This is BTC on the 1W time-frame in order to get all of its historic price action on one chart as I'll be looking at each Cycle on a Fib approach.
As you see each time Bitcoin made a Bull Cycle Top (red arrow) the subsequent Bear Cycle that followed never reached as low as the Previous Cycle Top (ATH) or even the 0.618 Fibonacci retracement (blue line) from the time the rise (on the previous Bull Cycle) turned parabolic. As parabolic I define the time it started rising aggressively following the last major pull-bac below the (at the time) ATH.
I see a growing sentiment in the crypto community that calls for a low at 20k or below. Even though that would represent an excellent long-tern buy opportunity as it would put BTCUSD again inside the long-term logarithmic Growth Curve (the dashed lines zone consisting of the lows and highs during Bear Cycles), it would mark the first time that Bitcoin will make a Bear Cucle Bottom by hitting the 0.618 Fib and the Previous ATH.
What do you think? Are we ahead of a historic first for Bitcoin or $65000 wasn't this Bull Cycle's Top?
Please like, subscribe and share your ideas and charts with the community!
Once everyone will believe in it, another bull run will start. On chain data is showing accumulation.
commodore12345
⋅
sorry
CryptoSlazy
⋅
@AnnM20, there is something wrong. this isn't bear market but the way market is acting is more of like bear trap. i am pretty sure we will bounce back. but it will rekt so many shorts
FindTheSun
⋅
@AnythingPossible, the way it looks like is just some few certain organizations/people keep shorting btc massively on purpose, this downtrend is absolutely not organic, also 50EMA is about to cross 200EMA and them shorts really want to see this happen,.... just for the sake of it. And they will do it today and tomorrow, what follows next I don't know. Time will tell.
CryptoSlazy
⋅
@FindTheSun, yeah it seems like. i am still sure the market will hold the key levels. death cross already happened. 50 ema already crossed the 200 ema :)
death cross is not the best indicator to recognize the bear market :) it's lagging instrument to measure the market :) lets see how it goes..
usefulPlayer36195
⋅
@AnythingPossible, Hope you doing well in this correction...i am also convinced we are not yet in bear but just imagine we start trading below 30k