Profit's latest views and analysis:
$BTC :
Every time Bitcoin touches the weekly MA50 during a bull market, it marks a bottom for Bitcoin.
The last time it failed to hold this support was during the black swan event of the COVID-19 pandemic.
And in a bull market, every time the price falls below this moving average, it means a bear market is beginning. This has always been accurate.
So right now, this should be the bottom. If it isn't, that means Bitcoin was never in a bull market recently—it was just a dead-cat bounce.
The next few days are crucial, so keep a close eye on things.
We need to get back above the weekly MA50 as soon as possible. That would confirm BTC bottomed at the weekly MA50, exactly as it did in the previous bull market.
(That said, he's still holding on to his BTC futures long position at 80,400, and added to his spot Bitcoin holdings at 73,700. The bulls have been getting beaten up every day lately, but he's still sticking to his strategy of adding to his position.)
$BTC
$BTC :
Every time Bitcoin touches the weekly MA50 during a bull market, it marks a bottom for Bitcoin.
The last time it failed to hold this support was during the black swan event of the COVID-19 pandemic.
And in a bull market, every time the price falls below this moving average, it means a bear market is beginning. This has always been accurate.
So right now, this should be the bottom. If it isn't, that means Bitcoin was never in a bull market recently—it was just a dead-cat bounce.
The next few days are crucial, so keep a close eye on things.
We need to get back above the weekly MA50 as soon as possible. That would confirm BTC bottomed at the weekly MA50, exactly as it did in the previous bull market.
(That said, he's still holding on to his BTC futures long position at 80,400, and added to his spot Bitcoin holdings at 73,700. The bulls have been getting beaten up every day lately, but he's still sticking to his strategy of adding to his position.)
$BTC
