Ev here. Been trading crypto since 2017 and later got into stocks. I have 3 board exams on financial markets and studied economics from a top tier university for a year. Daytime job - Math Teacher. 👩🏫
In today's analysis, a weekly outlook on Bitcoin / BTCUSDT. A week ago, I made a video on trend analysis, the Bump and Run method (which is a trend line based analysis trying to determine when a potential reversal may occur). During this video I mentioned how this weeks close would give us a good idea on whether on not BTC is ready for a reversal, or if the bear market will continue. From the analysis, we can see our second rejection at the trend line after a "bottom". This means, that the price will be pushed down lower and continue UNDER the trend line. You can find a quick masterclass on the bump and run method HERE:
We also observe a great deal of volume on the charts. In this scenario, it would indicate that there are many sellers here. For interest sake, I pulled up a trend based Fibonacci time indicator. You can clearly spot that from the weekly, the chart action seems to happen in phases (take a look at the grey vertical grid lines). This inspired me to look at the Fibonacci time cycle. And from this, we have a 1 Fibonacci extension very close to a grey gridline as well, pointing towards April 2023. This would be, coincidentally, around the beginning of Spring in Europe. This could have relevance due to the gas crises in Europe and the decline of the Euro, considering winter is coming up and the strengthening of the dollar due to this crises. In other words, many might prefer to be "in dollars" for as long as the DXY continues to become more valuable / increases / being bullish. More on this complex matter HERE:
Now this may be unsettling, but this does not mean that other altcoins can not see bullish price movement, especially micro cap altcoins. It is my belief that this time of the season / cycle is the best time to accumulate and look for new opportunities in the market. If you're interested in the TOP altcoins I'm watching, check out this idea 👀
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i see this fucking 10k idea for months technically peoples are waiting to see does btc brake 17k if it brakes then 14k-16k is coming btc holding this range as Fortrose when this range hold all these 10k believers will turn bullish
@DemoDiaryFX_Trading, i have some different approach for btc please not this cme chart if you see ems slope it is getting to capitulation
k902
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@DemoDiaryFX_Trading, or this is my worst projection the thing here is there are a lot of short and BTC did not bother to test them after that ema 100 rejection 1 day they are collecting shorts if we truly brake this range then i suggest the retest of 1 month ema 100 about 14k give or take few bucks
Ether2020
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Extremely clever idea! I would even not say April 2023, but when the situation in the world is starting to improve. The bear market in the US indices is only a few weeks old. Bear markets last longer than one thing. Keep it going, buddy!
@k902, yes indeed and as you know 90% lose money in the long run and 10% take the profits. The situation changes when BTC drops below 10k because no one expect it can go lower than that. Imagine you buy as everybody think at 10k and price keep dropping but first with a lot of bull traps. People get stopped out time after time. When the price reaches the real bottom, then many lost their interest AND their capital! That is the moment the smart capital enter the market and buy what others are selling for a fraction of the price. They pump slowly the prices up and so on. This happens as long as the markets exist. It is nothing new. But the message is that the mass is always wrong in the end.
k902
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@Ether2020, okay sir see you then at 10k it that what you say have a look at monthly macd if you have time i just say that only no point in arguing about future