YEREVAN (CoinChapter.com) — Bitcoin and the word “moon” often come in the same sentence, typically from people who anticipate the benchmark cryptocurrency to rise significantly.
So, on Aug. 31, when the world will witness its last ‘Blue Moon’ until 2037, CoinChapter decided to look into how this cosmic phenomenon could impact the Bitcoin market trends (purely from an astrological point of view).
Yes, it’s a humorous take on Bitcoin’s hopium analysis prevalent across traditional and social media channels. So, as a note of caution, do not create your trading strategies based on celestial price prediction (unless you are an all-and-all astrological buff).
Bitcoin Astrology on Blue Moon Day
Bitcoin’s peer-to-peer transaction network came to life on Jan. 3, 2009, after its anonymous creator, Satoshi Nakamoto, mined its first block. That makes the cryptocurrency a Capricorn.
On this special Blue Moon day, we asked ChatGPT about the event’s potential impact on Capricorns. It replied:
“Astrologically, Capricorn, your current cycle ended on Aug. 30 and a fresh one will begin on Sept. 1. As the upcoming full moon approaches, it’s a time to embrace solitude. If you want to step back from social engagements, go with it. Valuable insights can emerge from within and the cosmos when you’re in a state of peaceful isolation. Consider enhancing this reflective experience by lighting incense with a soothing aroma.
It’s wise to hold off on choices for now when it comes to important life decisions, especially those regarding love and companionship. Your true path shouldn’t be determined by external pressures. Keeping this in mind will help avoid potential complications in the future.”
Let’s translate the Blue Moon prediction into financial language for Bitcoin.
Bitcoin’s current price cycle — a bear trend prevalent since July 2023 — ended a day before the Blue Moon day. The cryptocurrency will enter a new cycle on Sept. 1. But the prediction does not say which cycle: bearish or bullish.
So, the Bitcoin price may embrace solitude, i.e., it will likely want to avoid excessive social engagements (read the ongoing Bitcoin ETF FOMO). The peaceful isolation may point to Bitcoin’s flat price trends inside the $25,000-30,000 in the coming days or weeks.
Per Blue Moon astrology, Bitcoin must not feel the external pressure, i.e., from greedy investors screaming “TO THE MOON” whenever the price displays even little upside momentum. Instead, it should stay on its path of global adoption — prices don’t matter.
The Real Bitcoin Technical Analysis
Truly, Bitcoin’s Blue Moon astrological readings appear similar to its technical analysis.
For instance, the Bitcoin price shows “peaceful isolation” while consolidating between its two key exponential moving averages: the 50-day EMA (the red wave) near $28,000 and the 200-day EMA (the blue wave) near $27,200. Its daily relative strength index (RSI) reading is also neutral.
So, traders can opt to open a long position toward the 50-day EMA on a bounce from the 200-day EMA. Conversely, a pullback from a 200-day EMA creates a short opportunity toward the 50-day EMA. Nonetheless, maintain stop losses against the direction of your trade to minimize risks.
As for Blue Moon hopium analysis, do not try to understand it, feel it.
The post How Bitcoin — a Capricorn — Will Likely Perform This ‘Blue Moon’ Day appeared first on CoinChapter.