BTC - Possible bounce zone between 18782 and 17390
Going by the "head and shoulders " and the "Adam and EVE" patterns discussed earlier in the chart below ; Id expect a bounce area to be between 18782 and 17390
Comment:
if BTC fails to bounce at 18 to 17k and instead drops below 17390 , then the monthly graph shows the next stop down is a no support area with the support being at the 13 to 12k area
Comment:
An interesting but Bearish observation on the Monthly graph is that this is the first time since 2014 that BTC has closed a month below the MA50 (yellow line) .
In the past BTC has always closed Monthly candles above the MA50 but its failed currently .
In the past BTC has always closed Monthly candles above the MA50 but its failed currently .
Comment:
From the graph below recovery time from a capitulation is a around 6 months .
Hence id expect slow sideways action until the end of this year .
This also coincides with the ending of the Quantitative Tightening for 2022.
Hence id expect slow sideways action until the end of this year .
This also coincides with the ending of the Quantitative Tightening for 2022.
Comment:
My thought is the 18 to 17k area will most likely be a Temporary bounce location with BTC moving lower to the 12 to 13k area in a month or two
