BTC is moving into a rising wedge ( which is making bearish scenario for BTC ). Before everything I have to mention that market is bullish and most of bearish signs don't works.. Now as BTC broke bearish trendline and taking hold above it, Bulls are aiming for another new ATH !
Let's make it more clear :
Bearish signs, - 3 divergence continuous on RSI. - 2 heavy bearish trendline on RSI. - Moving into rising wedge. - FIBBO extension 100% level is at 66K zone. - There is a possible pivot on 15th April - 19th April.
Bullish signs, - $163,745,606 of Bitcoin shorts liquidated in an hour. - There was an inverse H&S which confirmed recent bounce. - There is a bullish trendline, which is supporting movement in Daily TF. - Pi Cycle indicator is about to have a cross !! ( It's not confirmed yet ).
📍 What is Pi Cycle indicator ? The Pi Cycle Top Indicator that notes when previous market cycles for Bitcoin have topped out. The past three times that the 111DMA (orange line) crossed up above the 350DMA x2 (dark gray line) it signaled a market top to within 6 days. Way back in the very early and volatile days of Bitcoin, in 2011, they crossed to within 2 weeks of the top.
In some way, historically the indicator has captured the cyclical nature of Bitcoin as it has moved through a broader adoption curve. It’s called the Pi Cycle Top indicator because 350 / 111 = 3.153 which is pretty close to Pi, 3.141. 🙋🏼♂️ My current near-term market outlook for Bitcoin is neutral-bullish, so my personal view is that there is a good probability this is not the market cycle top for Bitcoin when the Pi Cycle Indicator moving averages cross in a few day’s time. Other indicators and fundamentals are suggesting that we are not yet at the end of the market cycle ( I will talk about all of them in next exclusive BTC's analysis )...
So now, BTC is consolidating at around 60K level. Also one of the notable changes was funding rates across exchanges, which had decreased markedly in previous days.
Everything is matched for a new ATH but at the end there is a Pi Cycle with 100% accuracy on every cross and 2 pivot points on FIBBO time-zone at 15th - 19th April and 17th May ! 📌 We are predicting that BTC's top will be within15th-19th April around 66K and we might see another minor dip on 17th May around 40K..
🔴 I mentioned 2 important factors which will be critical for traders logics, One of those factors will select the path !
Attention: this isn't financial advice we are just trying to help people on their own vision.
Nice chart. I am also looking at a similar scenario.
Looking forward to higher prices.
jazerbay
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Wow, lots of useful information! Excellent read and so much appreciate the educational posts!! Great read and chart analysis😄😃🆗
Helical_Trades
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@jazerbay, Very appreciated dear !
Thanks for your support 🙋🏼♂️😃
SIGPokerKing
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The pi cycle indicator was developed after previous cycles to fit the historical tops. It has never actually predicted a cycle top, and this statement was recently verified by the guy who developed the indicator. Highly advisable NOT to use it to predict a top.
Helical_Trades
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@theworldinscents, Agreed with your advise about this indicator,
Actually I only use it to confirm my information about incoming pivot within 15th -19th April !
How ever I mentioned more factors for Bearish ways..
By the way I believe in minor dip for 17th May.
Thanks for sharing your information about this article !
SIGPokerKing
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@Helical_Trades, Thanks, and I appreciate your analysis, but please be aware of the limitations of using linear trading signals to trade during a parabolic move.
I'm really not sure about any pivoting cuz I don't have time to actively trade BTC. I'd just stack a lot more sats on any significant pullback and hold 'em in cold storage. If you're interested, I've published a few ideas on the pi cycle countdown over the past few weeks, and also on the high likelihood of its invalidation in the current cycle. Perhaps Planck's Constant or Avogadro's Number can be used to develop an indicator that will work in this cycle lol. I thought it was funny that pi day was on 3/14, just as many more people became turned onto it.
Cryptocomma
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The pi cycle indicator actually has a 0% accuracy rate because it was created In 2019 and was retrofitted to fit the market cycle peaks. Could it cause volatility and some selling if enough people sell in anticipation: sure. But can it accurately call the top? We don’t know..because it never has. An indicator that obvious is bound the be arbed out in live market scenarios.
criptocox
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A good chart for monitoring the btc situation. Be ready for both scenarios
Looking forward to higher prices.