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⚡Farewell to Bitcoin's Calm⛔

Croxroad

10 Sep 2023 — 5 min read

☕️ GM Dear Plebs!

Here is Crox Road, your daily dose of orange pill that will turn you into a Bitcoin Maxi.

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💯 Bitcoin Braces for Action

Bitcoin recently had a big drop in its price, and it got pretty close to hitting $25,000. But for now, the strong downward trend has slowed down, and things are kind of stable. This stable period is called consolidation, where the price doesn't change much.

However, it seems like the most expected thing to happen with Bitcoin is that it will keep moving sideways for a while. Then, at some point, it might go down a bit before coming back up to the average prices we've seen over the last 100 days and 200 days.

So, in simpler words, Bitcoin had a big drop, it's kind of stable now, but it might stay this way for a bit before maybe dropping a bit more and then going back up to its usual price range.

Bitcoin recently went through a significant drop in value, falling below crucial support levels, including a trendline, the 100-day moving average, and the 200-day moving average. This suggests that many investors are feeling bearish about Bitcoin's prospects.However, after approaching the $25,000 mark, Bitcoin's price seems to have found some stability. It's currently in a consolidation phase, characterized by smaller price movements and fluctuations, as it takes a breather from the rapid declines. This consolidation phase suggests that the market is in a state of temporary equilibrium, with neither strong bullish nor bearish momentum.

Bitcoin is showing signs of a potential positive change in its price trend. It's forming a pattern called a double-bottom, which is typically seen as a signal that the price might go up. This is happening near an important support level at around $25,000. If this pattern holds, Bitcoin could move up towards a price of about $27,600, where the 200-day moving average is.

However, it's important to remember that there's still a risk that more people might sell their Bitcoin, causing the price to drop below $25,000 again. So, if you're a trader, it's crucial to keep a close eye on what happens around this $25,000 level to avoid potential further losses.

On a closer look at Bitcoin's performance over the past few hours(4h time Frame), it's evident that it stopped going down when it hit the important support level at $25,000. This led to a short period where Bitcoin's price didn't change much.

But then, the price started to go up towards a significant level known as the 61.8% Fibonacci level, which is often seen as an important point during market corrections. However, as it moved up, more people started selling, and the price dropped again towards the $25,000 range.

Interestingly, there's a difference between the price and something called the RSI indicator, which suggests that the market might be getting ready for a positive change in direction, possibly an upward trend. In the next few days, whether the price stays above $25,000 or not will be a critical factor. If it does, there's a chance we might see a quick rise in Bitcoin's price, aiming to reach the 200-day moving average.

🍎 Bitcoin's Value May Plummet by Over 60%

Bitcoin analyst named Nicholas Merten, who's got a lot of followers. He's saying that Bitcoin might take a really big nosedive, like drop in value, and it could be because of one thing.

In one of his recent videos for his 512,000 YouTube subscribers, Nicholas Merten mentioned that if Apple's market value keeps going down, Bitcoin might follow suit and fall by more than 60% from where it is now. In simple terms, he's linking Bitcoin's potential drop to what's happening with Apple's worth in the stock market.

Nicholas Merten, is saying that if Apple's value in the stock market keeps going down, it could have a big impact on Bitcoin and other stocks. You see, back in July, Apple was worth a whopping $3 trillion, but now it's dropped to about $2.79 trillion.

Nicholas is making the point that we can't ignore the connection between Apple's fall and how it might affect Bitcoin. He believes that if Apple's value keeps going down, it could have a bigger effect on Bitcoin than things like Bitcoin's halving events or the introduction of Bitcoin exchange-traded funds (ETFs).

He's not saying it's definite, but he thinks it's a likely scenario. If it does happen, he suggests that Bitcoin's price could drop quite a bit, maybe down to around $10,000 to $12,000.

The reason he's paying attention to Apple's decline is because even though the percentage drop may seem small, it has a significant impact due to Apple's massive value. And this drop in Apple's value could affect not only Bitcoin but also other big tech companies like Microsoft and the FANG stocks (Facebook, Amazon, Netflix, and Google), as well as the broader stock market and even cryptocurrencies, including altcoins. So, it's a big deal in the financial world.

📈 Bitcoin Charts

Welcome to our beginner's guide to Bitcoin charts! If you've ever wondered how to decipher those colorful lines and candles, you're in the right place. In this series, we'll simplify the world of Bitcoin charts, equipping you with the skills to understand market trends and make informed decisions. Whether you're an aspiring trader or just curious about Bitcoin, join us as we demystify Bitcoin charts and empower you to navigate the crypto landscape with confidence.

From understanding basic chart components to interpreting advanced technical indicators, we will equip you with the knowledge and skills necessary to read and analyze Bitcoin charts effectively. Whether your goal is to invest wisely, grasp market sentiment, or simply satisfy your curiosity about this revolutionary digital currency, this series will serve as your invaluable roadmap to navigating the intricate world of Bitcoin charts.

As we prepare to embark on this illuminating journey through the world of Bitcoin charts, we invite you to join us tomorrow for the first installment of our series. In the coming articles, we'll cover everything from the basics of chart reading to more advanced techniques, ensuring that you're well-equipped to navigate the dynamic Bitcoin market. Whether you're a novice or a seasoned enthusiast, our goal is to provide you with valuable insights that will enhance your understanding of Bitcoin and its intricate charting landscape. Get ready to unravel the mysteries of Bitcoin charts and embark on a path towards informed decision-making in the world of cryptocurrencies. See you in our first installment!