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Edward Snowden shared his thoughts on Bitcoin with Twitter users. Namely, his intuition tells him that we are now at a similar point as around March 2020, i.e. at a time when "disproportionate panic compared to its causes" can be observed. In his opinion, this could be a very good time to buy Bitcoin (BTC).
"There's still a lot of trouble ahead, but for the first time in a while I'm starting to feel the itch to scale back in," Snowden wrote.
Recall that in March 2020, the price of Bitcoin (BTC) fell sharply to levels below about $5,000. According to a former contract employee of the US secret services NSA and CIA, the current market sentiment strongly reminds him of March 2020, when Bitcoin began the consolidation phase. A similar opinion is shared by well-known Twitter analyst Michael van de Poppe - "markets are just consolidating," he admits.
Snowden's intuition was supposed to turn on after the recent fall in the value of Bitcoin (BTC) caused by the spectacular collapse of the FTX exchange. Snowden also admitted that although the cryptocurrency market still has many problems ahead, for the first time in a long time he feels the desire to return.
The BTC/USD pair has bounced from the swing lows located at the level of $15,555 and tested the technical support seen at $17,600. Moreover, the bulls retraced 38% of the whole sell-off and hit the level of $18,135 before the pull-back towards the sell-off lows was made. The market conditions on the H4 time frame chart are still oversold, however, no significant breakout has been made yet. The nearest technical resistance zone is seen at $17,600, $18,150 and $18,220. There is no indication of the down trend to terminate or reverse just yet as the market keeps trading in a relatively narrow range.
WR3 - $18,079
WR2 - $17,175
WR1 - $16,785
Weekly Pivot - $16,272
WS1 - $15,888
WS2 - $15,369
WS3 - $14,456
The down trend on the H4, Daily and Weekly time frames continues without any indication of a possible trend termination or reversal. So far every bounce and attempt to rally is being used to sell Bitcoin for a better price by the market participants, so the bearish pressure is still high. The key long term technical support at the psychological level of $20,000 had been violated, the new swing low was made at $15,555 and if this level is violated, then the next long-term target for bulls is seen at $13,712. On the other hand, the gamechanging level for bulls is located at $25,367 and it must be clearly violated for a valid breakout in the long term.
Relevance up to 09:00 2022-11-16 UTC+1 Company does not offer investment advice and the analysis performed does not guarantee results. The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
