Bitcoin and the crypto markets have still been quite volatile the past week since last week’s Bitcoin article. Read the article here if you would like: https://ncgcoin.io/weekly-bitcoin-breakdown-ideas-and-concepts-sep21/. As stated in last week’s report, the Bitcoin price STILL ranges between $18,500 and $22,000 (the current Bitcoin price is $19,500). The longer that Bitcoin can stay in this range, the better chance of Bitcoin being at the bottom of the bear market has already happened. I have paid close attention to the Bitcoin price movement these past few months. Every time Bitcoin gets near the $18,500 price, buyers step in and buy Bitcoin very quickly. This does NOT mean that Bitcoin won’t drop below the $18,500 level, but it shows that large buyers are comfortable buying Bitcoin at these prices. I will continue monitoring the Bitcoin price levels and update you weekly with a new article! Now that we have discussed my current Bitcoin thoughts, let’s jump into a little technical analysis of Bitcoin and see if the charts can help us out in deciding Bitcoins’ next big move.
Here we can see a technical analyst post on Twitter from an analyst known as @TAnalyst and @AurelienOhayon:
The two analysts are pointing out that Bitcoin has been in a longer duration “Falling Wedge.” A Falling Wedge is a popular trading tool many technical analyst traders use. The definition of a Falling Wedge is when the asset’s price moves in an overall bullish trend before the price action corrects lower. You can see in the chart above that the Bitcoin price has gotten squeezed down between those two trendlines (black lines compressing the price). This is known as the Falling Wedge, and at some point, it will be overly pressed down and break through the upper trendline. Once that happens, it might be the start of a new and exciting bull market!
My thoughts on the current crypto markets are that the markets are looking more promising every week. This is because of the immense buying of Bitcoin at the current price levels. As stated above, this does NOT mean we cannot see further downside for Bitcoin. But with more indicators pointing to Bitcoin’s bottom and traders buying large volumes, it starts to paint a different story. I feel many people fear the current economy, stock market, and crypto markets, but at some point, all those topics will start to go the other way. As investors begin to feel comfortable with the markets and economy again, we will start to see large sums of money entering all forms of investments and markets. If you fear the current volatile markets, know there are options such as passive income you can obtain through crypto.
Passive income can be created through crypto through a process known as Bitcoin mining. This will generate a monthly passive income amount directly sent to your Bitcoin address of choice. Mining Bitcoin for passive income removes all the worries and fears of the crypto/stock markets as it disperses the passive income to you. Then you do not have to worry about concepts such as:
- Is it a good time to buy crypto?
- Is it a good time to sell crypto?
- I am down 80% in my crypto portfolio for the year; what should I do?
If this passive income option has caught your attention, check out the New Century Gold team on their site at: www.ncgcoin.io. New Century Gold has an extensive professional team ready to assist you and help you start making passive income TODAY!
Lastly, don’t forget to give me a follow-on Twitter (@MattSenn5) for daily fundamental and technical analysis concepts, all generally crypto-related. I have been in the crypto scene for almost eight-plus years, and I will likely be for the rest of my life! But I am here to stay, so let’s chat and create your new digital financial future!
Written by: Matt Senn