Bitcoin (BTC) Crashes, Then Bounces Back-Nvidia Earnings Save The Day! 😱💥

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Well, folks, Bitcoin (BTC) took a bit of a nosedive-down 4.8% on Wednesday. Was it the market’s anxiety before Nvidia earnings dropped? You bet. But lo and behold, when Nvidia’s earnings turned out to be better than expected, Bitcoin decided to pull a Houdini, recovering most of those losses and ending the day back above major support. Magic, right? ✨

Bitcoin or Fiat? 🤔

Bitcoin’s playing dodgeball with market uncertainty and a lack of liquidity right now. Sure, liquidity’s supposed to be coming… eventually. The Fed is reportedly ending its quantitative tightening (how fancy!) and maybe even cutting rates soon. But, oh honey, will that be enough to save Bitcoin from its downward spiral? Probably not, but who knows? The market’s like a wild rollercoaster, and we’re all strapped in for the ride. 🎢

Meanwhile, the doomsdayers are probably out there screaming about the financial system collapsing. Could they be right? Who’s to say? But hey, at least the Trump administration has a bazooka full of cash ready to fire if things get messy. 💣

At this point, it’s all about waiting. If you’re not scared and you’ve got conviction in Bitcoin’s future, now’s probably the time to buy the dip. Think about it: would you rather own cash (which is just… paper) or Bitcoin (which is, like, the future)? 🤷‍♀️

Confirmation of a W Pattern? 🤨

Looking at the short-term chart for $BTC, we’ve got an interesting little plot twist. The price tried to break free from a descending trendline (you know, the one that’s barely even visible-so subtle!) and is now back at support. And hey, look, there’s a W pattern emerging! Could this be the sign of a rally? Maybe, maybe not. It’s like trying to predict when your phone battery is going to die-hard to say, but fingers crossed. 🤞

Now, the Stochastic RSI indicators are sitting at the top, about to head south. Not great for the W pattern, but if the bulls can keep Bitcoin’s price above the neckline (that’s the line that holds everything together, literally), we could see something huge. But if the price falls through, then goodbye pattern and hello lower lows. Could $86,000 be the next stop? I mean, if you’re into that kind of thing. 🚀

The Bottoming Process: Yes, We Are Still Here 🕳️

So, let’s zoom out a bit. Is Bitcoin forming a bottom, or is this just a blip? If you look at the daily chart, it actually looks like we’re in the process of bottoming out-imagine Bitcoin’s price as an awkward teenager trying to figure out who they are. So far, it’s got some strong horizontal support to lean on, plus the bottom of a descending channel. Seems like this might be it, folks! Maybe. 👀

And for those of you who live and breathe candles, notice that previous bottoms were formed with longer candle wicks pointing downwards-kinda like when you drop your ice cream cone but refuse to admit it. Classic. 🍦

Bulls vs. Bears: The Ultimate Showdown 🦸‍♀️🦹‍♂️

In the previous article, we mentioned possibly tweaking the major trendline. Could we shift it just enough to put the price above it instead of below? Sounds suspiciously like a sneaky way to make things look better. But it would sure make the chart look a lot more bullish. 🤫

But, and this is a big BUT (just like the one at the end of your last relationship), the RSI line is still hanging below the 44.00 support. This is typically bad news for the bulls. We need to see some magic happen, like, yesterday. Otherwise, things might take a turn for the worse. ⏳

But hey, at least it looks like Bitcoin’s going through a bottoming process. If this is the bottom (fingers crossed), it could mean a massive upswing. And then the question becomes: can Bitcoin break through the 8-year ascending trendline? Oh, we’ll just have to wait and see. 🕵️‍♂️

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2025-11-20 14:28