The Bitcoin Cheat Sheet

15 kwi 2022

bitcoin has amazing macro support and resistance, I expect the last relieve rally to 44-46k before we dump to a 4hr channel range support of 37k and break that causing a cascade of liquidations dumping to 33k (recent low), causing more liquidations to major 30k support, which, you guessed it, breaks because of heavy selling pressure. my floor is 24-25k. many analysts calling for 20k or sub, I don't think so, maybe wicks lower, but the charts show the 2017 high of 20k as obvious support, going in a uptrend resistance, we paused at 24k after we broke 20k in 2020. around that time is when Tesla acquired bitcoin. true, strong major resistance was broken by a big major player, it is now testing as support, the 200 moving average (on the weekly time frame (historical bottoms.)) sits around 21k, all signs point to if bitcoin were to dump, Id be looking to stack heavy in the 24-25k area. Unfortunately everything will go down, and my guess is bitcoin will go down faster and harder, while traditional assets will go down slower and not so hard. bitcoin needs to to have a flush out, we've been in a bear market for the last 6 months, I do believe the cycles are shorter. oppose to bottoming 12-18 months, maybe now its 6-12 months to bottom from ath. I also think the rest of the u.s. will be in recession and bitcoin will break free and trade like a commodity. so while I am very short term bearish, a flush needs to happen before bitcoin finally breaks free, I expect the rest of the year to be painful for stocks and real estate, but good for gold and bitcoin, flush comes first, then moon.