I’m Buying Bitcoin; Here’s Why | Eric Krown

On Bitcoin

Guest Eric Krown · not counted as Crypto Banter's view.

Views

• Next weeks (next 2–6 weeks): Leans down: That was nice, but I still think that there is pressure to the downside here. Over these next few weeks going into the end of June are going to be absolutely imperative. ▶ 03:30
• Next months (next 2–6 months): Sideways: Now I still think things get very very boring here. Summer should be you know more or less sideways for Bitcoin holding this range between 80 and 60 more or less on closing basis ▶ 03:49
• This cycle (next 6–18 months): Expects up (timeframe is our reading): another thing that amongst many other things that does make me consider hey this is more likely to be a macro low than not. ▶ 14:53

If this, then that

• If Bitcoin reclaims the May high of about 82,800, then no target given (this cycle): as soon as Bitcoin reclaims the high from May which was about 82,800. That is absolutely bullish. That is absolutely a confirmation of a macro reversal. ▶ 04:19
• If another dip below 60k followed by an intraweek wick back up to 60k, then no target given (this cycle): dip below 60 look for that sort of intraweek um wick back up to you know 60 something like that I'm really going to start to you know beat the horn that I I I think that macro is in ▶ 43:03

Levels named

• 82.8k: Resistance (Reclaiming a prior major weekly high has historically confirmed trend reversals): I would say the most high probability way to call a real reversal on Bitcoin again has to be reclaiming that $82,800 high. ▶ 20:12
• 70k: Resistance (A rally back above this would be the first major green flag): And then I want to see Bitcoin start to rally back above about 70,000 bucks. That's going to be the first sort of major green flag ▶ 15:33
• 68k: Resistance (Lower time frames stay bearish while price is below his ribbons): bearish as long as Bitcoin's below my my my Revan ribbons right here which is about 68,000 bucks. ▶ 05:30
• 60k: Their view is wrong past this (A weekly close below the February wick low invalidates the macro low thesis): would effectively be closing a weekly time frame below that February wick low, which was more or less 60,000 bucks. ▶ 17:59
• 60k: Support (Holding above 60k by end of month would be a good sign): if you see Bitcoin still hanging out above about 60,000 bucks by the end of this month, that's going to be a pretty damn good sign. ▶ 03:44
• 42.4k: Target (Three drives of bearish divergence usually target the 21 EMA on the six-month chart; he calls this the worst case): I will almost always target the yellow 21 EMA for whatever time frame I'm looking at. So in this case, the six-month time frame, and that's currently at 42,400. ▶ 17:31

Their own position: Bought. And for me, I've had to buy a good amount of the liquid funds that I've appreciated for Bitcoin at this mid to low $60,000 territory.