Is the Bitcoin Bull run here?
Let’s talk about it from Fundamentals (On-Chain), then we will try and look into Technical Aspects (Chart)
Looking at a Big Picture
We saw a big rally of Bitcoin in April-May’21 for 64KBitcoin followed by May’21 Crash. Since then, BTC stayed above 50 Weekly EMA for nearly 175 days for a rally to near $70k and then smashed hard and broke its support level.
And everyone got panicked at the same time. Calling it the end of the bull market and the beginning of a bear market.
Also thanks to Geo-Political Russia-Ukraine Crisis, everyone started thinking the bear market will begin and will reign over the next 2 years! (Last bear market lasted 3 years)
But are WHALES aka Big Wallets selling and booking profits early?
NOOO. Infact they are buying heavily right now!!!
Illiquid Supply: In simple terms, these are the Bitcoins that are moving to wallets where there is no activity. Kind of HODLer’s account!
Technical Analysis
Let me take you to what people at Wall Street, Dalal Street (Mumbai) do all day… Fancy Charts!
After making a top of $70,000 Bitcoin just crashed and went underwater for nearly 75 days… Before it finally took support for 6 weeks and smashed back.
Looking at the MACD (Moving Average Convergence and Divergence). On weekly Bitcoin is pretty much very strong. With massive crossover, this can really start the rally for $100k by the end of Dec’22
Alright, I missed buying the dips. Now when should I buy it?
First of all, there is no right time to buy bitcoins, you should always be Dollar Averaging it!
Anyway, let me take you on-board!
Wait a minute. Are you here to find out the exact buying price?
See the chart, check the reason, and buy!!
Simple Price Action:
1. 200D EMA
2. Resistance from the past 75 Days, broken.
3. Retest of broken resistance to make it support to continue the uptrend.
Still not able to figure out the current buying price? (DM me on Twitter, loads of learning coming on your way!)
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