Market conditions are always changing… The world is in a constant state of change.
The banking crisis turned out to be bullish for Bitcoin-Cryptocurrency, of course, it is the only option available if your money you want to save.
The banking crisis is just getting started.
The attempts at market manipulation, bail outs and money printing will only get worse.
Our initial target for this Bitcoin bullish wave was $40K, should we revise this number based on what we now know?
As more money is created, monetary expansion, inflation rises.
Everything we buy and consume is priced mainly in USD (United States Dollars), with trillions and trillions of new units being created of this currency by decreed now and into the future, prices are bound to increase.
Because so much more of this money becomes available it losses its value, there is just too many new units, it cannot be worth the same as before.
We measure Bitcoins value in USD, BTC/USD.
Just by the trillions of new units of dollars being created, the price of Bitcoin is pressured to increase.
While the supply of Bitcoin stays relatively the same, Bitcoin is scarce, hard, it cannot be created out of thin air… Trillions of dollars are being created through credit and other methods every day.
Bitcoin technical analysis
The Renko system system reveals the trend and says up, here is the chart:
When looking at the weekly timeframe and considering the Elliot Wave theory, the result of up is the same:
Bitcoin moved above EMA50 and EMA100 weekly and has been sideways since, this is the fourth week above these levels.
Bitcoin has never before broken above resistance consolidating bullish for 3 weeks just to drop.
When Bitcoin peaks the drop comes right away, seeing this behaviour of 3 weeks sideways after breaking above resistance, the banking crisis, the war and the printing Fed, this can lead to a new high in the weeks ahead.
The smaller Altcoins are now strongly bullish and moving up, specially the Altcoins vs Bitcoin pairs (ALTSBTC), I’ve mentioned this many times before, this is bullish for Bitcoin because when thousands of Altcoins stop growing and go into correction mode, the money flows back to Bitcoin pushing prices up.
When Bitcoin peaks everything crashes fast and when we are in a bear market it is weekly and monthly that we see lower lows.
Lower lows all across.
Right now we have only a small percentage of the ALTSBTC hitting new lows not because the market is weak but because Bitcoin is too strong, it sucks all the energy out of the ALTSBTC to fuel its growth.
This is confirmed by the fact that on the Tether side (ALTSUSDT) we have 100% higher highs and higher lows.
Bitcoin will continue growing.
Let’s keep the same targets but knowing that it will go higher.
Thank you for reading and thank you for your continued support.
Namaste.
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