Bitcoin has experienced numerous noteworthy movements since reaching its peak in November 2021. As we reflect on the roller coaster ride since that all-time high, it's essential to examine the market dynamics and patterns through a technical lens. This article will discuss the significance of Fibonacci retracement measurements and the wave master indicator's insights into Bitcoin's market cycles.
Fibonacci Retracements: A Year Apart
By placing a simple Fibonacci retracement measurement from Bitcoin's all-time high to its recent lows in late 2022, we observe that almost precisely one year passed between these two points. This duration may be significant enough to warrant further attention.
Wave Master Indicator: A Comparison to 2019
From the wave master indicator's perspective, the white wave on the unique 3-day timeframe has not been this low since 2019 – the conclusion of the previous mini bear market. It's crucial to note that while some analysts may draw parallels between Bitcoin's market cycles and halvings, the diminishing mining rewards may result in repercussions in the future, although not quite yet.
Comparing the Past and Present
The circled areas on the chart offer a comparison of how the price action and wave master indicator looked during the 2018/2019 period. However, it's essential to remember that these comparisons serve as references, and the current market environment is significantly different from that time.
Critical Fibonacci Levels: $28,200 and $36,000
Traders should closely monitor the Fibonacci level at $28,200 – roughly where Bitcoin is currently trading – and the subsequent level at $36,000. By examining these levels in relation to historical price action, we notice that they correspond to zones where Bitcoin found substantial support in the past (circled in green). This time, however, they may serve as resistance.
By combining the insights of Fibonacci retracement measurements and the wave master indicator, we can develop a deeper understanding of Bitcoin's market cycles and potential future movements. As we navigate this ever-evolving landscape, it's crucial to remain vigilant and attentive to critical technical levels and indicators.
In short, I am not short crypto right now. Likely I will not consider it for at least another 2 weeks. The key here is lunar cycles. More on that in another write-up.
Fibonacci Retracements: A Year Apart
By placing a simple Fibonacci retracement measurement from Bitcoin's all-time high to its recent lows in late 2022, we observe that almost precisely one year passed between these two points. This duration may be significant enough to warrant further attention.
Wave Master Indicator: A Comparison to 2019
From the wave master indicator's perspective, the white wave on the unique 3-day timeframe has not been this low since 2019 – the conclusion of the previous mini bear market. It's crucial to note that while some analysts may draw parallels between Bitcoin's market cycles and halvings, the diminishing mining rewards may result in repercussions in the future, although not quite yet.
Comparing the Past and Present
The circled areas on the chart offer a comparison of how the price action and wave master indicator looked during the 2018/2019 period. However, it's essential to remember that these comparisons serve as references, and the current market environment is significantly different from that time.
Critical Fibonacci Levels: $28,200 and $36,000
Traders should closely monitor the Fibonacci level at $28,200 – roughly where Bitcoin is currently trading – and the subsequent level at $36,000. By examining these levels in relation to historical price action, we notice that they correspond to zones where Bitcoin found substantial support in the past (circled in green). This time, however, they may serve as resistance.
By combining the insights of Fibonacci retracement measurements and the wave master indicator, we can develop a deeper understanding of Bitcoin's market cycles and potential future movements. As we navigate this ever-evolving landscape, it's crucial to remain vigilant and attentive to critical technical levels and indicators.
In short, I am not short crypto right now. Likely I will not consider it for at least another 2 weeks. The key here is lunar cycles. More on that in another write-up.