Technical analysis for Bitcoin right now is in an extremely tenuous position. This $35k level has been pinnacle for a month now and we are testing it once again. It's also weird that the descending triangle is still in play even though we are trading at the resistance line and not trapped inside it anymore.
Perhaps Goddess Moon has reversal plans for Bitcoin. We got a solar eclipse and now the price looking like it might start to move up. Again, if the market keeps moving with the stars we still have another week to go before we hit that full moon on the 24th. Market loves a full moon apparently. Maybe the werewolves are buying the dip.
Now that the descending triangle's resistance and the flat $35k unit-bias line have converged, this support should be stronger than ever. A move under $35k would immediately make me think we were headed for $30k, but again I haven't even traded this market for months so I'm just over here guessing with zero risk involved. Sometimes it's fun to window shop.
https://www.binance.com/en/trade/HIVE_BTC?layout=pro&type=spot
I'd also like to point out how once again, even though it's no fun to bleed, I've been pretty impressed with Hive's ability to mitigate the losses of the larger market. In relation to Bitcoin, we are still doing okay, and by all accounts we may be testing a hardcore support line right now at both 30 cents and 850 sats.
Personally I'm ultra-bullish on Hive right now, as I think that the upcoming hardfork 25 at the end of the month is going to be the best one implemented ever by a huge margin. Not that I necessarily think these changes will have an immediate affect on Hive price, but still there is a lot of development going around to be bullish on.
There's still a ton of fear left in the market, to be sure, but the vast majority of the weak hands and over-leveraged positions have been liquidated. If there was ever a time to start seeing a reversal, this would be it.
Even though this cyclical chart has been somewhat of a fail, it's interesting how it has failed. Learning from our mistakes is pretty important. You can learn a lot more from losing than from winning.
In reality it turned out a bit more like this during this cycle.
to be fair June isn't done yet, but I highly doubt we'd make enough of a recovery to justify a green color. On the other hand if this bull run is really over we could dip below $30k and that would be pretty devastating to the already devastated market. Somehow I doubt that will happen but you never know.
Hot Vax summer: gross.
So I wasn't really understanding what this meant when I saw it. Turns out Google knows everything.
https://www.cnbc.com/2021/05/22/yes-its-going-to-be-a-hot-vax-summer.html
For the uninitiated, hot vax summer plays on the idea that once single Americans get their coronavirus vaccines, there will be a surge in dating, hookups and overall social opportunities due to all the pent-up demand. (You may also know it as shot girl summer.)
Oh, okay cool...
So it's called hot vax summer because randoms are going to be fucking again. Neato. Stinky apes.
But seriously, this is in line with what I've been saying about summer for quite some time now. The economy has been signaling it's going to be opening and people have been stir crazy from over a year of lockdowns. In theory, money should be flying around like crazy. Bitcoin, being the ultimate liquidity trap, should see inflows, if only temporarily.
Bumble CEO Whitney Wolfe Herd told investors the company was seeing “meaningful pent-up demand as economic and health improvements approve across regions.”
Yeah, I mean that's what I've been saying this entire time... although I didn't really have the dating sites in mind when I said it. Same thing though.
Conclusion
The economy is in a very tenuous position. It's make or break time. While June hasn't turned out to be a great month like I thought it would, it also makes sense after being up a record-breaking six months in a row. Perhaps this summer run hasn't been canceled, but rather delayed for July/August. I still there there is a good chance that September will be a good buy month no matter what happens. This reversal appears to be materializing slowly but surely.
At the end of the day I'm only going to become extremely greedy and overleveraged if and only if Bitcoin dips back down to the doubling curve at $20k. That's just free money at that point, and I'll be more than willing to buy a piece of my own blood, on leverage if necessary. Until then, I'll try to maintain a more balanced position so I stop getting caught off guard.
Posted Using LeoFinance Beta
Return from Market Watch: Hodl your breath for $35k. to edicted's Web3 Blog
