Fer_X_NFT

#Bitcoin – What’s Next? The Big Sunday Report: All We Need to Know TA / LCA / Psychological Breakdown: I see many who do not treat the recent Binance hack as a black swan. In my view, that is exactly what this was. The BIGGEST crypto hack in history, approximately $6.3 BILLION stolen, and the drop was only 5%. If you told me before, how much I would think the market would drop if Binance would be hacked and $6 bn stolen, I would say 15-20%. The fact that it found its low at $76,400 shows how strong Bitcoin really is, reacting to such a large hack in such a small decline, and yet the panic of short term holders reached extreme high volume, and even the CoinBase premium reached levels, last seen at the bottom of 2022 during the FTX crash. As per on-chain data 36,600 BTC from short term holder were sent to exchanges below their purchase cost within 24 hours. The seven-day total of short-term-holder deposits into Binance reached approximately 45,400 BTC. These are deposits of underwater coins, and many already sold in a loss. The amount of realized loss is $1.115 billion in losses over 24 hours which is very high compared to a normal market, and this shows that the exchange deposits, the realized loss happened in very high volumes, and this is how markets react at a black swan or a newly formed bottom. On top, the daily RSI reading was around 34.7, its lowest since June 30, the moment BTC found its bottom at 57k. On October 29, Bitcoin also closed below its lower daily Bollinger Band, another indicator of a big sell-off and not a normal or comfortable pullback, or correction. The Coinbase Premium at 0.27% reached its lowest since November 2022, bringing the indicator back into the territory seen during the FTX crisis. That means the discount became deeper than during this year’s earlier sell-off. Usually, the CoinBase Premium is a great indicator that shows us shocks, or Black Swan reactions, and reaching certain Black Swan levels such as the FTX crash, is just another indicator that supports my point that this was indeed a Black Swan and should be considered as one. The market is reacting with pure emotion. The BTC sent to exchanges during the hack tells that holders are selling into the panic, potentially accepting losses just to get out. The Fear & Greed Index shows FEAR, but in my view, many inexperienced investors missed the bottom. My assessment is that a larger share of the remaining holders are experienced investors who have already survived a lot of corrections and crashes. These are people who know how this market works, and even they are feeling the pressure, thats why its on FEAR now, and This is why I interpret the current sentiment as closer to EXTREME FEAR, due to the lack of non experienced investors in the market right now. Now to my position, because this needs to be understood correctly. My average long entry is $80,400. Bitcoin subsequently traded toward $85K, approximately $4,600 above my entry, has now moved back toward $78K, approximately $2,400 below it. The $80K–$81K support did not hold, and the daily EMA50 and MA50 have been lost. However, the most important level in my opinion is $76,000. Let us speak about the three levels on the chart, because right now they matter MOST: Level 1 is the most important level of all, and in my view it is the level that 100% needs to hold. This is the $76K area. Why is it so important? First, because this was the area that confirmed the breakout into the bull market structure. Second, because it is very close to the major weekly support region and at the 50 Weekly Moving Average, which makes it a zone many bigger players will watch. Third, because it is also around the area where a lot of recent buyers, short-term holders and stronger hands are sitting with their cost basis. And fourth, because after the black swan event, this was the zone where the market found a reaction and stopped the panic. The area of 76k is the structure that keeps the bull market alive. The outcome of losing 76k will be brutal, It would open a much more serious downside scenario, with $67K–$69K becoming a risk, but I stay relaxed as long 76k holds. To confirm a loss of 76k it requires at least 2-3 days of closed daily candles below it. Level 2 is the next area I am watching very closely. This is the level that, once broken and then reclaimed, would be a very strong signal for the bulls. Why? Because it would show that the market has absorbed the panic selling from the hack, that the shakeout is over, and that buyers are taking back control. In other words, Level 2 is the first signal that things are returning back to normality. It would tell me that the market is no longer simply bouncing weakly from the lows, but that it is starting to rebuild strength again. This is why I want to see not only a touch of that level, but a proper reclaim with daily closes above. Then we have Level 3, which is around $82K. This is the level I have spoken about many times in the past. The $80K–$81K area was support, and now after the black swan event we do not want to see that whole region turning into resistance. We need to reclaim it as support again. Once the market gets back above the $80K–$81K zone, I believe the $82K breakout will happen almost by itself, because that is the point where the structure becomes clearly bullish again and where the market would show that the panic was only a shakeout. I have said many times that $82K was one of the most important breakout levels for the start of the bull market, and that does not change now. Regaining that area would be a very strong statement by the bulls and this is exactly what is required now by the market. The longer we take in the current region, and not reclaiming 82k, the more bears will gain more power as a recovery should happen quick in my opinion. As per Calendar this Week is very hot as well, Apple, Palantir, AMD report earnings this week on Today and Tuesday. On top we have the mid terms on Tuesday as well. Expect a lot of volatility this Week! I remain confident in the bull-market continuation scenario, provided $76K holds. My longs at an average of $80,400 remain open, alongside the spot positions I began building at $60,000. Join Premium: DrProfitCrypto.com THIS IS NOT FINANCIAL ADVICE, BUT EDUCATIONAL CONTENT ONLY.