Hello my fellow cryptocurrency trader, how is this Tuesday treating you?
I am hoping you had a great Full Moon day yesterday...
Please, allow me to ask you a few questions related to Bitcoin, reply in the comments with your thoughts.
Bitcoin Sentiment
The Crypto Fear & Greed Index is now set at Extreme Fear (1), it has been like this for weeks.
Bitcoin Weekly Chart Technicals
We have a few technicals to look at on this candle chart before getting to the questions.
Bitcoin has been dropping since early November and just last week hit a new low.
The total decline is now at 42.67% since the early November $69,000 BTCUSD peak price. (2)
We have a perfect nine on the TD Sequential. Even though the count can go for longer, up to 13, this is normally considered an over-extended market.
Once we have 9 consecutive sections hitting new lows a pullback is due to take place. (3)
The last bullish wave went for 112 days. The correction until the last low went for 63 days. That's a total of 175 days. 63 days of correction is very close to 0.618 (61%) of the whole cycle, which is the Golden ratio. Corrections tend to end at this level. (4)
We have additional signals...
(+) Last weeks low coincides with Septembers 2021 low. (+) This is also the 2nd wave of an impulse; Corrections can end at the low of wave 2 based on EW... There is more.
I am not saying that prices are going up... I just would like to ask you some questions.
Questions - Reply In The Comments
1) What to do when the market is in "Extreme Fear"? What do you make of this signal?
2) Is a 42% correction big enough for a price bounce?
3) What do you make of the -9 count on the TD Sequential?
4) Where do you think Bitcoin is headed by the end of the month? What's your monthly close price prediction?
5) Can you hit LIKE now? :D
Bless us with your comments. Support us with your likes. Thanks for your support.
Namaste.
Comment
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By the way, we still have our 4H buy signal on the RENKO chart.
After the impulse (12345) wave we get a corrective (ABC) wave.
The -9 count is also present on this system and timeframe. ... Patience is key!
Since most traders are waiting for others to buy and do not participate in rallies or shorting the bear market will continue. If we want bull market we should buy and do not sell panic
MI7070
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@monajafi I am selling all my BTC. looks like it going down to 32K.
Feel that this is just a bear fake out since previous retraces from past bull cycles have been around -35%~ and that we could see a quick price action towards the up side in the coming weeks.
AlanSantana
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@Alejandro2018, We agree Alejandro.
Thanks a lot for taking the time to comment.
Wishing you wonderful week ahead.
Namaste.
TaderTot
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I agree the bounce factor is most definitely in well past due stage. I've been using TD sequential daily for about 2 years now. One thing I've noticed is on occasion the bounce ends up coming aftter the full completion of candle #9. Showing up on the proceeding candle. Definitley not looking forward to a #13 bounce. That's another 3-4 more days of sitting on my hands. MY HANDS ARE NUMB BY NOW BRO, I WANT TO BUY!! So does a lot of other people out there, I'm sure. There's a huge wall of USD/USDT sitting in wait right now as you read this. Waiting for the bottom, or a valid buy confirmation signal. Anyway, we'll see what happens when the US markets open today. I am still very optimistic the price will have a gigantic pump in the near future. Thanks for your insight and posts. I enjoy reading your thoughts and analysis on things
TaderTot
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@TaderTot When everyone is looking down the price historically does the opposite and goes up!!
AlanSantana
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@TaderTot, Thanks a lot for the detailed comment. I agree with your views.
Namaste.
Regynald
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The question to ask is where is the relief rally after a 40%+ dip? This is not purely crypto related, the traditional markets are bringing down sentiment. The Nasdaq is taking a kicking.
AlanSantana
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@Regynald, Yes, that's the correct question... Imagine having no relief rally...