The Hits Keep On Coming
Bitcoin Almost Reaches 25% Loss from ATH
Bitcoin is currently down 22.42% or $15,467 from its ATH of $69,000 that was posted back on November 10th of this year. The reason why this invokes no panic yet is because of the relatively recent price action we saw after the first leg was put in.
From July to September of 2021, Bitcoin posted an overall gain of 80% and it took 49 days to complete the leg. The pullback that followed took 14 days and ended with a peak drop of 25.21%. That 25% drop was enough to bring Bitcoins price down to about the 618 of the recent leg.
In comparison – Leg 2 went for 74% and took 50 days, just one day longer, and about 6% shy of Leg 1. The current pullback is 22% from the ATH and its peak drop so far was on Day 16. That peak drop is slightly below the 50% level of the Leg 2 advance. So, in comparison, if we were to drop just a few more percent, we would not only be closer to the 618 as support but we would also be around 25% down from the recent high.
In other words, we haven’t seen anything really out of the ordinary yet, as far as the actual pullback is concerned. There are 3 major areas of Support that converge with each other and they are the following:
Local Fib 618 – $50,830
Previous Leg 1 High – $52,944
Upward Sloping Trend Support – $50,373 – rising every day.
This makes the zone from $53,000 – $51,000 very appealing for Buyers.
GTC Pushes for 154% Gain
GTC went all out yesterday while the rest of the market lay either flat or down. 154% Gain when the dust finally settled and what’s even more impressive is that it was able to close the daily candle very close to its peak gain. When today’s candle opened up it shot up for an additional 20% but has since given all of that back.
We will keep our eyes on this for a deeper pullback but we have seen similar price action from other assets a few weeks ago that doesn’t pull back much before heading out to do another 100 or so percent.
We have support areas we like between $18 and $15 and we have resistance areas we like in Price Discovery at $36 (132% gain) and $55 (256% gain).
The interest and volume on this coin have shot up dramatically.
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Gitcoin describes itself as a community of builders, creators, and protocols that have come together in order to develop the future of the open internet. Gitcoin creates a community that supports new infrastructure for Web3 — including tools, technologies, and networks — to foster development in the open-source sphere.
GTC is Gitcoin’s governance token, launched in late May 2021. The token is needed for the creation and funding of the DAO that will govern Gitcoin.—CMC
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