On May 11, 2020, the Bitcoin halving happened without triggering a bull run. BTC continued its usual patterns until January 9, 2021, when it started to rise, lifting altcoins with it. From January 9 to May 15, 2021, altcoins surged to new highs. However, on May 19, 2021, the market crashed, and fear spread, causing massive selling. The market cap of altcoins dropped from $2.47 trillion to $1.76 trillion, and by July, it fell to $1.24 trillion.
From July 20, 2021, Bitcoin began to climb to new highs, and by September, the altcoin market cap reached $2.32 trillion again. The momentum continued until November 13, when the market hit an all-time high of $2.97 trillion. After that, the market declined, dropping to $1 trillion by March 13. This cycle coincided with Bitcoin's halving season.
Analyzing Bitcoin prices, the last time BTC reached an all-time high, the RSI was very high, touching 90. After four years, it reached an ATH again with a similar RSI. The 2020 halving saw BTC rise to new highs, but it took about eight months for the bull run to start. So, while the bull run may have started, it's unrealistic to expect Bitcoin to quickly reach 80-100k. Influencers pushing these predictions are just seeking views.
Currently, BTC is at stake. It's going down, and I stand by my prediction. If it goes up, I'm wrong, but I still believe BTC will dump again. June 27th, 28th, and July 1st are critical days with upcoming news that will affect BTC. For now, BTC is declining, and there's a lot of uncertainty.
On March 5th, 2024, BTC dropped to 59,050 before going back and touching high levels. So it clearly became a sort of support line because, from back in March, it also retraced back to that line. Then, on May 1st and 2nd of this year, it again dropped, but this time the drop was strong enough to reach 56,500 and form another support zone. If we look back, it formed a support zone before making its first zone around the end of February, so we can say that it's clearly a strong support zone.
So, what happened yesterday? BTC dropped to 58,500 and formed another support zone with no previous support or backbone, just a random zone that retraced the prices, and BTC went up to 60,500. How is this possible? BTC has to reach 56,500 or near to it before going up. If it starts going back from that position, then the support is literally a castle made of wood that either catches fire or will be eaten by termites.
This is just information I provided. There is no prediction or financial advice, just information that I see and feel like sharing with you.
(Please cast your vote after checking my posts on my pinned profile post).
Last night, one of my team members had a trade open. I guided him on the stop loss (SL) and take profit (TP) levels for the UNFI token. We waited literally 24 hours.
We were short on it, with a target of 4.2 and a stop loss at 5.050. When BTC fell, we thought we were going to make money, but instead of going down, UNFI started going up.
I was afraid. We waited, and we were at a loss, with half of our portfolio in the red. I believed and didn't panic (though I actually did panic, hahaha).
After a while, a bullish momentum candle appeared, and we thought it was over. We decided to sell near 4.95 to minimize our loss, but my heart wasn't ready. So I asked him not to sell. Then, boom, a bearish momentum candle appeared, hitting our TP of 4.2. Ahh, I took a sigh of relief and slept very well last night.
So the lesson is: when BTC makes a long wick, don't get overly happy thinking a bull run has started. You have to wait and wait for confirmations before making any moves.
This is exactly what I was talking about earlier: as soon as the RSI reaches 30, volatility becomes low. Currently, the previous candle has shown no volume and lacks the big movements seen before. Therefore, a BTC pump may be fake. You should wait to open your long positions in the future.
This is just my opinion...
( Please cast your vote; the poll is pinned on my profile after reading my posts. Thank you! )
On March 5th, 2024, BTC dropped to 59,050 before going back and touching high levels. So it clearly became a sort of support line because, from back in March, it also retraced back to that line. Then, on May 1st and 2nd of this year, it again dropped, but this time the drop was strong enough to reach 56,500 and form another support zone. If we look back, it formed a support zone before making its first zone around the end of February, so we can say that it's clearly a strong support zone.
So, what happened yesterday? BTC dropped to 58,500 and formed another support zone with no previous support or backbone, just a random zone that retraced the prices, and BTC went up to 60,500. How is this possible? BTC has to reach 56,500 or near to it before going up. If it starts going back from that position, then the support is literally a castle made of wood that either catches fire or will be eaten by termites.
This is just information I provided. There is no prediction or financial advice, just information that I see and feel like sharing with you.
(Please cast your vote after checking my posts on my pinned profile post).
On March 5th, 2024, BTC dropped to 59,050 before going back and touching high levels. So it clearly became a sort of support line because, from back in March, it also retraced back to that line. Then, on May 1st and 2nd of this year, it again dropped, but this time the drop was strong enough to reach 56,500 and form another support zone. If we look back, it formed a support zone before making its first zone around the end of February, so we can say that it's clearly a strong support zone.
So, what happened yesterday? BTC dropped to 58,500 and formed another support zone with no previous support or backbone, just a random zone that retraced the prices, and BTC went up to 60,500. How is this possible? BTC has to reach 56,500 or near to it before going up. If it starts going back from that position, then the support is literally a castle made of wood that either catches fire or will be eaten by termites.
This is just information I provided. There is no prediction or financial advice, just information that I see and feel like sharing with you.
(Please cast your vote after checking my posts on my pinned profile post).
Bake took almost 25 hours to drop to 0.28 after touching 0.4. This indicates it held steady despite BTC's decline, but heavy selling pressure caused significant losses for traders. Some predict further increases, but a sharp decline happen.
Similarly, UNFI remains steadfast. Regardless of BTC's movement, it stands strong like a giant for the past 30 hours. However, volatility in this coin appeared in the current candle, touching 0.4798 before falling back to 0.4664 within just 8 minutes. This represents a substantial difference.
What I'm observing now is a large number of sellers becoming active to further reduce UNFI's price. I anticipate it dropping to 0.42.
These are simply my analyses and not financial advice. DYOR (Do Your Own Research).
That's why I was telling you not to open trades. Haha... just one current candle of BTC went from 62,390 to 63,027, a straight gap of $637. So now BTC seems intent on liquidating accounts.
Bake took almost 25 hours to drop to 0.28 after touching 0.4. This indicates it held steady despite BTC's decline, but heavy selling pressure caused significant losses for traders. Some predict further increases, but a sharp decline happen.
Similarly, UNFI remains steadfast. Regardless of BTC's movement, it stands strong like a giant for the past 30 hours. However, volatility in this coin appeared in the current candle, touching 0.4798 before falling back to 0.4664 within just 8 minutes. This represents a substantial difference.
What I'm observing now is a large number of sellers becoming active to further reduce UNFI's price. I anticipate it dropping to 0.42.
These are simply my analyses and not financial advice. DYOR (Do Your Own Research).
You could say that the emperor was right... Haha! So the target is 61,200 because there are no hurdles to stop it until that level.
Volume has increased by almost 2 billion—incredible volume in just one hour, that's insane.
We're seeing some heavy selling. Will BTC reach 61,200? The bounce is complete; now there's only a 10% chance for another candle to form a bullish pattern, and then down to the level I mentioned.
RSI is almost good, not too good, just almost. It indicates a reversal—a little bit saves some points. Now, ready to go back to 18...