Bitcoin is holding by a thread

...비트코인이 하나의 실로 매달리고 있습니다.

head and shoulders pattern on the Day Chart

The 48k level is the neckline of the head and shoulders pattern, and so, if and when that breaks, bitcoin is heading south.

Since nearly everyone is aware of Bitcoin trying to hit the 20 week moving average line (the yellow line in my image), it is most likely that the whales are also aware of a lot of people putting buy orders on or around 44k.

However, I believe that the whales can take Bitcoin down further to liquidate those buy orders. It is possible that they could take it down to the 39,700 level, where there is A LOT OF support down there.

Now, if the 39k level does not hold up, and for some reason, bitcoin takes a hard hit along with the stock market, the target for buying bitcoin would be at around $34,500 (depending on where it hits because the red line is at an angle.) I can keep you updated on those targets if it comes into play.

Carl the Moon

(Carl's chart, not mine)
Carl the Moon, today, talks about Bitcoin hanging by a thread on the Day chart.

youtube.com/watch?v=p7qBNqqidyc
(heres the link to watch that)

In the video, at 4min 14sec, he stated that he closed his long position to "take profits", which means in a sense, that he is now shorting Bitcoin and feels insecure about the whole situation.

BTC on the Week Chart

...doesn't look good.

Even though this is not good news for the bulls, the good thing is that this is a good opportunity to buy bitcoin and altcoins cheaper, and we can start the accumulation phase once again. I would like to stay optimistic in these kinds of situations.

I'm NOT writing this to scare anyone or to create any FUD. But, I wanted to make people aware of what is happening and what could potentially happen in the short term. I'm not the kind of person who likes to dress things up and decorate the story to make it look better or worse than it is. I'm only standing back and looking at the day and week charts to see things better in the long term.

Anything can happen in Bitcoin. One day it's down, the next day, it's skyrocketed. I'm not even predicting this next move for Bitcoin. I just wanted to point out potential price targets IF IF IF things were to get ugly in the market.

Speaking of markets... Let's take a look at the Dow Jones Index, shall we?

The Dow Jones 4/29/2021

It looks topped out until it can make a move above the orange line. Will the Dow Jones push once again for the all time highs (ATH)? Can they even do it again? Of course, the FED can do anything by turning on the printer, and printing billions out of thin air. There's no knowing as to what will happen. All we need to do is to keep an eye on it to see what direction it is going to take.

The S&P 500 4/29/2021

The S&P 500 is coming up to a yellow ring. Hmm.
When it comes to a yellow fib circle (using the fibonacci system), whenever it is red on the MACD, it goes down.
When the MACD is green, it goes up. Well... if you look currently as to where we are, the MACD is red and the rsi above has crossed. This indicates a bearish idea.

Bitcoin Dominance 4/29

Ever since the head and shoulders pattern fully formed and broke the neckline on the dominance chart, the btc dominance has been falling and falling. So, I'm thinking.... if the H&S pattern played out on the dominance chart, then why not on the btc Day chart, too? Things are kinda fishy to me when I see these kinds of things. Will it bounce off the red line down there at the bottom of the chart? I do not know. I sure hope so. Will altcoin season come as a result of this happening? I also do not know...

Welp...

I hope I don't get too much of low upvoting on this post because it seems negative. Actually, I think it is positive for the crypto market in order to go higher and stronger. Nothing goes up forever.

For every UP, there is a DOWN. And, for every DOWN, there is an UP.

Information is key to success in no matter what we do in our lives.

Have a nice day.