Sirwin
Sirwin

Bitcoin - The Bottom is in - Bull Market Support Band Update

By Keeef | CryptoFactor | 20 Dec 2021


The State of Bitcoin

Bitcoin ($BTC) has done a whole lot of nothing lately, unable to break out of the bullish wedge, it has gone sideways!  Some consensus seems to be forming and credence given to the theory that the bottom is in.  Volume has also been at shockingly low levels, sell pressure has been de-leveraging.   I'm positive, that soon whether that be days, weeks or months we are likely to continue onwards and upwards as we are still healthily in a bull market and lengthening cycle.   Should we fail to get out of the rut, I think we could be looking at a retest of $42,000 levels.  

We do remain at the mercy of the wider market sentiment from traditional markets, and that seems to be a complete state, further news around Covid and all further variants will likely serve to suppress bullish price action.   However, in a wider context, the record levels of inflation will likely turn more investors, including retail and traditional finance to jump in on Bitcoin as a hedge against it and a store of value. This could bring the levels of volume we need to see a pile in and the start of our long-awaited blow-off top.  Awareness has never been higher it seems, with more mainstream coverage.  

The good news is if we struggle to get there; the longer it takes the longer I will have to Dollar Cost Average into Bitcoin and should a stutter cause a retest of $38,000 I will be accumulating more.  In the meantime, it's hard seeing these daily candles dancing along the SMA on the lower limit of descending falling wedge, but I am sticking to my plan.  I continue to earn healthy yields all my Crypto with Nexo, and that makes life bearable particularly in the face of the prospect of not much happening for the foreseeable future.  

I think we have either seen the bottom or are very close but of course, I remain Macro-Bullish.  I will of course let you guys know (those that follow me) when I have any revelations and change my tune but for now DCA, HODL and BTFD.  There is no certainty in markets, no one knows for sure, and this is especially true in the short term.  It's mainly retail and new Bitcoin Holder's being shaken out at this stage. 

Bull Market Support Band

The bull market support band between $51,000 and $53,000 as the Bitcoin ($BTC) price lags below around the $47,000 mark.   This is important because historically it has taken between 5 and 6 months to recover and pull back above it.  This does serve as a good indicator however for an entry point if you are thinking of accumulating, with the moderate to the long term time frame in mind, it is the perfect time to think about moving your crypto into a yield earning protocol.  

As things stand, end of this week it will be interesting to see how we close the next weekly candle and whether or not that will be below the 50-week moving average like last week.  I also think that sentiment will improve greatly once we hold the bull market support band once more in support, but this is likely a long way away.  2022 should be better! 

If you were keen on HOLDling your way through the next few months of uncertainty with me, you can get $25 of BTC for free when you open your account through my link below before the end of this year.  There's also $100 of free $SG token up for grabs which has the same expiry, so get them whilst you can.

I've been publishing here on Publish0x for just under a month now and am blown away by the engagement my posts have been getting.  If you're not following me here already, please consider doing so and I'll keep you up to date! It's free and I publish between 3 and 5 times per week. Please do remember that none of the above is financial advice, you should always do your due diligence.  

 

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Keeef
Keeef

Cryptocurrency Journalist, Enthusiast and Commentator


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