- Bitcoin was intentionally talked down by the powers that be using Elon musk and China
- The pullback is now testing major support of a 3rd wave pullback
- Currently testing the 50% fibonacci trend level. The level held at the end of last week and currently still holding this week
- Wait for the end of this week ending may 30 2021 before making a decision. A weekly close below the 50% fib level would expect a continuation down to the 61.8 fib level below. The move has already moved so far down without a pullback that shorts hold a lot more risks than longs. If 50% holds for the week it will be time to drop down to the daily chart and wait for a bull pivot reversal…
- to be used in conjunction with the fibonacci levels are the current weekly support and resistance level. Any buy signal should be confirmed by a daily close above an overhead resistance line and any sell signal should be confirmed by a daily close below a support line below…
The above is the strict technical analysis on Bitcoin over the next couple of weeks but we must also consider the political environment. You should have noticed how more and more countries are talking up plans for their own digital currencies. These winds are also coinciding with the heavy fall in crypto currencies in general.
We cannot discount the very real possibility that cryptos have been a sucker play by the new world order. Get you on the crypto train by letting you believe that the block chain technology will give financial freedom to the world but instead, it’s a trap and now they are ready to spring that trap. Notice how countries are starting to ban cryptos in order to facilitate their own digital currency.
Those whom have been with me for a few years know that is what I’ve said cryptos are about from the beginning. Many people have been flat out angry with me because I’ve never given cryptos the thumbs up. But I digress. I’ll have more to say on that in the coming days and weeks.