Hello everyone,
How are you all? I hope everyone is fine and doing great in their life.
Bitcoin went on a roller coaster ride after the rate cuts were announced. We saw it climb close to $118k and then drop to around $112k, a huge move in just 48 hours. But this was expected, as the market was highly volatile after the rate cut announcement.
The whales took advantage of the situation and made their money, while most retail investors ended up losing. Now, let’s take a look at the current market situation by doing a technical analysis on the Bitcoin chart that I have been using for the past five to six months now.
This chart above has worked really well for me and I plan to rely on it throughout this bull cycle at least until Bitcoin creates a new all time high again. Right now, with Bitcoin trading at around $113k, this chart will help us understand what could happen next in the coming days and weeks.
In the screenshot below, you can see a more detailed version of the chart where we have shown the liquidity wick created in the last 24 hours. It is a 1 day timeframe chart for Bitcoin and this is a chart we have been using for quite some time.
I am going to zoom on the wick to let you all see how it looks like. In the screenshot below, you can see the wick itself. It was quite a big wick. I am saying this again that a $5-6k crash is not a joke for Bitcoin.
For now, the situation looks fine because Bitcoin is still trading above the support level at around $112k. To go down and test the next support level shown in screenshot number 2, the white trend line, Bitcoin would need to face some massive negative news for the crypto market. I don’t think that’s likely to happen.
From here, you might only see a slow upward movement. Still, to stay on the safer side, avoid participating in futures trading for now.
This section is for the games I play on Hive blockchain. You are free to skip this section if you are not interested in reading about the games here. In the screenshot below is my terracore base where you can see that I have 5 attacks and few scraps mined already.
We just used our attacks in terracore after 48 hours or maybe even more and the scraps earned from those attacks can be seen below in the screenshot. I am not so happy but not sad either as the attacks were finally used by me.
That is all from my terracore base today. I will share a separate blog for Golem overlord as it has more updates!
Thank You and make sure to check Crypto Company services as I recently shared in my blog. You can simply click on the picture below and it will take you to their official website.
