Bitcoin Capitulation 2024 | Altcoins Interaction, Action & React
Updated
I have an exact date for the end/bottom of the correction as well as an exact price...
Hello!!!
How are you feeling today?
I hope you are having a wonderful week.
Where to start?
We have so much data coming from the charts that it is hard to choose.
We will look at Bitcoin's 2024 capitulation event as well as how the Altcoins market will react. These will be the main topics for this trade idea.
A few months back we mentioned that a correction/bearish wave tends to develop 2-2.5 times faster than a bullish wave. We know that Bitcoin's latest bullish wave lasted 16 months and thus we have a time estimate of around 5-8 months for the entire bearish wave to be completed.
The correction phase has been now going for 4.5 months.
We have about 7-9 weeks left before the correction bottom is in and we move to the "Bitcoin is going up" scenario. Once we get the bottom, we will only share LONG trade ideas until a few months or weeks before the next all-time high.
My job is to prepare you, alert you/warn you, of the event before it happens.
This time we might not get perfect timing on the bottom low but we will have plenty of time to buy and hold for long-term growth.
For the correction bottom we are looking at something like a hundred minus sixty.
Technical Analysis
➖ The highest bearish volume came in January 2024.
➖ High bull-volume on March 2024.
➖ The high bear volume again followed by a strong volume decline.
We interpret this signal as waining interest by market participants.
As interest decreases, so those the trading volume.
Now, the majority of new participants, the ones that are going to capitulate, entered the market with an anticipation to make "easy money." It goes something like this; The hype is on, Spot ETFs, etc., and Bitcoin gets all over the media and becomes a buzz word. People normally become interested and start buying hoping, wishing and expecting to double, triple and quadruple their money fast; 100K.
This segment of the market has no plan, no experience, nothing to give strength to their position. The main reason to join the market was for speculative purposes.
This segment was surely hoping to start earning bigly within hours, days, maybe even a few weeks but the truth is that it has been 5-7 months since most joined and 100K did not materialize. What was supposed to be a strong and definitive rise straight up to 100K, turned out to be a very long and boring wait.
But a long wait for what?
The capitulation phase.
Many people are surely desperate by now and questioning the validity of the information they received many months ago... But this is not enough to shake them out of their hands, they will only panic sell when Bitcoin moves below 50K.
Ok. Everybody knows these things so let's continue.
We have another major lower-high pattern confirmed and I was meditating as to how things will actually develop in the coming weeks.
One question that curious onlookers might want to ask first: Is it possible for the capitulation process to be avoided?
I meditated on this question and reached the conclusion that it is not possible.
It is not possible because the market feeds on money, liquid, and this liquid comes from people. For the market to be able to feed off from certain people it has to educate them, condition them, or else people would be too centered and not ready to make mistakes.
If the market moves easily and in a predictable manner straight up, there is no reason why Johny and Bobby would have to panic and sell early or mess up in the bullish phase that is soon to come.
When the ensuing panic develops, many people will start to question all the assumptions they accepted in the first place. This questioning will lead to doubts and these doubts will compel them to make countless of mistake in the next market phase. I am talking about market psychology... If you don't understand you will soon know what I mean.
We can see 6-8 weeks straight down, or, there can be some variations but down we go.
Altcoins Market Reaction To Bitcoin's 2024 Capitulation Event
Many Altcoins peaked early this year and are now down by 50%-70% compared to the last major high. A major correction just as is usual after a strong bullish wave. We warned you for months before it happened.
➖ Some Altcoins are still high up.
➖ Some Altcoins hit new all-time lows already.
➖ Some Altcoins are in-between..
We are focusing on the Tether pairing for this short analysis.
Long story short: It will all crash.
Long story long: I shall explain.
When you buy an Altcoin, say $1,000 worth of any Altcoin, you see your tokens/coins as being worth that same amount of money. If you see a 70% correction you say: "Well that's a lot, it isn't likely to go lower." But that is not how the market works.
The pairs/tokens move based on how insiders choose to move their coins. They have endless quantities of these tokens; truly endless. When they check their balance, they can have $200,000,000 worth of tokens but they don't see it as real money like you, because this money cannot be materialized as there is not enough buyers, not enough liquid, not enough capital. At the same time, selling without a plan would depreciate too much the price of the project in question and thus make people dislike it and sell it. So they have to have a plan.
