BTC Supply & Demand 24/1/23 - BlueChips/302/DXY.eth
This is my first time sharing a chart; I'm open to critique!
It's been a while since I've done any TA, and I've been out of touch with the market these past few months, but I wanted to get a feel for where we are at right now.
I wanted to focus on Supply & Demand zones to try and keep it simple.
Looking back, I believe that the current local bottom of 15.5K USD is not a strong enough support or demand zone.
Unless we can break through
23K with massive volume and push hard above 32K to clear the current supply zones.
I believe we will reject23K and head back down to at least 16k and bounce, where everyone will leverage up and giga-long thinking the bottom is in, and then the real pain will come hard and fast, similar to the COVID March 2020 crash, which saw us move down from 10k to 8k over a few days, followed by a sharp nuke down to $3-4K.
I do hope we keep pumping here, but I'm not confident. Maybe this time is different; adoption seems to be coming in with more news every day.
One announcement of some giga-bullish news could be the catalyst, and we absolutely send leaving everyone that's out to FOMO back in.
My prediction of when the mega bull run will start (regardless of if we send or nuke here): I'll put my money on Brazil adopting BTC as legal tender later on in this year.
Their President has already signed a complete regulatory framework for crypto, regulating the use of bitcoin as a payment method. Also, Brazil and Argentina are currently in talks about the development of a potential common currency; if they choose to accept BTC as a legal tender, that's a combined population of 250 million people that BTC is opened up to. There are only so many sats to go around.
I'd love to hear other people's thoughts on my "Crystal Ball" rant.
BlueChips.eth - 302.eth - DXY.eth
*Not financial advice*
It's been a while since I've done any TA, and I've been out of touch with the market these past few months, but I wanted to get a feel for where we are at right now.
I wanted to focus on Supply & Demand zones to try and keep it simple.
Looking back, I believe that the current local bottom of 15.5K USD is not a strong enough support or demand zone.
Unless we can break through
23K with massive volume and push hard above 32K to clear the current supply zones.I believe we will reject
23K and head back down to at least 16k and bounce, where everyone will leverage up and giga-long thinking the bottom is in, and then the real pain will come hard and fast, similar to the COVID March 2020 crash, which saw us move down from 10k to 8k over a few days, followed by a sharp nuke down to $3-4K.I do hope we keep pumping here, but I'm not confident. Maybe this time is different; adoption seems to be coming in with more news every day.
One announcement of some giga-bullish news could be the catalyst, and we absolutely send leaving everyone that's out to FOMO back in.
My prediction of when the mega bull run will start (regardless of if we send or nuke here): I'll put my money on Brazil adopting BTC as legal tender later on in this year.
Their President has already signed a complete regulatory framework for crypto, regulating the use of bitcoin as a payment method. Also, Brazil and Argentina are currently in talks about the development of a potential common currency; if they choose to accept BTC as a legal tender, that's a combined population of 250 million people that BTC is opened up to. There are only so many sats to go around.
I'd love to hear other people's thoughts on my "Crystal Ball" rant.
BlueChips.eth - 302.eth - DXY.eth
*Not financial advice*
إخلاء المسؤولية
لا يُقصد بالمعلومات والمنشورات أن تكون، أو تشكل، أي نصيحة مالية أو استثمارية أو تجارية أو أنواع أخرى من النصائح أو التوصيات المقدمة أو المعتمدة من TradingView. اقرأ المزيد في شروط الاستخدام.