Bitcoin (BTC) acting like Mikaela Shiffrin in the Super G
You don't need any fancy gann fans, fibonacci, or other complicated trickery to find the levels of support and resistance. Just back out to the Daily chart. Right now, this is looking ugly for anyone playing the game without stop losses and it could be a long cold winter. Be careful trying to catch reversals in a strong downtrend. Instead, consider trading with the trend and shorting, unless we're coming into a solid level of support. In which case, be patient to see what the price does before making your play. And if price bounces off support, does it have the necessary volume to sustain the move? As long as volume stays weak, I think it will continue to slide.
I'm more interested to see how the alts react to the Bitocin slide. Will some of them finally decouple from Bitcoins price moments? One alt that has done well during this recent slide is Tezos (XTZ). This is undoubtedly due to the recently new staking options from major exchanges such as Coinbase Pro, Binance, and OKex.
In addition to Tezos (XTZ), I'm watching all of the Binance Launchpad FET, CELR, MATIC, and HARMONY coins which came into existence after the crushing ALT landslide of 2018. They have had tremendous returns so far and you should know CZ is going to do whatever he can to make sure the Binance coins succeed. I'm also keeping a close eye on VET and LINK.
No New Money
No new money is being pumped into the game. This is one thing most die hard bulls don't ever want to talk about. By the end of 2017, Bitcoin was mentioned on every newscast from Tiburon to Timbuktu. New money was being pumped into the game at an incredible rate and imho, the euphoria created by a media frenzy + huge influx of new money is what pushed Bitcoin to 20k. Imho, I don't think 20k had anything to do with supply and demand, usability, project growth, or blockchain potential.
Are whales or institutions buying right now?
It seems doubtful whales or institutions are buying in this area. The whales or institutions that bought on the way up for this recent bull run have probably cashed out already in the $11 - 14k zone, meaning they have no position to defend when the price slides back down to their original buy point.
How about the HODL whales?
I believe there are still a lot of whales who are HODLing big stashes of Bitcoin. Because of this they will defend their positions and not let Bitcoin truly bottom out. The great crash of 2018 saw BTC bottom out around 3100. That's when new institutions and whales started accumulating again, slowly and mostly unnoticed, over a 106 day period. I saw a lot of panic posts on Reddit at this time so the signs were there that BTC was in accumulation. This is where I think these HODL whales will defend again. Let's just hope the price doesn't go down this far to test this theory.
I'm more interested to see how the alts react to the Bitocin slide. Will some of them finally decouple from Bitcoins price moments? One alt that has done well during this recent slide is Tezos (XTZ). This is undoubtedly due to the recently new staking options from major exchanges such as Coinbase Pro, Binance, and OKex.
In addition to Tezos (XTZ), I'm watching all of the Binance Launchpad FET, CELR, MATIC, and HARMONY coins which came into existence after the crushing ALT landslide of 2018. They have had tremendous returns so far and you should know CZ is going to do whatever he can to make sure the Binance coins succeed. I'm also keeping a close eye on VET and LINK.
No New Money
No new money is being pumped into the game. This is one thing most die hard bulls don't ever want to talk about. By the end of 2017, Bitcoin was mentioned on every newscast from Tiburon to Timbuktu. New money was being pumped into the game at an incredible rate and imho, the euphoria created by a media frenzy + huge influx of new money is what pushed Bitcoin to 20k. Imho, I don't think 20k had anything to do with supply and demand, usability, project growth, or blockchain potential.
Are whales or institutions buying right now?
It seems doubtful whales or institutions are buying in this area. The whales or institutions that bought on the way up for this recent bull run have probably cashed out already in the $11 - 14k zone, meaning they have no position to defend when the price slides back down to their original buy point.
How about the HODL whales?
I believe there are still a lot of whales who are HODLing big stashes of Bitcoin. Because of this they will defend their positions and not let Bitcoin truly bottom out. The great crash of 2018 saw BTC bottom out around 3100. That's when new institutions and whales started accumulating again, slowly and mostly unnoticed, over a 106 day period. I saw a lot of panic posts on Reddit at this time so the signs were there that BTC was in accumulation. This is where I think these HODL whales will defend again. Let's just hope the price doesn't go down this far to test this theory.
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