Bitcoin: Broken Dreams & Hopes, Low 50Ks Next
2024-10-13

Bitcoin produced a small and short two days bounce and once more, like clockwork, finds resistance at MA200... Bearish bias confirmed.

Good Sunday my fellow Cryptocurrency trader, how are you feeling today?

What is happening?
What is happening with the chart?
What is happening with the market?
What is happening with Bitcoin?

What is happening is the continuation of the bearish move.
What is happening is the continuation of the correction, the downtrend.

This is happening but this is neither bad nor the end.

I know it has taken a long time and this causes doubt.
I know it has taken a long time and people tend to become confused as to what comes next because of the time it takes; but, the market is in no hurry and the market does not care.

The reason why it takes so long for the whales to complete their moves is so that people become complacent. People become complacent when they see that after 7 months Bitcoin is still trading above 60K. So they start thinking and saying, "Well, all is good, the price remains strong; let's go away!"

People go away and leave the market but still hoping and expecting to see soon, 100K. Many clueless analysts start to pimp their hopes saying it is true, new ATH this month, but guess what? No, it has been going down, it has been going down consistently for 7 months; lower highs and lower lows.

Bitcoin failed to break MA200 as resistance and this is a major cause for concern. The next drop is on, it has been on since late September but this just another confirmation, the 700th confirmation so, where do we go next?

First target is the low 50Ks. Our leveraged trade says 53K, but this is only one target. After each target is hit there is always a bounce but we are going to see lower, we expect lower and lower is below 49K because of the lower high we get a lower low next.

It is about to get wild but who knows, are you open to dream again?
No need to dream, we have the chart and we know what to expect.

Lower prices will open the doors for new players.
Lower prices will open the doors for strong LONG plays.
Lower prices will be a reset and after all this time this is exactly what we need before the major, full-blown 2025 bull-market takes place.

The last drop, a major drop, the final leg down followed by a recovery and consolidation and then growth... Growth, growth, growth long-term. But we are not there yet.

Let's see how it goes and how it all develops.

Patience is key.

Remember to share your thoughts in the comments sections. All thoughts are welcome, in favor or against.

You are appreciated.
You are supported.
You are loved.
You are it.
Go get it!

Namaste.