BTCUSD - SPX, MA Comprehensive Analysis

6 ธ.ค. 2021

Hi Everyone

A comprehensive analysis on Bitcoin, the sell-off and where we could be heading next by taking a look at institutional money.

Even though this sell-off was sudden and unexpected; we can hardly call it a bear market. Looking at GOLD and DXY, you will get a better take on what a bear market really looks like. This just calls for patience and FAITH! Faith, because you believe in Bitcoin OVER exposure to the dollar (DXY, holding dollars/saving dollars). Bitcoin is still outperforming the DXY and the SPX, the problem is not the sell-offs but HAVING PATIENCE.

For now, we need to get back above the 200d Moving Average ASAP. Every day spent under it is a sign of weakness and greatly increases the risk of dropping back to 42K.

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Best Regards
Ev

6 ธ.ค. 2021

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6 ธ.ค. 2021

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From this point on, I would wait until a clear bottom has been established. Either a W-Bottom (as a chart candle pattern) or a Double Bottom (as 2 candles in higher timeframes closing on the same price, first red then green, signaling a reversal).