Bitcoin is Melting! What should you do!

Bitcoin is Melting! What should you do!

By theatdhe | Technical Analysis! | 23 Feb 2021


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If you thought that Bitcoin or any other asset will go only up than you really don't have a single clue how markets work.

There are these things called support and resistance, which by the way is the oldest most reliable thing on trading.
Although there is no much history on the cryptos to know which zones will act as support and which as resistance we have to work with what price actions form now.

I do mention every time that price does NOT move in just one direction, nor two, but three.

  1. Up (Bullish)
  2. Down (Bearish)
  3. Sideways (also known as ranging)

You will get roasted if you sell while trend is bullish and the other way around. Also, I at all times try to stay out if one pair is ranging, instead you wait for it to break and then buy/sell on the retest.

I know, it's easier said than done, but in order to be consistent and profitable it's not enough to know how the markets work. A very significant thing is to be PATIENT.

Think of yourself as a lion/lioness...they don't spend the whole day running after preys, instead they wait for the prey to get close enough so when they attack, prey doesn't stand a chance.

Why do they do this?

They are very smart though. Running after possible preys will consume a lot of energy. If they are out of energy they cannot hunt again either they can guard their territory from possible intruders.

Now convert that lion energy into your money and time...If you spend your money and time chasing different trades you will be consumed in every possible way.
First, you'll be confused, you will most likely lose money which means you can't trade when possible trades appear.

Simple as that.

Now back to BITCOIN, let's see some charts and give it a meaning.

image.png

I have all the zones saved up from the previous analysis that I did also post in my blog. We do see that previously we formed a bullish flag pattern which got broken and beautifully retested and it surged upside, until it didn't anymore.

Now what?

Price found resistance at 58k area and it got back to 44836 Support area if you understand how support and resistance work, I have to say this retest is a piece of art.

image.png

When price touched the support area it immediately started shifting direction.

What does this mean?
It means, price dropped and whale investors got at the perfect support area into buys. Which also proves what I did say above. Whale investors do this for a living, maybe you do to...but I suppose most of you do it as a side hustle. When I say they do this for a living it means the don't do other jobs since they are professionals in this field. Now knowing that there are many investors putting shitloads of money into Bitcoin, supposedly they will not just get that money and just buy it and when for it to #Moon.
No, they will wait for this kind of opportunities like a lion that waits for it's prey, they hate to see negative amounts or lose energy just as much as me and you. But their negative amounts are not even close to ours.

WHAT DO I EXPECT?

Cryptos are the future!
But eventually they will not just go up. There will be times where crypto markets will be stable, but until then we will see erratic movements from time to time...they are not unexplainable though.

I do expect Bitcoin to surge again, this time I do expect to touch 70k...but we have to find some ground to step on so we can jump higher. Which means we have to find support.

What do you expect?

theatdhe!


theatdhe
theatdhe

Crypto lover, dentist, Forex and Crypto Technical Analyst!


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