been a while since i've looked at a #bitcoin #chart
they want money and stuff for my favourite set that i used with forex back in the day, but the bollinger bands are a good indicator for the rise and fall of volatility (it widens with volatility and narrows with stability).
the price is falling outside of the band below, a bearish pattern, but usually a price level stabilizes and then the price will track the other direction until it busts out again either up or down.
my call reading this chart is that it won't touch or reach for the other side of that wide channel for about 3 months (weekly candles btw) in the meantime, i think that 82k is holding and the price bounced at a lower point previous to the last local low, which is called a "double bottom" when it is flatter, i think it's flat enough to call it a double bottom though. so i think my stack is good to go for the next few months, and i rate it highly that assuming wheat crops and other winter seasonal production numbers come out there will be a new bull thesis for bitcoin.
i think it could still do a lower low, yet, with how wide that channel is getting right now, but more likely is a relatively flat, channel narrowing, and which side it pushes out over is likely to be the next short term trend.
i am not bearish on bitcoin, in the next cycle period, but depending on how much further it looks like the fiatification of bitcoin is progressing. long term i'm bearish on the whole economy though, and bitcoin's price will tend to follow the combination of liquidity and economic strength.
also, what i think will happen is already in process, at least in germany, with the mobilization they are doing. all those jobs will puff up the consumption figures in europe. likely many other nations will also shift to a war footing and in the short term that's bullish for monetary and equity markets. and bad for PMs, btw.
and yeah, no, bitcoin is not an inflation hedge. but that's for another time or you can just read my commentary about it. bitcoin is a mexican standoff. so long as nobody blinks too much, and defects from hodling, the trend continues upwards. it's main reason for weakening, is paper and rehypothecation, diluting the price discovery process with a false image of high market exposure.
i think what will trigger the next leg up is going to be liquidations, but i'm not really sure who is gonna be doing that. the reason why central bank printing pushes bitcoin up is because it allows more leverage. it's not directly printing, that causes it, but more forgiving loan terms and artificially suppressed costs. hodlers keep on steadily growing in number, forming the baseline of uptrend. central banks create volatility with tightening or insufficient loosening for market participants risk appetite. and corporate/government adoption encourages these leveraged traders to bullish sentiment. which is what will take us, i think, to the next breach of the top of the bollinger bands.
they want money and stuff for my favourite set that i used with forex back in the day, but the bollinger bands are a good indicator for the rise and fall of volatility (it widens with volatility and narrows with stability).
the price is falling outside of the band below, a bearish pattern, but usually a price level stabilizes and then the price will track the other direction until it busts out again either up or down.
my call reading this chart is that it won't touch or reach for the other side of that wide channel for about 3 months (weekly candles btw) in the meantime, i think that 82k is holding and the price bounced at a lower point previous to the last local low, which is called a "double bottom" when it is flatter, i think it's flat enough to call it a double bottom though. so i think my stack is good to go for the next few months, and i rate it highly that assuming wheat crops and other winter seasonal production numbers come out there will be a new bull thesis for bitcoin.
i think it could still do a lower low, yet, with how wide that channel is getting right now, but more likely is a relatively flat, channel narrowing, and which side it pushes out over is likely to be the next short term trend.
i am not bearish on bitcoin, in the next cycle period, but depending on how much further it looks like the fiatification of bitcoin is progressing. long term i'm bearish on the whole economy though, and bitcoin's price will tend to follow the combination of liquidity and economic strength.
also, what i think will happen is already in process, at least in germany, with the mobilization they are doing. all those jobs will puff up the consumption figures in europe. likely many other nations will also shift to a war footing and in the short term that's bullish for monetary and equity markets. and bad for PMs, btw.
and yeah, no, bitcoin is not an inflation hedge. but that's for another time or you can just read my commentary about it. bitcoin is a mexican standoff. so long as nobody blinks too much, and defects from hodling, the trend continues upwards. it's main reason for weakening, is paper and rehypothecation, diluting the price discovery process with a false image of high market exposure.
i think what will trigger the next leg up is going to be liquidations, but i'm not really sure who is gonna be doing that. the reason why central bank printing pushes bitcoin up is because it allows more leverage. it's not directly printing, that causes it, but more forgiving loan terms and artificially suppressed costs. hodlers keep on steadily growing in number, forming the baseline of uptrend. central banks create volatility with tightening or insufficient loosening for market participants risk appetite. and corporate/government adoption encourages these leveraged traders to bullish sentiment. which is what will take us, i think, to the next breach of the top of the bollinger bands.
