Bitcoin struggling to hold key support levels as usual.
What chart are you looking at exactly, what is it you consider key support?
Even on the short-term 4hr chart the key support would be around $61K-62K by trading (accumulation) volume, which the 200 MA is now moving above, while no 50 & 200 MA bear cross has occurred. We already had a bearish fakeout when price dropped below $63K, it didn't even reach the 200 MA that was just below $62K, nor volume support, before being bought back up to $65K. Now this MA is moving above the accumulation zone which is a bullish sign, hence time is on the side of the bulls right now, not the bears. The Daily & Weekly charts remain fully bullish, all MAs aligned in bullish formation. It's obvious that price could correct to the 50 Day MA which is in the high $58K range, but despite a potential 15% drop, the irony is price would still be bullish mid and long-term, even if short-term bearish.
Let me guess, the 1hr is bearish therefore this is going to trump the 4hr, Daily, Weekly and Monthly charts? If you use a microscope, you can always find a bearish time-frame
When is the cascading avalanche going to begin?
Newsflash for you: This already happened in case you hadn't noticed. Price dropped from $64K to <$30K, it was quite the bearish avalanche. Many panic sold the lows no doubt, it was a total fakeout while investors bought up the 50 Week MA, which is basically exactly what you would expect in an uptrend when this MA is rising in bearish fashion. Since then Bitcoin has 100% recovered, it's now attempting to turn old long-term resistance, around $60-65K roughly, into new support without any signs of failure so far, only confirmation. Is it not possible to just accept that you might possibly be wrong?
The Weekly candle is looking bearish for sure, but just like 3 weeks again when we saw a bearish Weekly candle, it did f**k all to reverse the price long-term, only create a bear trap and continued to move higher. This was when I was previously more neutral on the price short-term, even leaning slightly bearish (only short-term obviously), but now a bearish candle arriving above support? Looks like more consolidation to me after 3 weeks of price consolidating, mainly because there are many noobs selling these levels because they wish they had sold 6 months ago, without realising price structure is now completely different.
The parabolic part of this cycle clearly won’t happen this time. Too many S2F disciples, I assume they’re now starting to give up. 98k this month hahaha what a joke.
Oh of course, the "this year will be different" theory right? Despite 10 years of price history and no evidence to suggest such a theory so far. This theory is the same as the idea of Bitcoin never having a multi-year bear market after a having a year-long bull market, because it's based on zero statistical evidence to prove such a concept. I'm also not a S2F disciple, and considered the idea that Bitcoin would "simply moon" after the halving to be a ridiculous fallacy based on a cultish form of religion. But turned out I was wrong and willing to acknowledge the relevance of supply and demand factors that created a liquidity crisis.
Time to sell moon bois.
Sure, sell a linear uptrend that's bullish that hasn't gone parabolic yet, super smart stuff right there. The time to take profits was at resistance levels, of which there aren't any anymore. The only confusion for Bitcoiners right now is as to why price hasn't gone mooned yet after making all time high, but this emotional response doesn't actually mean price is bearish whatsoever ironically.
Enjoy your emotional selling, feel free to buy back at 6 figures when you're feeling emotional again. It's people like you that continue to reassure me that price will continue to move higher, because you provide statements without any factual, statistical or fundamental reasons as to why you believe what you do. This is known as emotional trading, lacks patience, logic and any form of rationale.
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