Today Bitcoin price 38.9k USD. and Bitcoin strong support 38k USD..
How do you know?
about "support" at $38k?
Maybe he is "PlanC"
PlanB's Stock to flow is not dead yet.. especially it should not be used to try to figure out short-term price moves - but it likely suggests that the BTC price is in a kind of underperforming range - currently as I type this post - in terms of the $100k price that it portends for the whole of this halvening period, and we are about half way through this halvening period and our average BTC price (accounting for volume too)
for the period (the two years so far) is about $34,500....
Anyhow, so far $38k is holding up.. but just barely with a spike down to $38,218 within the past 20 minutes.
I am not an expert in speculations. But, According to PlanB, We should hit $100K this year. Not only PlanB But most of our predictions failed in the past. Even most of us (34% out of 110 People) thought we break out of this boring trading range this month. I Voted for June 2022. Let's see what happens. I don't rely on Analysts' tweets and their predictions anymore.
As we know very well that Technical analysis is science of probability but not certainty and there is no technical indicator which can predict the price with 100% accuracy all the times but PlanB stock to flow model worked quite well and it failed only few times. Kevin Severson who is also well reputed Technical analyst has predicted in recent video that Bitcoin has almost bottomed out now and breakout is likely to happen soon by using 600DMA Indicator and proved his point with track record of Bitcoin price. The video is very interesting. Please watch it, link is given below:
https://www.youtube.com/watch?v=CtzIgEJX1ggYou make decent points about the lack of certainty in the various technical analyses, and even though PlanB had been spouting out some predictions that made it seem that he was using his stock to flow model to predict short term prices, but largely he was a goofball for throwing out so many predictions based on the stock to flow model.. and in any event the stock to flow is likely way more of a directional predictor rather than specifics...
and fuck the guy in your video link (it's only 9 minutes) proclaiming that we have to have a trade volume spike at the bottom in order to know that the bottom is in.. He is not completely wrong, but we already know that we have had plenty of times in which the bottom has been in, in bitcoin, but we did not have any kind of volume spike. Sure retroactively we can go back and claim that there are various volume spikes that showed the trend reversal had taken place... Yeah right.
Regarding the 600-day moving average.. yeah that is very similar to the 100-week moving average.. which is at $34,500 currently... I doubt that we need to use the 600 day moving average when the 100-week moving average will do.. and we also have the 200-week moving average and the 50 week moving average that we can reference too in order to attempt to figure out how far are we dipping and whether we may well be getting close to the bottom at some point.. .most likely not going to really know until after we had already been there.. and sure, your guy in the video could be correct that we might end up getting some kind of high volume dip and simultaneous reversal.. but surely like I already mentioned such reversal does not have to happen with high volume like that in order for the bottom to be in...
Already seen it many times.. price trickling up and trickling up and trickling up and pretty soon those guys waiting for the high volume trade bottom have gotten fucked because they are waiting for something that did not end up happening as they had thought that it would. too bad for them, they should have better and more sufficiently prepared for UPpity.. which bitcoin does on a fairly regular basis and screws the fence sitters.
