This chart does not focus on price predict or trend reversals. Its aim is to showcase the extent to where we are in the current Bitcoin cycle. As we know it the much known Bitcoin 4 year phase may lapse into an extended repeating cycle.
Take a note of much drawn out patterns, indications True Strength Index (TSI) to Highs/Lows, timespan, Elliott's Wave theory and Fib retracement levels. Everything drawn out here has seemed to fit like a glove.
Phase 1: the Birth of Bitcoin (Wave 1) most commonly know as the impulse wave, no one knows about it, it's a Ponzi, it doesn't retrace much and people find it hard for the perfect time to get in.
Phase 2: After sharp correction, this is the time where price levels out, smart money and early adopts have their time to invest. Often known as the fomo period for most after thinking its too late.
Phase 3: Additional another sharp correction, following sharp changes, zigzags and ups/downs this wave is the one most retail investors start to get involved. There is more eyes on the bigger picture. it's highly fluctuated by sentiment and manipulation.
Phase 4: The final correction (est. 70%). This marks the beginning of the corrective sequence. Often thought of as a continuation or retracement (A), however can trap new investors (B). Sentiment turns, the realisation flips and most think this is the end (C)
and so then the cycle repeats again... Is it a Ponzi or an opportunity of a lifetime? For Perspective take a look at the Amazon and Apple chart
Key takeaways:
- TSI marks the low and tops and where we currently are there is yet to see a bottom in sight. Referring to my other charts indicates Oct we should see a bottoming coming into fruition. - The expanded flat correction (after wave 5) this correction does not need to meet the normal 80-85% correction to downside, and given that each top of BTC we have never come back to our previous ATH can be valid. This also adds validation to the ending BTC cycle 1. Also each ATH has also been a lot less in ratio so this equates to a reduce correction % as that of previous corrections. - All ATHs have also met their respected Fib expanded levels 2017 -2.618, 2021 - 1.618 - Shape Corrections have played out less over time with 2021 showing a longer drawn out correction. And this also meets with the next Bitcoin halving cycle May-June 2024
@erwindtnyc, bull crap...drown your tears in my beer
RockstarD12
⋅
@erwindtnyc, I agree. Exchanges and brokerage are shitting themselfs from being liquidated on their over extended levrage. Greedy fucks
So everyone expecting btc to go down on Sunday. Btc doesn't go down on Sunday. People now say that's jt bitcoin is bull. Let's buy buy buy , a few days later watch it drop like a potato.
Shit will drop just matter of Time. Recession , war , inflation is still in full swing.
Btc is not worth its price. And let's face is you all buy because u hope to dump it on some else to make a quick buck. Well market makers know this. Enter the trade , hold long enough for you to make some profit and long enough for them to short it to shit. But what do I know I'm just a btc hater in this world where everyone wants financial freedom.and billion of dollars.
We shall see in 2-3 weeks . Watch this post.
Token329
⋅
@erwindtnyc, It 'will' do whatever it wants. Not because you 'will' it. Be prepared for the unexpected.
Unfortunately, no. Traditional markets are in a bear market now, geo political mess, recession, soon a world war. This will be crypto’s true bear market, and a majority of altcoins will be gone just like dot-com. It has been following dot-com psychological cycle for quite some time now. That data suggest the bottom is next year August-September.
sparo
⋅
@CyberWolfTrader, It is amazing to me that so many crypto holders haven't done any research on the dot com mania. The vast majority of names hit unbelievable valuations and then did not survive when the bubble popped. Global Crossing. Enron. LTCM. Pets.com, Webvan.com. Every generation thinks 'this is different' but it never is.
WillTMoney
⋅
@CyberWolfTrader, It's always possible, but I disagree because no matter what's happening in the world Bitcoin follows a precise and unwavering halving pattern/percentages/and time lengths that can be plotted and show to repeat consistently like clockwork.