Bitcoin (BTC): Be Patient

Bitcoin / U.S. dollarBitstamp

Description

⋅ May 14, 2022 12:15 AM

Just going to leave this here as we head into the weekend.

I don't claim to have a crystal ball but I'm going to go out on a limb here and say BTC simply hasn't made a long-term bottom.

BTC can bounce to $34,000-$35,000.

From there I'm expecting another move down to test the 200W MA or the exact middle of the Channel.

Too much confluence in this area.

Can't be a coincidence.

This is very likely a Bear Market.

Something also to note is BTC has never formed a significant bottom, closing a Daily candle like this. Both Red and not filled.

The only other time I noticed this same type of candle under similar conditions was during the 2018 Bear Market:

Anyways just my thoughts here,

Let me know your perspectives!

(Side Note): Working on an SPX and NASDAQ update, and will post them probably Sunday.

Comments

crowntrade

⋅ May 14, 2022 1:05 AM

Yes, not bottom yet!

QuantumRoseJ

⋅ May 14, 2022 8:12 AM

20-22k most possible !

MPH_

⋅ May 14, 2022 4:23 AM

Very well put. You are dead on, there is far too much confluence at the 20k area. The log growth curve also points to this area (22k, just as yours does). Good catch with the bottoms, i need to look into if that is coincidence or if that is a relevant candle pattern