HTF analysis point to very concise price action with repeating key elements every cycle.
Bitcoin has completed 3 BULL cycles and is now in the final stage of completing the third BEAR cycle.
First and most important is 200 weakly moving average.
Previous 2 bear cycles seems to have ended around this levels without looking for mathematical precision of a lagging indicator.
Every following BEAR cycle descended to lower Fib level to form the bottom. First was above 0.618, second 0.618 sharp and this last below 0.618.
The two previous BEAR cycles have ended with a retest. There is no form consistency and retest had come in the form of a Double Bottom and a Higher Low before therefore both should be expected this time around.
Your job is to be buying the retest.
Avoid FOMO at all cost and start dipping your toes as market retraces.
Don't wait for premium entry or Double Bottom, rather start DCA at decent levels and spare some for premium entry should it come.
In any case, prepare for the upcoming BULL market.
In my opinion traditional markets will need time to digest he high interest rates and the upcoming mild recession before full blown recovery takes place and previous estimates point to Q1 2024 , and crypto will follow suit.
Anyhow, for the year ahead we remain bearish, this analysis is bearish.
In due course will call for a BULL but just not yet.
Better RR is short in the interim.
Bitcoin has completed 3 BULL cycles and is now in the final stage of completing the third BEAR cycle.
First and most important is 200 weakly moving average.
Previous 2 bear cycles seems to have ended around this levels without looking for mathematical precision of a lagging indicator.
Every following BEAR cycle descended to lower Fib level to form the bottom. First was above 0.618, second 0.618 sharp and this last below 0.618.
The two previous BEAR cycles have ended with a retest. There is no form consistency and retest had come in the form of a Double Bottom and a Higher Low before therefore both should be expected this time around.
Your job is to be buying the retest.
Avoid FOMO at all cost and start dipping your toes as market retraces.
Don't wait for premium entry or Double Bottom, rather start DCA at decent levels and spare some for premium entry should it come.
In any case, prepare for the upcoming BULL market.
In my opinion traditional markets will need time to digest he high interest rates and the upcoming mild recession before full blown recovery takes place and previous estimates point to Q1 2024 , and crypto will follow suit.
Anyhow, for the year ahead we remain bearish, this analysis is bearish.
In due course will call for a BULL but just not yet.
Better RR is short in the interim.