CRYPTO BREAKS OUT! IMPORTANT READ!
Hey! Hope you guys are having a great day, thank you for tuning in and let's dive into today's quick read!
Note:
Attached is a link to one of my recent related ideas which basically should explain the scenario's in more detail for those curious and looking for a more detailed read on things technically as well as fundamentally.
Technical:
On a technical note, we've exited the Ascending Triangle which bitcoin and most crypto's have been stuck in since February. We've seen a massive impulse move and huge inflows into crypto this week so far. However. Remember what happened last time we had an impulse move like this, we got met with a strong pullback before we went back up for good. So don't expect us to be Lambo rich just yet. Most likely we'll see a pullback down before a solid move back up to pull us above the 50k range. As I've drawn out on the chart, you can see Bitcoin has been in this 'hallway' to call it. We're basically at the top of that hallway right now and likely we'll touch back down towards the 40-44k range before we get one final push we need up. Not to mention Terra has been responsible for a lot of Bitcoin's rise this week due to it's huge purchase for it's reserves so that is another reason for this likely impulse movement. That alongside people jumping in and buying now out of FOMO. So don't think we're about to go to the sky yet. We'll be there soon. Now that we know.
Significant things to note:
Closing Statement:
Ultimately, we've seen a breakout as we were expecting from our scenario's. While all is looking positive be ready for some kind of pullback in the least before that final move. We're getting there, and we're real close. But not just yet.
Thank you for reading and please be sure to leave a like and follow, share. Anything is appreciated, thank you and have a great day!
~ Rock
Note:
Attached is a link to one of my recent related ideas which basically should explain the scenario's in more detail for those curious and looking for a more detailed read on things technically as well as fundamentally.
Technical:
On a technical note, we've exited the Ascending Triangle which bitcoin and most crypto's have been stuck in since February. We've seen a massive impulse move and huge inflows into crypto this week so far. However. Remember what happened last time we had an impulse move like this, we got met with a strong pullback before we went back up for good. So don't expect us to be Lambo rich just yet. Most likely we'll see a pullback down before a solid move back up to pull us above the 50k range. As I've drawn out on the chart, you can see Bitcoin has been in this 'hallway' to call it. We're basically at the top of that hallway right now and likely we'll touch back down towards the 40-44k range before we get one final push we need up. Not to mention Terra has been responsible for a lot of Bitcoin's rise this week due to it's huge purchase for it's reserves so that is another reason for this likely impulse movement. That alongside people jumping in and buying now out of FOMO. So don't think we're about to go to the sky yet. We'll be there soon. Now that we know.
Significant things to note:
- Crypto Flow. Institutional crypto funds are seeing the largest flows they've seen in three months this week basically. Coinshares data shows a weekly inflow of over 193 million this week with more than half of that going to Bitcoin alone.
- Troops leaving Kyiv. Following peace talks in Turkey between Ukraine and Russian officials Russia said it would cut back on its military actions around Kyiv and Chernihiv. This is positive in the least though shouldn't be considered a real 'pullback'. It could be part of a larger scheme to relocate troops to other areas for support and in tune we could see a major offensive instead in other areas of Ukraine.
- Bitcoin Accumulation. While the S&P 500 and the overall market were relatively flat Monday, Bitcoin continued to rally leading to the idea now that what we are seeing isn't just the usual with crypto following the flow of the market. Instead, Bitcoin alongside crypto's are being accumulated heavily this week.
- Terra Buys Bitcoin. The Terra Foundation has purchased over 1 billion dollars with of BTC to fulfill on it's promise of using BTC as the reserve for it's stable coin UST. Terra purchased $135 worth of Bitcoin in four purchases on Monday for it's reserves which is another significant reason we have seen this Bitcoin breakout this week and large money inflows.
Closing Statement:
Ultimately, we've seen a breakout as we were expecting from our scenario's. While all is looking positive be ready for some kind of pullback in the least before that final move. We're getting there, and we're real close. But not just yet.
Thank you for reading and please be sure to leave a like and follow, share. Anything is appreciated, thank you and have a great day!
~ Rock
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