BTC going on its last legs! Will we have CRYPTO WINTER?
Hello Everyone~
It appears today that Bitcoin has decided to take a plunge below 6600 in what I believe to be a minor accumulation area before we rally into the next bull market...
You will notice I have highlighted the last 3 major legs of support that BTC has to stand on.
The first leg of support is along the roof of the local falling wedge (6550) that BTC had been stuck in for a month and only recently broke above.
The second leg of support you will notice sits around 6200; this level is the floor of the greater Falling Wedge (or channel) that BTC has been in since 14k.
The third leg of support and what I believe to be the most significant support level is 5980. This support is in line with the floor of the Ascending Triangle that BTC could be said to have been in since 20k.
This level is the most significant because a bounce, or a break-down, can determine whether we begin the rally into the new bull-market, or whether we break-down further to around 5k and enter a period of the dreaded "Crypto-winter."
All this said, I believe we should see the most support around 6200 and if history rhymes even slightly, then we should see us slowly increasing from there and beginning a new bull-market leading up to the halving event.
Fingers crossed!
-FractaLJack
It appears today that Bitcoin has decided to take a plunge below 6600 in what I believe to be a minor accumulation area before we rally into the next bull market...
You will notice I have highlighted the last 3 major legs of support that BTC has to stand on.
The first leg of support is along the roof of the local falling wedge (6550) that BTC had been stuck in for a month and only recently broke above.
The second leg of support you will notice sits around 6200; this level is the floor of the greater Falling Wedge (or channel) that BTC has been in since 14k.
The third leg of support and what I believe to be the most significant support level is 5980. This support is in line with the floor of the Ascending Triangle that BTC could be said to have been in since 20k.
This level is the most significant because a bounce, or a break-down, can determine whether we begin the rally into the new bull-market, or whether we break-down further to around 5k and enter a period of the dreaded "Crypto-winter."
All this said, I believe we should see the most support around 6200 and if history rhymes even slightly, then we should see us slowly increasing from there and beginning a new bull-market leading up to the halving event.
Fingers crossed!
-FractaLJack
Just to get a picture of what is going on; we have bearish momentum on the MACD, the Stochastic appears bearish at the moment, however it is primed for some bullish momentum. Once we see bullish divergence in both the MACD and the Stochastic, I may re-enter on a bullish sentiment.
The bars pattern outlined in grey merely shows the last bull-runs ascension to new ATHs, I overlaid it as a hopeful example of what we want to happen.
Cheers ~