I am a Bitcoin fam and firmly believe it is the way forward. That being said there are some technicals the lead to the possibility of a new local low or even bear low before the big bull run.
On the weekly chart we have a downward ABC pattern that if completes would bring us new lows possibly 12k area. on the daily we appear to be forming a head and shoulders with a low possibly in the 16 - 17 k area. That combined with a daily ABC down trend forming to reaffirm this prediction. This ABC could have already happened as there was a small cross over on the MACD, however out of proportion crossovers are usually a part of the bigger move on a slightly higher time frame. On the 4 hour we have completed a WXY pattern and crossed the trendline to start the downward next pattern. Just prior to last halving there was an increased pressure low before going parabolic. All these unfortunately do not bode well in the short term.
Add some of the macro factors (wars, spot etf, regulations, hard landing etc.) Makes it a very volatile situation indeed. I will continue to buy the dips, the lower the dip the more aggressively buying.
On the weekly chart we have a downward ABC pattern that if completes would bring us new lows possibly 12k area. on the daily we appear to be forming a head and shoulders with a low possibly in the 16 - 17 k area. That combined with a daily ABC down trend forming to reaffirm this prediction. This ABC could have already happened as there was a small cross over on the MACD, however out of proportion crossovers are usually a part of the bigger move on a slightly higher time frame. On the 4 hour we have completed a WXY pattern and crossed the trendline to start the downward next pattern. Just prior to last halving there was an increased pressure low before going parabolic. All these unfortunately do not bode well in the short term.
Add some of the macro factors (wars, spot etf, regulations, hard landing etc.) Makes it a very volatile situation indeed. I will continue to buy the dips, the lower the dip the more aggressively buying.