BTC: Crash or Disaster?

Some believe it is a crash, others a disaster. Whatever you may think, BTC fell hard! I decided not to publish anything to see what might happen later. There has been a recovery in crypto prices, no matter how small. Pundits are putting a positive spin on things, but I dare say patience is the name of the game. Time is the custodian of events. Talking of pundits, I would suggest you read stuff written by Nicholas Taleb and Eric Balchunas, to name a few.

One may suppose those who recently got into BTC have panicked and sold. Nevertheless, on-chain analysis indicates that the OGs are not selling. While this is no financial advice, holding on to your BTC bag is paramount. Would I call this a crash or a disaster? Neither! What I see is the vagaries of BTC price movement. In other words, business as usual. In my previous posts, I said Bitcoin price must be above $72k to elicit excitement. Until that time, your guess is as good as mine.

#nosacapital #BTC #BTCanalysis #Write2Earn

BTC: Don't We Know Why?
I am no BTC maxi, but I have come to dislike the presence of the ETF funds. We all remember the enthusiasm felt before they entered the market. We all remember how Larry Fink criticised BTC. We also remember his sudden conversion. BTC price has continued to fall for longer than expected. Despite punditry's best efforts, the price continues in the doldrums. Buying by the ETFs has slowed, with some selling some of their BTC positions. Now we learn that the German government is divesting itself of the BTC seized from criminal elements. And let us not forget that Mt. Gox is looking to pay its creditors, who themselves may sell their positions. All this activity is bound to affect the BTC price. Fear and greed on Binance is now at 29.

BTC has fallen steadily for a few days, and things might not improve. First, the price has fallen below the 200-day moving average. We also see the same with 21-weekly EMA. We must remember that BTC broke through an area of support between $58,000 and $60,000. On Coinbase, BTC went as low as $53499! While on the South African crypto exchange Luno, BTC went as low as $51707!

As of writing, BTC is at $55090 - a bit of a recovery. I say be cautious, as anything can happen. If the price breaks $53499, we may find the next price between $50 - $52k. Anything lower than that, and the gods of crypto know where next. No one wants to catch a falling knife. And as to where that knife will fall, your guess is as good as mine.

#nosacapital #BTC #BTCanalysis #MtGox

BTC: Sentiment Too Fickle?
What I am about to say to you has been said before. I will get excited once BTC goes above $72 - $73k. Until that time, there is nothing to see here. Many will not agree with what I am saying, but are you not tired of listening to the pundits? Pundits have so many explanations but no satisfaction. The up-and-down price movement of BTC is exasperating as the price should be up.

A cursory glance at the chart below shows an area of supply between $68300 - $72000. To enjoy the price of $100k and more, we first have to break above $72k. Second, a fear-and-greed index value of 70 and above. Until that time, your guess is as good as mine.

#nosacapital #Write2Earn #Bitcoin #BTC #BitcoinAnalysis

BTC: A New Moment Coming?
Some of you have watched the recent Bitcoin conference. The politicians present made some grand statements, as was expected from them. Notwithstanding, one statement stood out. That statement was from RFK Jr., about buying BTC daily until the US government had four million coins. I think it is time someone informed RFK Jr. that there are only 1,220,050 BTC left. Barring the US government forcibly taking citizens' BTC, they will not have that amount. Perhaps most surprising was the cheers he got. Those present at that occasion should know better. They were busy thinking of their profits rather than the truth. We should all know this - never listen to the politicians. They will sell their mothers if there is a vote for them.

I believe it is well established by now that an area of supply exists. That area is between $68.5k to $72k. Unless BTC breaks the $72k barrier, there is no hope of a drive to higher prices. The bright spot is that the BTC weekly price action shows a cup and handle formation. This formation indicates a coming "Banana zone", meaning a massive price rise to come. We may get a price of $100k quite quickly.

We are still dealing with hypotheticals and not the truth. As for when the $100k price will be, your guess is as good as mine.

#nosazena #nosacapital #BTC #BTCanalysis #Write2Earrn