Are we just in a larger parallel channel? BTC 42k?

١ ديسمبر ٢٠٢٣

So if you notice when the price breaks through that resistance zone in the redlines and moves up, it initially broke through to around the high 41's to 42k (black line) and wicks off quite a bit at that level, see Jan 21. It happened again when trying to get back above going into the new all time high after first pump last bull run see June 21. Both times they corrected 13k or more. That 42k in the downtrend from the recent high. It fought back and forth for months, but eventually succumbed to the bear and dropped to the new lows. Also if we are in a parallel channel, it could hit around the same area where these wickoffs ended in the first interactions with this level. It will be interesting to see as price action is above both of these areas. I am still not a buyer here and I do not have confidence in this break. Maybe I'm wrong and all the mooners win this battle. I will continue to wait for a good entry and a correction on some level.
If it happens like it did before, we are seeing around 30-32k, give or take. Good luck!

١ ديسمبر ٢٠٢٣

ملاحظة

Actually both times they went to 28900 or 29k area on the corrections which only lasted weeks and then both resumed bull

١ ديسمبر ٢٠٢٣

ملاحظة

Total volume still dropping

٢ ديسمبر ٢٠٢٣

ملاحظة

I think this rise we just had yesterday and today are from the comments on interest rates. The charts, not charted by myself, appear to have a correction looming in the Nasdaq and SPX. Which would likely cause crypto to correct also. It will be interesting to see. I would love to see some comments and any help on the TA would be greatly appeciated. Thanks

٤ ديسمبر ٢٠٢٣

ملاحظة

This same type of quick climb came with previous beginning of bull market and the next two days a drop off to 30k and then up and down again. I guess this time could be different, but it will be fun to watch.

٤ ديسمبر ٢٠٢٣

ملاحظة

We are NOT at the top of the channel yet. about another 1k or so

٤ ديسمبر ٢٠٢٣

ملاحظة

This reminds me of a day in 2017, my first bull run. I had no idea it was happening and was just getting into crypto. I remember looking on Bittrex and seeing everything in green, like crazy numbers. It is just like now. Litecoin was 30 dollars, Neo had a huge run that year to like 100 dollars, eth was under or around 100 dollars. I had no idea it would turn into this, it was all new. Anyway, this same kind of euphoria ended in a correction and so will this. As to when, is a great question, I would rather it be sooner than later, it can't last. I knew it then, can't be all green all the time, just doesn't work that way. There will be other super green days, but this is always short lived. Take your profits now if you're in it.

٤ ديسمبر ٢٠٢٣

ملاحظة

Pretty much nailed my target. Altcoin rallies should follow. BTC still needs a retrace, might have another 1-2k left or maybe I'm way off. Really want to see what happens here in the coming weeks.

٥ ديسمبر ٢٠٢٣

ملاحظة

I know, this time it's different right? Institutional investors, accepted asset, etc. i get it, sounds great. I know on some level, you're not wrong if you think that. I do too, maybe not on the same super timeline as some. Now we are hearing about super cycles and 500k bitcoin and the price will never drop again. We will never get a big correction and it will be shallow if we do. Is this time really different? Experience tells me that this market needs to put those theories to the test. The newbies haven't seen the kind of drop that crypto can do. It can be gut-wrenching and it can happen in a day or a week. I think it's inevitable. The market will always correct and can be unforgiving when it does. Likely much sooner than later I think, but I don't know, nobody does. I was hearing this same stuff in 2017 and yes, I realize there weren't ETFs on the horizon. Heard it again in the last cycle, accepted, institutional investors, money will pour in, blah blah blah. I hear all kinds of the same shit, eventually, it will be true, but if you truly believe there won't be a major crash, you're fooling yourself. This time it will be different though right? Good luck, set your stop losses. I hope we go to the moon, but it never works that way without a few dips. This market will take it's vengeance, haha. Just wait.

١١ ديسمبر ٢٠٢٣

ملاحظة

Well, if I'm right, we should go down from here. It is still essentially going sideways and consolidating. We would need a bigger drop. But it tooks about 3 days and then within a week a rise and another drop from there, so we will see.

١١ ديسمبر ٢٠٢٣

ملاحظة

Went back and looked, took about 3-4 days, but there were a few more days of choppiness. Once it started dropping, went back up, and then down, and then up, and then down for last stop around 28-30 before resuming. That whole process took a few weeks. It should be interesting to see how it all unfolds. No Covid and different circumstances.

١١ ديسمبر ٢٠٢٣

ملاحظة

Bearish divergence, longs are liquidating, some FUD, but not a ton. The only thing I've read regarding the FUD is still Binanace shutting down and also that BTC might be classified as a security. I'm sure there will be more, give it some time.

١٢ ديسمبر ٢٠٢٣

ملاحظة

We are back at the very top of the channel here, but inside the channel. It's always choppy in this area

١٥ ديسمبر ٢٠٢٣

ملاحظة

So after Jerome Powell spoke and made the US economy seem like roses, I was thinking, what the hell, no way we go down from here. Then head of the NY Fed Williams comes out and contradicts what Powell said. Then the market goes back into short mode. It's unbelievable the way they put these statement out and they can't be naive enough to think it won't effect markets. I guess we will see what happens, but I'm inclined to the bearish side at the moment and if it plays out like last time we hit BTC levels, it went to 28-29k.