Man the "mainstream" amuses me. You would think Bitcoin sold off 50% over the last week.
Don't me wrong, a 15 to 20 percent drop off from the all time highs is nothing to sneeze at but when I look at the chart, it just doesn't even feel like a sell off.
I mean, we haven't even reach the last area where price was consolidating.
Only half way to the non-bull target...
Looking at the chart you can see the highlighted level I marked, This is around the 48K price point.
That is where we saw price consolidation before pushing to the new all time highs. Thus, that is where I keep my eye on as a potential support.
Below that is the already established support of 44,800.
Until we visit the 48K area there is no reason to change my point of view. Price action is still bullish on the longer-term.
We update our outlook as needed based on price action. So, let's see where we are in a week and if adjustments are needed.
Until then...
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Comparto contigo que el bitcoin esta buscando esa zona de soporte alrededor de los 48K. Si logra romper este soporte y el precio sigue cayendo, los proximos objetivos probables serian los que estan alrededor de los 42$. Vamos a ver que tan profundo es el retroceso.
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$50k Stronk
Market turns around instantly in Q2.
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Rooting for your predictions! You been on point of late so keep it up :-)
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My predictions only work during mega-bull runs...
Gonna get wrecked in the bear market lol
A price divergence in the RSI indicator can be observed in 1-day time frame candlesticks.
We could expect a major correction to the $43K area. It would be the healthiest thing for BTC, but at the end of the day the market does whatever it wants, especially Bitcoin hahaha. Greetings!
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Yes! I would welcome that pullback. And that RSI definitely is signaling it.
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I think there is an important trend line that you should implement in your chart. It was very helpful so far:
https://peakd.com/hive-167922/@tobetada/crypto-analysis-or-bitcoin-53k-and-upward-trend
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Indeed, as they said, everyone is afraid of the end of the first quarter of the year, and what may follow, of a violent decline.
Perhaps those who bought from the level of 10 thousand or even 20 thousand will settle for profit and start selling.
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True. Mainstream media always looks at this type of price actions from the doom and gloom perspective. It's like a bull market doesn't have pull backs or corrections. I also don't think that after over two years of harsh bear market, Bitcoin will only peak at 3x the past bull cycle ATH. This space is expanding at the speed of light, the uptrend in both progress and prices is guaranteed and exponential. Months from now when BTC will be over $100,000 many will regret panic selling and even trading this market.
Actually, I was hoping for a slightly red March but that became abundantly clear we won't get one with all the support there is around 44k and then 48k. It would have released some pressure built from 6 consecutive green months. But I suppose this will be pushed to the limit and maybe have it during the summer, maybe even in a sideways movement.
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It looks like things are already recovering pretty well and we are nearly back to that 1T cap again. I think we could see it by the end of the day. In my expert opinion anyway! :)
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True @scaredycatguide
I agree that this doesn’t seem bad anymore, it’s just consolidation time, shake out some uncertain investors then other investors with more certitude will decide when they think it’s close to support and they will buy it up.
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Yes indeed, price action will be interesting the next 24 hours with Friday's expiration of options/futures.
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I personally expect a major correction in Bitcoin at least to $48K at the very least, if it corrects further, even better. This needs to happen for the health of the market. And there is a lot on the chart that indicates a probable correction, we may note fatigue in BTC.
Best regards colleague!
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