Bitcoin: Accelerates Downwards on SpaceX IPO Echo
Michaël van de Poppe states Bitcoin accelerates downwards in the same pattern seen before the SpaceX IPO, where it bottomed the Friday prior as investors spotted severe undervaluation and treated the dip as a buying opportunity.
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Bitcoin accelerates downwards in the exact pattern that preceded the SpaceX IPO, according to Michaël van de Poppe. The trader notes the prior cycle bottomed the Friday before listing once investors recognized the asset sat severely undervalued.
Price currently trades at $71444.73 inside a bearish structure defined by the EMA50 at $75259.86 and EMA200 at $78984.23. RSI(14) at 26.5 signals oversold conditions while MACD remains negative at -743.76 after the death cross. With price testing the lower Bollinger band support at $72228.62, the setup points to short-term volatility exhaustion before any relief bounce toward the EMA50 resistance zone.
Michaël van de Poppe
@CryptoMichNLMacro-Economics, Value Based Investing & Trading || Crypto & Bitcoin Enthusiast