Hey Guys,
I want to share with you my take on BTC. We've been experiencing a flat descending triangle for 5 months now, that has been testing the 19k levels time and time again. Interestingly, it found a nice correlation with the 2018 behavior after the crash. All of us wonder now if this behavior will continue to correlate with an additional dive.
What I wanted to bring to this discussion today is the volume levels that accrued before the final dive in 2018: As you can see, the volume levels kept high until starting falling for another 3 months before the final collapse (Go back to 2018 on my chart to see my marks)
The situation now might be similar, as we're starting to see lower levels of activity on the volume chart. The interesting thing here is the high correlation still with 2018.
If this prediction is correct, it might take us up to December 2022 to see this final dive. If we would have only this correlation to hang on to, it would be irrelevant. But with the energy crisis in mind, the oil wars, and other big macro factors, I think we might have a case here.
The bottom line is (quite literally), having a bit more patience to see this chart unravel.
I want to share with you my take on BTC. We've been experiencing a flat descending triangle for 5 months now, that has been testing the 19k levels time and time again. Interestingly, it found a nice correlation with the 2018 behavior after the crash. All of us wonder now if this behavior will continue to correlate with an additional dive.
What I wanted to bring to this discussion today is the volume levels that accrued before the final dive in 2018: As you can see, the volume levels kept high until starting falling for another 3 months before the final collapse (Go back to 2018 on my chart to see my marks)
The situation now might be similar, as we're starting to see lower levels of activity on the volume chart. The interesting thing here is the high correlation still with 2018.
If this prediction is correct, it might take us up to December 2022 to see this final dive. If we would have only this correlation to hang on to, it would be irrelevant. But with the energy crisis in mind, the oil wars, and other big macro factors, I think we might have a case here.
The bottom line is (quite literally), having a bit more patience to see this chart unravel.