DESPITE TESLA AND FIDELITY NEWS BITCOIN DIP AGAIN - PLAN STILL IN MOTIONsteemCreated with Sketch.

in #blog10 months ago

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DESPITE TESLA AND FIDELITY NEWS BITCOIN DIP AGAIN - PLAN STILL IN MOTION

Today was a bit down during the morning, didn't feel that well but still had the idea that the market would potentially continue the dip and it was about time that we start to see sideways movement and that's good for the market, it heals the market let investors take profits and let those with higher risk tolerance to jump in, since Feb. the price has been in average trap between $58k and $43k, right now the Bitcoin price could be doing just the same thing.

Despite the news from TESLA
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That to be honest TESLA saying that you can now buy their cars with Bitcoin is not really something that is going to push the price although its a great exposure but it wont do anything for the price, it doesn't change the tech, it doesn't move the price itself, its just marketing for Bitcoin that did caught the attention of big Twitter accounts and that creates more exposure for Bitcoin.

Asset management giant Fidelity files for a bitcoin ETF
https://www.theblockcrypto.com/linked/99279/fidelity-bitcoin-etf-filing

If Fidelity ETF is approve it would affect the price although something similar happen during 2018 so I wouldn't be confident that this would safe the day and make Bitcoin MOON tomorrow

The Trust provides direct exposure to bitcoin, and the Shares of the Trust are valued on a daily basis using the same methodology used to calculate the Index. The Trust provides investors with the opportunity to access the market for bitcoin through a traditional brokerage account without the potential barriers to entry or risks involved with holding or transferring bitcoin directly, acquiring it from a bitcoin spot market, or mining it.

But having Fidelity ETF approve what for sure can happen is more big money go into Bitcoin.

Now that we are out of the news, the question everyone is asking WHY BITCOIN DIP?. That's a question you shouldn't ask, this is the most speculative market that probably ever existed and since its way more easy to enter and participate means that anyone with enough money or even just following can move the market so IMO trying to answer this question is a waste of time since asking WHY BITCOIN DIP and should probably focus more on the facts that are happening on the chart.

From a technical perspective I use DXY usually as a suggestion of what may happen to such volatile asset like Bitcoin or the entire crypto market and if you still want to look for an answer to the million dollar question WHY BITCON DIP? then this chart might be the answer

DXY DAILY CHART
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The last time DXY did this move crypto was starting the bear market, I'm not saying it will be the same case because right now yes this looks bullish but Bitcoin has not brake its structure, DXY did the same on August 2018 and if it can brake up then we might see some real changes on the Bitcoin chart.

BITCOIN DAILY CHART
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Bitcoin at $50k or a wick below to then recover wouldn't be strange, the price could potentially do the same thing as it did on February getting close to the 50EMA although what I don't like too much about it is that price looks tired, it looks like the market is running out of gas, that brake to $61k was not a surprise its nothing amazing,

BITCOIN DAILY CHART (Invert)
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If we put the BTC chart upside down, something that is done just to think a bit out of the box we can see how $50k would turn into resistance same for the 50EMA level so as mention as long as Bitcoin doesn't brake its bullish structure staying above the 50EMA and this channel it has created then the possibility for the price to continue to go up at least until half 2021.
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