Cryptocurrencies

BTC – 02 June

 

I’m not going to write you a BTC post today, I’ve already written everything that I wanted to.

I’m just going to re-show you things in case you missed them.

This post is a loosely related to my Bitcoin post (“Let’s talk BTC”) from last Friday.

But what this post is closely related to is my Twitter feed. A note to the new and a reminder to the old: I don’t blog about everything, especially short-term price movements in crypto, metals, stock market indices etc. – but I often mention them on Twitter. I therefore advise you to follow me at: https://twitter.com/brain_bit, you know; that link at the bottom of my blog posts which you always ignore 😉

No I’m kidding, I’m sure you remembered to follow ol’ Bit Brain, in which case I’m sure you’ve seen all of this before:

You saw on the weekend when I spoke about the possibility of a drop to about $10k:


 

You saw the BTC/Gold correlation (for those who still need proof that BTC is becoming a very important Store-of-Value):


 

You saw yesterday when I used diagonal Fib levels (which I still don’t see ANY other analysts using) to predict the next bottom at $9700 (today).


 

You saw how this also ties in with the last BTC market cycle (whether or not that will later prove to be relevant).


 

You saw BTC turn exactly where I predicted this morning:

 

Let’s just take another zoomed-in look at that candle wick, my Fib levels, my long-term trendline and my prediction arrow:


 

Seen better lately?

Mini-Discussion:

Ignore my narcissistic personality, that’s just Bit Brain being Bit Brain. The POINT is, I do give information on Twitter which may sometimes prove to be useful.

As mentioned in the last Tweet, I do think that BTC may have finished dropping for now, but it will take a break North of $11100 (above the 0.236 diagonal Fib) to confirm that. Being diagonal Fib levels, that figure increases daily. if I am wrong and BTC does drop below $9700, then the next support lies at $9000. Failing that, the mid-$7000s are on the cards.

A bullish Q2 to 2019 has introduced a large number of new weak hands to the market. This period of flux is caused by the weak hands shaking out while the more experienced and intelligent money buys up the BTC that the weak hands dump. It’s all part of the cycle and I welcome it. The more small dips we have, the stronger BTC can climb and the longer the bulls can run without crashing.

 

Yours in crypto

Bit Brain

All Tweets from https://twitter.com/brain_bit
All charts made by Bit Brain with TradingView

"The secret to success: find out where people are going and get there first" 

~ Mark Twain

"Crypto does not require institutional investment to succeed; institutions require crypto investments to remain successful" 

~ Bit Brain

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