's currently forming we should expect to see 9k btc, with the likely of touch as low as 7k briefly.
This all aligns with everything i have been saying since january, i have not changed my stance. Whether you like it or not.. we will see 9k.
I've told people months ago, to put money to the side because you're going to get an opportunity of a lifetime
with some cheap entries into your favorite projects. This is where millionaires will be made...😎 take advantage!
