I'm looking at monthly timeframe. Every time when BTC touched the upper band of the channel it toped and every time when it touched the lower band of the channel it bottomed or pumped very hard. Pay attention every time when BTC topped or touched the upper band of the channel RSI> 90 and every time when BTC touched the lower band of the channel or bottomed RSI<50. BTC touched the lower band of the channel on 18.06.2022 and at the same time RSI bellow 50. This is another prove that BTC has already bottomed as I mentioned in my previous analyses. Check all my previous analyses attached the bellow that proves BTC has already bottomed.
@trader-123456, Brotha, this is monthly chart, and it will bounce back and candle closes above the lower band of this channel. I think this will be the biggest bear trap in BTC history. The recent dump will be false break down. For more details, you can check my last analysis which I'm going to publish.
trader-123456
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@ergal91, Yes, it is a potential possibility and if not, it may go to the 10K area in December. Anyway, I warned here that it will fall out of the channel here and those who are bullish could buy cheaper here.
trader-123456
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In the ideas, you point out that BTC has bottomed out, but here in your most important channel in history (as you called it) I get the impression that the channel has been broken and at the moment there is only a test of the lower trendline where it may be rejected . What do you think?
ergal91
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@trader-123456, Hey bro, It hasn't broken. And I'm sure it won't)) Check all my other analyses bellow this one which proves BTC bottom was in and I posted about it on the same day when BTC dumped to 17.5K on 18.06.2022
trader-123456
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Thanks for the reply, but if there is a rise, it only means that the bottom will come later. A lot of people are deep in losses right now, if it gets pumped up, everyone will try to jump out quickly. He just has an imagination. I just don't want to believe that the market maker wouldn't at least reach the wick below the June low to dig out a stop loss for as many people as possible. Anyone who has bought since June (133 days) and probably set a stop loss below the June low. I don't want to believe that everyone has their place in the rocket and the market maker will shoot them to the Moon. In my opinion, the current situation is only luring into long positions and the liquidation will come at the beginning of November. But maybe I'm wrong.
ergal91
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@trader-123456, Brotha, since June 2022, whales, institutions and smart money have been buying BTC and altcoins. 99% are bearish and think this is Bear market rally and they haven't bought at these prices. And they will miss such kind of opportunity and even if BTC pumps to 28-30K bcz they will not believe that new bull run started they will expect lower prices, they will think that is a bear market rally, bull trap etc.
trader-123456
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Maybe you're right. I'm bearish for now, we'll see at the beginning of November.
ergal91
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@trader-123456, If you aren't able to draw the same channel, send me DM, I will send you the chart.