Crypto

The bullish reversal we were looking for has occurred in Bitcoin, and that has brought back strong upsides in the rest of the cryptocurrencies, as it tends to do. On Monday, we sighted the low of the day which matched the lowest trading point Bitcoin has seen in the past four months.

Crypto currencies as a whole have had a hard start to 2022, Bitcoin has held up better than most other coins but is still down nearly 12% since the start of the year. This compared to a decline of 20% or more in most other cryptos is pointing to a resurgence of the number one crypto.

Last December (Dec. 9th), we discussed using Bitcoin’s dominance level to predict price action the following day. The article illustrated how it could have effectively been used to predict whether the following trading day results in higher or lower pricing. We outlined a strategy focused on BTC dominance above or below 40%.

While Bitcoin and Ethereum are trading only slightly higher on the week (less than 1% in BTC and less than 4% in ETH), Terra (LUNA) has exploded in value as more value gets locked in the fastest-growing defi ecosystem.

Following the revised dot plot from the Federal Reserve, bitcoin’s price fell by approximately $1000 in the course of fewer than two hours. But as Powell’s Q&A session began following his statement traders got a much more dovish picture of the Fed’s current outlook.

Following Bitcoin’s brief tumble over the weekend took out a critical support level that had managed to hold for the week prior. The number one digital asset by market capitalization experienced a true flash crash after breaking the key 61.8% Fib. level ($53,600) on Dec 3rth.

A week after Black Friday a day of the year known for retail sales throughout American business’s we have another chance to get pricing discounts the likes of which may not be seen for the rest of 2021 and it’s in the crypto markets.

C:\> FC

BTC2017.txt BTC2021.txt

Black Friday lived up to its name, bringing darkness to the crypto sector. However, our line in the sand for Bitcoin either continuing to rally to our target of $75-$80,000 or correcting to $44,000 was held; therefore, the bullish scenario prevails.