On this chart we seen Bitcoin (BTCUSD) on its historic Logarithmic Channel (LC), the channel that has been trading in since its inception and will put emphasis on its Growth Curve which is the pattern we popularized here since early 2019.
See how well the model has been containing the price action going more than 3 years back:
Back to today now. As you see on this chart, which as we mention is the only chart you should care about right now, Bitcoin following the FTX crash hit the bottom of its Logarithmic Channel (LG), displayed by the green line, which historically has proven to be the ultimate buy level, with strong rallies following shortly after.
Since then it has been trading on the green line, which we call the Growth Curve (GC), showing the first signs of a new, and most likely the final, accumulation phase. As long as it stays within the GC and the dotted line above, BTC will continue to accumulate.
Above that, the first historic Resistance in an upcoming Bull Cycle is the Blue line, which kept the price at bay for most of the 2012 and 2015/16 Cycles, before the parabolic rally that capped the Bull Cycle.
The yellow line is a typical pivot line during both Bull and Bear Cycles, as you see it held the first waves of the 2021/22 Bear Cycle before eventually failing.
The orange line, is the level where investors typically look to sell and exit the Bull Cycle, while the zone formed by the upper dotted line and the red one has historically been an absolute (extremely overbought) belt.
Right now the price is on the absolute bottom of this model that has never failed while having the Multiple 8 (grey trend-line) just below it, which also has never been broken and marked the bottoms of March 2020, August 2015 and November 2011.
Are you a buyer or a seller based on this? Feel free to let me know in the comments section below!
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I agree with you. Plus, people who say we are not bottomed yet, will never say we are bottomed until $1 lol. Buy here bottom here
UnknownUnicorn31900754
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Long term BTC is easily projected to go to 92K. At the very least.
#Crypto #Predictions
miguelkruste
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Remember that after Trump won the elections bitcoin went full parabolic because most Bitcoiners are right winners and donate to republicans. If Republicans win the elections in 2024 we might have a bullish 2025 similar to 2017. IMO the slower we move up the higher we will reach.
JoyBoyVegae
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We have these very important dates from the Feds, don’t get way too far ahead of yourself. December 2nd: Jobs Data. December 14th: inflation data. December 15th Feds decision ( save or crash the market) we aren’t bottomed.. it’s not over yet.
wargolynch
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As we can see, the logarithmic growth curve was broken when the price consolidated below the lower deviation line. We could absolutely reconfigure this tool with new settings to end up with the price now evolving on the lower deviation but that would mean we don't respect previous historical lows and highs for the constitution of our log curve. It would be even more inaccurate to use any manual drawing tool. Another way to look at macrocycles evolution is by using moving averages. Starting from 1950, SP500 has been evolving on the monthly MA50 (= weekly MA200) for ten years, before evolving toward the monthly MA100, MA200 and MA300. Now after ten years of existence, BTCUSD has finally broken the monthly MA50 dynamic support. The monthly MA100 is currently evolving at $12800 precisely and there is a considerable probability it could flash crash below by -20% like it did with the MA50 in 2015. Macroeconomics and central banks policies are also confirming this probability. To conclude, time axis volumes can confirm or unconfirm price action (candle or pattern structures). Following a capitulation with huge selling volumes, we usually see huge buying volumes instantaneously following. This is not happening right now. Although it could confirm a drop toward 12k or just mean the price is going to range for a very long time without ever breaking below 15k again, it definitely means we will not see a fast recovery. Here we can also see price axis volumes, telling us there is a void of past liquidity until 12k. It's a good place to DCA, but you would be irresponsible to open an outerday long position right now and for this reason I can not concur with the choice of this LONG banner.
JoyBoyVegae
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We aren’t bottomed yet; it’s not over yet. More drops is coming because of FTX collapse and other crypto companies might force a bankruptcy along with FTX who already bankrupted. Also Feds meeting are coming … so that’s the thing we need to worry most. December 14th is the inflation data & December 15th is the Feds decision, Powell will save the market or alot worse decide to crash the market
behrouzbabaei1980
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i think it takes several weeks
KoDPrey
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Great chart but its not the bottom yet. Anyway its good to start accumulating from this position.
SwallowPremium
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We are really enjoying your content!)
BizzarTrading
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After thousands nonsense bullish pattern that all failed, you still continue to fool your followers with your nonsense bullish patterns...calm down dude crypto winter will be more 2 years still