Bitcoin’s Wild Ride: Tariffs, Tumbles, and a Hope for Recovery!

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Well, hold onto your wallets folks! The Trumpian tsunami of tariffs on Canada, Mexico, and China sent shockwaves through the financial waters. Bitcoin (BTC) belly-flopped to almost $91,000, dragging those poor altcoins down for a swim. Is this the end of the rollercoaster ride, or are we in for more plunges when the U.S. stock market opens on Monday? 🎢💰

Say What? Trump Tariffs Wreck Crypto Christmas!

With trade wars brewing like a pot of grandma’s stew, who could’ve predicted Bitcoin would need a life jacket over the weekend? It’s almost as if BTC had a friendly chat with a brick wall! 🤦‍♂️

Trump’s electrifying start to his second act as President has been nothing short of a blockbuster! After the grand reversal of Biden-ish policies with a bazillion executive orders, our dear President Trump decided to unleash tariffs like confetti – 25% on Canada and Mexico! 🎉 And let’s not forget the paltry 10% on China. It’s like watching a game of poker with folks who forgot to bring any chips!

Markets About to Open – Is Crypto Going for Another Dive? 🐠

The traditional markets were face-down on Friday, probably clutching their pearls in anticipation of the tariffs! The real fun, however, might unleash its fury on Monday. 🚀

With the markets gearing up to open, one has to wonder if Bitcoin and friends will become punching bags again. Poor crypto has been the piñata of the financial fiesta all weekend, as traders have taken full advantage of its 24/7 party mode. 🍹

One might think the hefty dip is enough to make even Bitcoin blush. But once the traditional market opens and the plunge-a-thon starts, don’t say we didn’t warn ya! A free fall to $73,000 might just be on the event planner’s itinerary! 🎯

The Road to Recovery: Bitcoin’s Explore the Woods! 🌲

According to our highly advanced banana-peel economy model displayed on the 8-hour time frame, the Bitcoin crash hit harder than a member of the audience at a slapstick comedy show! 🎭 But here comes the twist: we’ve still got that ascending trendline from the 2021 bull market, which looks like it might just save our Bitcoin heroes from a plunging fate!

After that belly flop into the trendline, Bitcoin saw a bit of a bounce back, like a cat in a room full of rocking chairs—except it just couldn’t quite leap over that pesky descending trendline. Resistance? More like “no entry” sticker at a club! 🚫

So, as we eye the opening of the traditional market, prepare for the possibility of another faceplant down to the major trendline. If it plummets below, we could be diving headfirst into the $73,000 pool! 🎢

Bearish M Pattern: Is This the Cryptosphere’s New Dance Move? 💃

The weekly time frame reveals our beloved ascending trendline—a true diva in the bull market show. While those lines usually play second fiddle, it seems this one’s demanding the spotlight! 🎤

Oh, but wait! The candle bodies look like they’re forming a bearish M pattern—which is less of a dance move and more the financial world’s way of saying “Scram!” If this pattern grooves accordingly, we could see it shimmy all the way to $73,300! 😱

And the Stochastic RSI at the bottom of the chart? Just another reminder that there might still be more downside to this wild ride. But hey, if Bitcoin waltzes back to $73,000, you can bet traders will be waiting with their bags wide open! 👜💸

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2025-02-03 16:17