Long story short again: Bitcoin's capitulation is a great moment/event/excuse to sell anything and everything as much as possible by these insiders. So even if you see your favorite project has gone down by 40%, 50%, 80% or even hit a new all-time low; get ready, because there is room for lower once Bitcoin drops.
Good news
The great news is that I am here for you... We will have great opportunities to buy when the market hit new lows. Once we hit bottom, the only place left to go is up.
Patience is key![/B]
Gentlemen... You are truly appreciated.
Ladies... You own my heart.
Namaste.
Hello!!!
How are you feeling today?
I hope you are having a wonderful week.
Where to start?
We have so much data coming from the charts that it is hard to choose.
We will look at Bitcoin's 2024 capitulation event as well as how the Altcoins market will react. These will be the main topics for this trade idea.
A few months back we mentioned that a correction/bearish wave tends to develop 2-2.5 times faster than a bullish wave. We know that Bitcoin's latest bullish wave lasted 16 months and thus we have a time estimate of around 5-8 months for the entire bearish wave to be completed.
The correction phase has been now going for 4.5 months.
We have about 7-9 weeks left before the correction bottom is in and we move to the "Bitcoin is going up" scenario. Once we get the bottom, we will only share LONG trade ideas until a few months or weeks before the next all-time high.
My job is to prepare you, alert you/warn you, of the event before it happens.
This time we might not get perfect timing on the bottom low but we will have plenty of time to buy and hold for long-term growth.
For the correction bottom we are looking at something like a hundred minus sixty.
Technical Analysis
➖ The highest bearish volume came in January 2024.
➖ High bull-volume on March 2024.
➖ The high bear volume again followed by a strong volume decline.
We interpret this signal as waining interest by market participants.
As interest decreases, so those the trading volume.
Now, the majority of new participants, the ones that are going to capitulate, entered the market with an anticipation to make "easy money." It goes something like this; The hype is on, Spot ETFs, etc., and Bitcoin gets all over the media and becomes a buzz word. People normally become interested and start buying hoping, wishing and expecting to double, triple and quadruple their money fast; 100K.
This segment of the market has no plan, no experience, nothing to give strength to their position. The main reason to join the market was for speculative purposes.
This segment was surely hoping to start earning bigly within hours, days, maybe even a few weeks but the truth is that it has been 5-7 months since most joined and 100K did not materialize. What was supposed to be a strong and definitive rise straight up to 100K, turned out to be a very long and boring wait.
But a long wait for what?
The capitulation phase.
Many people are surely desperate by now and questioning the validity of the information they received many months ago... But this is not enough to shake them out of their hands, they will only panic sell when Bitcoin moves below 50K.
Ok. Everybody knows these things so let's continue.
We have another major lower-high pattern confirmed and I was meditating as to how things will actually develop in the coming weeks.
One question that curious onlookers might want to ask first: Is it possible for the capitulation process to be avoided?
I meditated on this question and reached the conclusion that it is not possible.
It is not possible because the market feeds on money, liquid, and this liquid comes from people. For the market to be able to feed off from certain people it has to educate them, condition them, or else people would be too centered and not ready to make mistakes.
If the market moves easily and in a predictable manner straight up, there is no reason why Johny and Bobby would have to panic and sell early or mess up in the bullish phase that is soon to come.
When the ensuing panic develops, many people will start to question all the assumptions they accepted in the first place. This questioning will lead to doubts and these doubts will compel them to make countless of mistake in the next market phase. I am talking about market psychology... If you don't understand you will soon know what I mean.
We can see 6-8 weeks straight down, or, there can be some variations but down we go.
Altcoins Market Reaction To Bitcoin's 2024 Capitulation Event
Many Altcoins peaked early this year and are now down by 50%-70% compared to the last major high. A major correction just as is usual after a strong bullish wave. We warned you for months before it happened.
➖ Some Altcoins are still high up.
➖ Some Altcoins hit new all-time lows already.
➖ Some Altcoins are in-between..
