D4rkEnergY knows that many of you are looking at this market with great despair and pessimism. A lot of people are asking themselves - is this the end of Bitcoin? Is the crypto party over? Did Wall Street and the governments win? Are we going to $800?
The media are full of negative stories, and conspiracy theories fill Twitter and the Telegram groups.
I know exactly how you feel. I understand, because I have been here many times before. When the markets are in bear mode, this is how it feels.
People lose hope, the masses are panic selling. But since I have been here before, I also know that when an asset is fundamentally sound, it will go up again. We just have to be patient.
How to survive? Did you buy in on the top? Don't worry, I will tell you how to survive this bloodbath. But lets take a look at the WEEKLY BTCUSD Chart.
The Big Picture.
Today I want you to take a step back and look at Bitcoin in the big picture. When charting, you sometimes get too used to looking at the small time frames, and here it can be very difficult to get an idea of where things are going. But as soon as you zoom out, things become crystal clear in a sec. No magic, no crystal ball, no tarot cards, no astrology and ascendants or Hocus Pocus - Just pure .
Where Is The Bottom?
Looking at the weekly chart, notice how the is just steady and slowly going down. is showing, that the bears slowly are losing momentum.
Looking at the last red candle, we can see, that the bears still have a strong upper hand though. continues to be significantly higher than bull week after week, although it is waning over time. But it's still around the MA20 .
The has not yet found a bottom. It's heading towards the 41 level. A low that it has not seen since 2015. Hopefully it'll bounce on this key level and stay in the zone - 6,000 USD (the green line/double bottom) would give us a needed bounce. It might well take us up to 7,800-7,900 USD. The 1D and 4h chart shows, that the is oversold at that moment.
As you can see, I have given the purple scenario, 20 % to succeed. It will be unlikely, that we will restart at new 1-5 EW Cycle after 6k bounce. We need more room to turn this Bitcoin supertanker around.
Most likely turning point at this time is the long awaited 4,900 or 4,500 USD level (yellow lines (L.V.N) or equal to 78,6 % retrace).
As you can see on the chart, we could also go to 4,100 USD, which is what we call P.O.C (Point Of Control), which is the longest node on the , which means, that most of the trades are made in this price, why we can assume, we also must have huge support here.
Lastly but not least we have the red line which is an L.V.N, and is just under 3,000 USD. Also here we have great support. I don't expect we will go that low though.
Bitcoin is a strong asset that has proven its resilience time and time again, against one attack after the other. So D4 is not worried.
Ok, so how to survive this? Well it's simple. Just HODL! Remember that you only lose money when you sell. If you believe that crypto is the future, then hold on to those coins and just wait it out. Lock yourself down until the storm has passed. Even if will take a while.
I come to think of a quote by Baron Rothschild:
"The time to buy is when there's blood in the streets."
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If you believe Bitcoin is going to make a comeback, please give it some love with a LIKE - thanks in advance, my friends :)
So far, it is, ONCE again a patience game. We need confirmation on a direction. I still believe, that 6k is the most likely scenario, but I wouldn't enter a trade at this very moment. It's too risky.
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I cannot advice all people in here (I do that in our Private Forum), since I don't know their trading strategy. It's different whether they day trade, swing trade or if it's just for a long term investment.
If they are swing traders, and experienced, they can probably figure out when to sell and buy again. I said - and I have said it for more than a week - that we probably will go to 6k, and thereafter get a bounce to around 7,800 USD :)
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I want you to pay attention to huge resistance at 7,200 USD - so even though the inverse HS patterns is a bullish sign, don't expect we will go far.
IF we against all odds, manage to break through you can still get long at 7,280 USD and your target is 7,8xx.
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IF we do so though, you can get long from aprox 7,280 USD to around 7,8xx. We have clearance, as you can see on the Volume Profile.
D4 loves you <3 Remember to give a LIKE - thank you, my friends :)
I will follow up on this later <3 Remember to give a like for the updates!
D4 Loves you <3 Remember to put a stop loss under 7,200 USD.
The situation is a bit different now. We are in a diagonal - as you can see the third wave is surprisingly short. If you haven't taken profit at it's highest at 7,500 USD, I would suggest you stay in your position with a stop loss under 7,200 USD but your new target is now only 7,700 USD or maybe a bit under.
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