Nick welcomes viewers back to the channel for a “walk and talk” session, discussing recent cryptocurrency price movements on a calm evening stroll.
Crypto Price Action
Bitcoin has been on the rise, heading towards 35k at the time of recording. Nick discusses the potential for further upward movement, possibly reaching 37k or even 40k. However, Nick cautions viewers due to resistance around 38k.
Nick expresses concern about the danger of a potential significant downturn, as Bitcoin needs to initiate a reversal. They reference the stochastic RSI and relative strength index, which indicate a risky situation. Support levels around 30k are mentioned.
Move to the Downside
Nick suggests that a natural correction is due, possibly down to $20,000. Nick references historical patterns of price surges followed by significant downturns. Possible reasons for a downturn are discussed, including profit-taking, economic conditions, and Fed policy changes.
Caution and Profit-Taking
Nick warns viewers to lock in profits and exercise caution, as they believe a bull run is on the horizon but may not happen immediately. Nick emphasizes the importance of being aware of potential price volatility and economic factors. Nick encourages viewers to like, subscribe, and join their Discord community.
Nick wraps up by expressing the importance of staying informed and cautious in the crypto market.