We are focusing on the Tether pairing for this short analysis.
Long story short: It will all crash.
Long story long: I shall explain.
When you buy an Altcoin, say $1,000 worth of any Altcoin, you see your tokens/coins as being worth that same amount of money. If you see a 70% correction you say: "Well that's a lot, it isn't likely to go lower." But that is not how the market works.
The pairs/tokens move based on how insiders choose to move their coins. They have endless quantities of these tokens; truly endless. When they check their balance, they can have $200,000,000 worth of tokens but they don't see it as real money like you, because this money cannot be materialized as there is not enough buyers, not enough liquid, not enough capital. At the same time, selling without a plan would depreciate too much the price of the project in question and thus make people dislike it and sell it. So they have to have a plan.
Long story short again: Bitcoin's capitulation is a great moment/event/excuse to sell anything and everything as much as possible by these insiders. So even if you see your favorite project has gone down by 40%, 50%, 80% or even hit a new all-time low; get ready, because there is room for lower once Bitcoin drops.
Good news
The great news is that I am here for you... We will have great opportunities to buy when the market hit new lows. Once we hit bottom, the only place left to go is up.
Patience is key![/B]
Gentlemen... You are truly appreciated.
Ladies... You own my heart.
Namaste.
Note
Bitcoin hit beyond $70,000 on July 29. Guess how long it traded at this price?1 month? 1 week? 1 day? 1 hour?
Not even 15 minutes.
👉 Bitcoin moved to trade above $70,000 and so much selling pressure developed that it didn't hold above this level for 30 minutes. In less than 15 minutes it was back below $70,000 and now is trading below 65K.
Ask yourself this question, how long has Bitcoin been trading above $20,000?
Bitcoin moved above $20,000 in mid-January 2023 and stood there forever.
It moved below $20,000 for two days in March 2023 and that's it... This is a strong bullish development.
Now, on the other hand: Bitcoin moved above $70,000 for the first time ever in March 2024. The exact date is the 11th of March.
➖ It stood there for 4 days and then moved back below $70,000.
➖ In May 2024 it closed two days above 70K then below.
➖ And finally in June 2024 two more days closing above $70,000 and that's it.
Adding all these days together, Bitcoin closed above $70,000 for a total of 8 days in 2024.
Out of a total of 210 days (7 months)... Well, you get my point.
👉 The whole dynamic is extremely bearish and I am here to warn you of the impending crash.
I am warning you so that you don't have to suffer, lose money, like we did many times before in the past when we started "trading" without experience and got locked up after a major rise.
The capitulation event is due next.
It can happen within 1-2 months, give or take.
My intentions are good.
Adapt and evolve.
It is not too late.
Thanks a lot for your continued support.
Namaste.
Note
🅱️ Bitcoin's Daily MACDHere you can see Bitcoin's daily MACD:
➖ The really high peak you see on the chart happened in March.
➖ The two lower peaks took place in May and June.
Notice the big difference. While in March Bitcoin traded as high as $74,000, and stood above $70,000 for a max of four days; In May and June Bitcoin traded as high as $71,000, and stood above this level for a max of two days... Yet, notice the huge difference in the strength of the MACD.
➖ The MACD recently produced a bearish cross and is pointing straight down.
The red histogram confirms/reveals the bearish cross.
When the bearish cross happens, the histograms turns red.
When there is a bullish cross, the histogram turns green.
A cross happens when the Signal and MACD lines change place.
This is a very strong bearish signal.
We will go deeper into the MACD later on today.
Thanks a lot for reading.
And thank you for your continued support.
Namaste.
Note
🅱️ Why Is $40,000 The Minimum Price For Bitcoin In The Coming Weeks?There is a classic price action dynamic where support levels turn into resistance once broken, and resistance levels turn support once conquered.
We can use the moving averages to define support and resistance levels.
In the chart below, we activated EMA144, take a close look:
(1) In 2022, coming from a high point, Bitcoin met EMA144 as a support level. This level failed as support. Once Bitcoin finished its descending move, the same level, EMA144, later worked as resistance.
