It is now or never in crypto markets. Bitcoin urgently has to show signs of life otherwise it will not be able to avoid a major breakdown. It is hanging on a cliff, literally. We said last week in our Bitcoin Forecast that a move of 15k is underway, the only question was which direction! It is not a matter of IF, it is a matter of WHEN it will start. Based on the current setup the downside risk is much more elevated than the upside opportunity!
Let’s take one step back: why are we forecasting a move of 15k in Bitcoin? This is the short answer:
Reading markets requires from time to time to have the scenarios straight, and wait for direction from the market. This is such a period of time. It’s pointless to anticipate now, it’s even destructive to anticipate a market direction right now. We learnt this the hard way over the last 6 years in crypto markets.
In other words Bitcoin now trades in a decision window. And decision windows are that: moments in time in which a direction is being defined.
Stated differently, this is not a time to forecast, it is a time to wait and understand the new direction.
And this is one of the toughest things to do for investors. We are simply conditioned, in life, to always have an answer ready. But society does not accept if we cannot answer or if we need more time to come up with an answer. You look like a fool.
As explained countless times to our members markets work differently. They are counter-intuitive to our human nature. The way to handle crypto markets right now is a great illustration!
All cryptocurrencies will follow Bitcoin’s path. Forget about those nice stories out there that make you think that a coin will go ‘to the moon’ because they did this, that or announced a collaboration with whomever. Also Ethereum will follow Bitcoin, and Bitcoin will ultimate decide on Ethereum’s Make Or Break Moment. Similarly, NFTs will be a buy or a wait, especially the top NFT investing choices investors have.
It is a sector, they all go up or down, most of the time. This certainly applies after a period of hesitation and at the start of a new trend, like in the current environment.
We Bitcoin chart below is a close-up from many dozens of charts our premium crypto members received this week in our monthly detailed crypto market research update. The red thick line is the line in the sand, it is the bull market trendline that goes back 16 months in time. Bitcoin is now testing the edges of this support: a break below this will bring Bitcoin 15k lower (approx.), while if this is respected it will eventually push Bitcoin 15k higher.
The neutral scenario is one on which 30k is respected for several more weeks (maybe months). This would bring Bitcoin in a twilight zone area. A lower probability outcome.
In our crypto research service we published some 50 charts early this week, covering 30 different coins with very specific buy areas in case Bitcoin cracks down but also in case Bitcoin stays strong. You too can receive our research, all you have to do is go to the ‘chart fest (monthly updated) page after you sign up here >>