Bitcoin – pump or dump?

04.08.2022 9:51 pm

Hello, everyone!

Yesterday I read a ton of hate that I changed my mind about the market. I wanna answer you! The market is alive and it is absolutely normal to change your forecast if it is needed. Moreover, I changed the opinion only locally, because globally I’m still bearish. Today nothing did change. The another leg up is still possible and we should look carefully at the key level.

On the 4h timeframe the Bitcoin price now is staying inside the Fibonacci golden pocket. Moreover the trendline support is also next to the current level. From this point we have two potential scenarios. The green one is the dump to our mid-term target $17k from current prices. I am ready for this scenario and have almost 90% of deposit in stable coins. For this scenario confirmation we should see the impulse breakdown on the increased volume.

If we will see the decreasing volume and the confirmation with the MACD divergence(first increasing column) it means that the price have the potential to pump above the current local high and form another one leg up to the resistance level. While Bitcoin is dumping I am steadily increase the share of crypto in my portfolio to reduce the emotional stress in case of bought scenarios.

Good luck!

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