(2) & (3) In 2023 Bitcoin managed to break/pierce through EMA144 as resistance, later hovering around this level for several months. At last, it broke through and the once resistance level was left behind to be tested as support in a future date.
(4) Bitcoin hit a new All-Time High in March 2024. It moved far away from EMA144, the same level it played with for many months in 2023. Now that Bitcoin is aiming lower, EMA144 becomes relevant again but instead as resistance, this time as support. Resistance turned support.
Before any bullish wave or bull-market, before any new massive growth; Bitcoin needs to move back down to test this level as support. It will go to EMA144 and "test it," see if it holds. If it holds, it can change course and reverse to grow again. If the level fails, it would have to go even lower and test other support levels to see if they hold.
Here is another chart, this one has EMA233 which follows EMA144:
✴️ Altcoins Multiple Months Long Consolidation (Accumulation Phase) After Major Crash
My dear friends and Altcoins lovers and traders, we are not there yet.
We are expecting a major crash, one final drop, which is very easy for us to predict. After this drop we won't experience super-fast growth. Super fast growth as happened in late 2023 and early 2024, requires a very long period of consolidation, the accumulation phase, this is when the whales build up their positions before pushing prices up.
While we might be ready to get started; ready to go, keep in mind that after the crash, we will still have to wait for months and months and months before we see any significant massive growth.
The real strong bullish action will be experienced in 2025.
2024 Is correction year followed by accumulation, and 2025 is the bull-market we've been waiting for.
If you enjoy the updates make sure to let me know with your likes and comments.
Thanks a lot for your continued support.
Namaste.
Note
🅱️ Bitcoin's Daily RSI Ultra-WeakWe have another classic indicator and you cannot fake these things... This signal is really strong and also highly accurate. It can help dissect the exact condition of the market as it is right now which in turn can help us predict what is to come next.
Here is Bitcoin's daily RSI:
I didn't add any drawings because the main thing here is the reading.
➖ The daily RSI stands at 38.47 at this moment in time.
➖ Bitcoin's price stands at $60,666 (ultra-strong; pretty high).
👉 Here we have the combination of a weak RSI reading with a strong price. When this type of combination shows up, it means the market is bearish.
Normally, a weak RSI reading happens when prices are trading really low or during bear markets. The remaining times when the RSI has a weak reading but prices are high it indicates that soon prices will be low.
The RSI is saying that Bitcoin is really weak in relation to the rest of the market; we agree.
Appearances can be deceiving. Here we have another indicator saying that the price is now artificially inflated/sustained.
Remember that trade idea about a "delayed effect"?
Bitcoin is already valued below 30K... It takes a while to show up, but most of the whales already sold, then the exchanges will finish the operation.
Namaste.
Note
Looking at the monthly timeframe, we can see a better representation of the current chart patterns.See a real/true Cup & Handle...
Note
Major crash confirmed. Bitcoin losses more than $20,000 dollars worth of value in a matter of 8 days. More than $10,000 in the last two days alone.Here you can read what to expect in the near future:
🅱️ Bitcoin's Worst Week Since May 2021... What To Expect Next?
Thanks a lot for your continued support.
Namaste.
Note
✴️ Buying Altcoins? FOMO?
It is tempting to rush to start buying everything because we see big green numbers, a very strong increase in prices across the board; the Altcoins.
These numbers are there present just because of a major, major drop, and a rise is simply a normal market reaction.
Most likely than not, we have not seen the low for most pair. In the case that the low is in, there is no need to rush because we still have to witness the accumulation phase.
If you are being rushed or pushed around, or feel an impulse to buy; remember that the bull-market will last more than a year; prices cannot grow in a single day or week. Any strong reactive move now is likely meant to get you caught in a bad position rather than being the real deal.
We have to wait and focus so that we can get the real big moves. If one moves too early or too fast, one can become committed too much, too early and then have no capital left for when the real moves develops.
There will be plenty of time to buy-up.
This is not the bottom yet, time is needed...
Patience is key!
Thanks a lot for your continued support.
Namaste.
Trade active
Bitcoin's capitulation event is not yet over... The bottom can hit around $40,000 or lower, can be even $30,000. Time will tell.
The Altcoins (altcoins vs bitcoin) are safe now!
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