Hey guys welcome back if you’re not subscribed already, and you find some value, please give a follow!
I will try to follow back and support as well! ????
To start things off I just wanted to say, we are still BULLISH, nothing has changed. As long as we stay above the 21 week moving average, we will remain in an uptrend. Keep in mind, things can and will change rather quickly and dramatically.
We are entering week ten since we broke above the 2+year long term resistance. Currently, potentially in the third consecutive monthly close above said resistance. At the time of writing about the 57th daily close over $10,000, second longest streak since reaching all time highs.
Need I say more?
Probably not for you savvy, crafty, in-the-know investors who longed bitcoin since March or April.
For those who didn’t. Relax, take a step back, some deep breaths, and exhale. You haven’t missed the boat, at least, not yet.
Today was the first time we tested the Covid panic drop support trend line. I did some digging and analyzing through old charts and patterns, looking to find something that sticks out that perhaps not a lot of eyes are on.
If you’ve been following me or know me, you would know, one thing I’ve repeated many, many times is my firm belief we are currently in the same position we were back in 2016.
That sentiment led me to look at September 21st 2016. This is what I found:
On this date, exactly four years ago, we had a drop below the 21 weekly moving average, on the daily chart and the price dipped about 3.2% to a low of $590. That price will never be seen again.
How Does This Tie Altogether?
Today we had quite a similar reaction, all the while touching some pretty critical support levels.
The Trillion Dollar Question:
Is this the last time we’ll see $10,400-10,500 level? As stated previously, there will be a time when that day comes.
Is this all merely a coincidence? Is bitcoin’s halving cycle coincidentally synchronized with the United States elections? ??
Let me know down below in the comments!
Don’t Be Shaken Out
Don’t be the guy who sells at the bottom, only to buy back in at the top, just to get dumped on even harder. Smart money and whales have been accumulating the best asset of all time, have you?
Always keep in mind how market psychology works! When you see bears coming out of the woodworks to rejoice over a small pullback, just know a trend reversal is around the corner. Nothing like blood in the streets signals better to buy up all that fear!
Also in regards to global markets, me and my buddies have been calling a big dump similar to March since well, March lol. Just like a lot of people. Stocks have been increasing for over a decade, so calling for big pullbacks is not only obvious, but necessary! Again, let me know what you think about comparing this year to 2016, since that was last halving cycle AND last election year! Is it a coincidence? Or did Nakamoto know exactly what he/she/they were doing?
IN CONCLUSION:
Another stimulus seems inevitable at this point. I believe we will see one before global markets completely fall off the cliff. Don’t be surprised if we see a small pull back first week of October, then a dump leading right into the election in November!
As always, thanks for the tip! ????
