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Is Bitcoin Breakout Filing?

ByTim Knight
Published 03/25/2021, 02:01 PM
Updated 07/09/2023, 06:31 AM

I have one simple chart to show, and one simple point to make:

Bitcoin chart:

Bitcoin Chart.

For months now, the crypto space has been (i) basing (ii) breaking out (iii) moving on to a higher plane. This time, however, was a total fizzle. It broke out, everyone was chattering about “institutional buying” (which apparently are the magic words), and yet $10,000 has been sheared off the price within days. Crypto isn’t necessarily doomed, but this is definitely not what the bulls want to see.

Latest comments

50% retracement incoming. Volume is slowing down. Waiting for the big dip for another bull ride. This has a cycle like everything else.
Hey man , i agree , when do you think the retracement is coming ? Bitcoin can drop a lot , maybe a tiny bit above the last year ATH , so maybe 30k isn’t it ? BUT then in the following months it will grow UP way over 80-90k $
Bitcoin is going to 200k
wow!!! i will borrow with all my limits from the bank and buy now !
Mark my words. Bitcoin will hit $100,000 before the end of this year. Big banks, Square and Elon Musk are not wrong!
wow ! ok i sell my house to buy bitcoin now ok !!!
your brave prediction... doubling of something that already doubled many times
History of Dec 2017 could repeat itself.  I think BTC to go down to 8000 in 6 months.
Precisely. The chart pattern looks very different now. The drops aren't being met by the institutional big bids waiting for the drop which previously would result in a very particular rebound pattern. Now, I see the dips met by very feeble and choppy rebounds which tells me that institutional interest, as suspected, was fickle only in it as long as momentum was there. With the shake-up in tech and all around weakness, the mood is completely risk-off and crypto if all risk.
What does Filing mean?
failing
Looks to still be within the overall rising channel
From my point of view, the cryptos are doomed. It wouldn't be surprising if they fall even further.On the other side, this has been said sooo many times during the last 10 years :-)
That's because there really isn't an actual need for them so they heavily push selling tactics to create fomo and manufacture demand. The millennials keep buying so the firms make etfs to buy btc and take a fee and then the millennials scream the big boys are buying when they are just for buyers not themselves so they can take a fee and it keeps going until it doesnt.
Totally agree, John!
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