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Bitcoinpullback

Bitcoin With the Expected Pullback but How Far?Bitcoin has given us our expected pullback and now we must look at the support side to study which supports will hold price and for how long?The first option, as of this post, is that the pullback will only last till Tuesday (U.S. stock markets are closed Monday) and then the buyers come back via BTC ETFs. If this is the case, it may also mean that our RED ascending trendline, which currently sits at around 50,300, may hold. If our RED ascending TL holds, there is a likelihood we go to 56k before more pullback. Our second scenario is that the TL breaks and we drop to 48k before more buyers jump in. This is my hope because it represents the best technical options. I’d like to see a retest and hold of our 48k price level. And if we hold, I see the upward longer-term trend continuing for some time.Of course, we could always break 48k support. This is our third scenario. If 48k support breaks, we do have a lot of support underneath us and I don’t see us dropping much below 42k before demand kicks back in. Remember, ETFs are currently demanding 12x+ more than BTC miners can provide. This is on a liquidity ratio of 1 to 4, meaning that something like less than 25% of all Bitcoin in current circulation is even available for trading. Simple math here suggests a near impossibility to drop to 20k or lower again as some analysts are suggesting. Even 31.6k, as I had previously suggested (this was before ETFs were actually confirmed and approved) is now somewhat of a bygone dream. But with current U.S. geo-political policy as disastrous, devastating, disgusting, and destructive as it currently is, it remains a possibility. Anything that brings the price to that level will almost certainly be news-driven at that point in my opinion. Other indicators that we must consider are the strength of the U.S. dollar and the status of the U.S. stock markets. The dollar (below) continues its rise in strength to that 105.6 target level as predicted many months ago. Once achieved, back down we’ll go. Dollar weakness is almost always reflected in market price which then trickles over into our crypto space. But even more so does this last part ring true with the advent of BTC ETFs in the space. If the dollar does as I have expected and drops once it hits or nears that 105.6 resistance level, the meltup that I predicted a year and a half ago now, will continue onwards and upwards to even greater highs. Many markets and indices have already achieved all-time highs. This melt-up should continue into mid-late summer. But somewhere before September you can expect it all to end and come crashing down. Bitcoin would then follow at that point but from what price level and to what extent is yet obviously unknown. I do believe Bitcoin reaches at least 80k by mid-late summer. Any sort of crash from that point could bring us quickly back down to 48k or lower. But, I don’t want to speculate price action too dogmatically that far into the future. What I am fairly sure of is a blow-off top (already happening in U.S. stock markets) and then a fairly severe pullback (potential crash) sometime around or before September of this year. This is what I am attempting to prepare myself and those who follow me for. Now lastly, in terms of my current trades, I have taken profits on most and been stopped out of others at or just above break even. I mainly did a just-above-break-even SL for psychological benefit as it shows green on my spreadsheet (insert smiley emoji). Once I have ascertained to a greater degree where this current pullback will find support, I will begin looking for new entries again.
INDEX:BTCUSDLong
by stewdamus
Bitcoin - Standard Pullbacks to be expected Bitcoin Pull backs are be expected folks. We have had a monumental move from Nov 2022 c.15k to where we are now. In the last bull cycle 30% pull backs were the standard. With this cycle we have had nothing but 20% pull backs to date. We have to cater for a 30% pullback scenario and also for a 50% (as recession indicators are throbbing at present). This does not mean either will happen but we best be mentally prepared and have our cut off points locked in and defined ahead of any such events. Pull backs so far this cycle 1⃣ Feb - Mar 2023 = 21.8% (3 week decline) 2⃣ Apr - Jun 2023 = 20.0% (9 week decline) 3⃣ Jul - Sep 2023 = 21.6% (9 week decline) ⏳ Jan - X 2023 = 20.8% so far (3 weeks decline so far) CRYPTOCAP:BTC #Bitcoin STAY FOCUSED ON THE LONG TERM TREND PUKA
BINANCE:BTCUSD
by PukaCharts
BTCUSD Fib Bearish EstimatesIF (and that's a BIG if) there is a pullback for Bitcoin, where might it go? Using one form of fib retracements, where the 0 is the recent peak, and a range is achieved by putting one 0.618 on the lowest wick and one on the lowest close of the following dip, then the two areas of interest would be somewhere near 20%, the recent pullback levels (since the liquidity crisis in March), and somewhere near 30-40%, the typical pullback values of the previous BTC Bull Market. That leaves the 1.618 and 2.618 ranges. Fib fans like anything 618, so that could make sense. Be prepared for anything. This is not trading advice, merely a study in interesting possibilities.
BITSTAMP:BTCUSD
by NoCreditsLeft
Bitcoin RetracementBlack Friday will be the real day to get cheap bitcoin. If we don't close above the 0.236 Fib level we will test the 0.382 level. I am looking for a long at 0.382 or a bounce off the blue trend line. Keep in mind, that's only a 20% retracement. There will be more blood to come the following days. 0.5 Fib level has the 50 day moving average as support too. This will be the lowest we will possibly go. I am looking to jump back in around $15500 at the Fib and trendline level. If you have been following my posts you know I was warning of this retracement for 2 weeks now.
BITSTAMP:BTCUSD
by richardthick