The Long Investor

$BTC TOP 20

Added 2024-09-08 10:59:58 +0000 UTC

I think overall, the group are disappointed that $BTC and $ETH could not move against the flow of the US market and its more in line as a market asset class and not a safe haven but saying that, the group are seeing the a pull back further is likely a very good opportunity and $BTC will return to ATH's in the future

We have been looking at this chart since March, we knew that $69k was a difficult level to get above, since then, lower highs have been consistently made and the 200 Day MA has given us a very clear rejection here in August

What is to our benefit is that the chart has been respecting resistance levels, moving averages and Fib levels.....when price action does this, it makes the chart a lot easier to read

Which is why the 0.38 Fib at $51 and 0.5 Fib at 0.5 Fib are very important here

The bounce from the August low is a clear corrective bounce, so I expect a lower low next below $50k

This is why I believe $44k can be tested......unless there is enormous buying on the 0.38 Fib at $51k, which can not be ruled out.

I read all of the comments in our group chats and I believe everyone buying $BTC is a long term holder and have no intention to sell this year either way

So I think, take advantage of the pull back and wait for support to be found first.