lets see how long bears can go :)
For having more precise analysis, We need to check Total crypto market cap too.
I'm using BTC/USDT Binance chart because i believe Binance is most effective crypto exchange.
Okay let's go
As you can see we have triple top pattern in Bitcoin and the neckline has been broken, Also we know that pattern like triple top usually happens at the end of the trend.
We have a downtrend and because of the pattern, We know how long can this downtrend continue.
Let's see when the downtrend will finish
To do that we need to find out Price return zones(support zones), In order to do that i use Fib retracements and Price movements(highs,lows and ...)
I used two waves for fibonacci retracement first one from around 9.6k to 64.9k(from bottom A to top3) and for second wave i used initial big pump wave which is from almost 21k to 64.9k(from Bottom B to top3)
Combination of Price movements and these Fib's give us important zones which are all visible in the chart and you can see them.
Let's have a quick check on Total crypto market cap
The chart bigger movement is still in the ascending trend but in short term we are experiencing a downtrend. I found important returning zones just like how i found them in Bitcoin chart
Conclusions:
1-We need to wait for both Bitcoin and Total cap return from one of those zones.
2-Bitcoin is retracing and after finishing the retrace we can expect continuing the ascending trend(Another impulsive wave).
3-Bitcoin and Total crypto cap have correlations and based on Btc dominance most of the Total cap is in the Bitcoin so when the Total cap rises we can expect Bitcoin to rise.
4-Bitcoin and Total cap bigger trends are ascending.
5-Bouncing back from those zones can be a long opportunity.(always wait for multiple confirmations)
Tips:
1-This is not financial advice and you need to do your own analysis.
2-Money management is the key and always use proper position sizing.
3-Feel free to comment what you think and check my analysis precisely so zoom in, move the candles and ... .
Thanks for your time
For having more precise analysis, We need to check Total crypto market cap too.
I'm using BTC/USDT Binance chart because i believe Binance is most effective crypto exchange.
Okay let's go
As you can see we have triple top pattern in Bitcoin and the neckline has been broken, Also we know that pattern like triple top usually happens at the end of the trend.
We have a downtrend and because of the pattern, We know how long can this downtrend continue.
Let's see when the downtrend will finish
To do that we need to find out Price return zones(support zones), In order to do that i use Fib retracements and Price movements(highs,lows and ...)
I used two waves for fibonacci retracement first one from around 9.6k to 64.9k(from bottom A to top3) and for second wave i used initial big pump wave which is from almost 21k to 64.9k(from Bottom B to top3)
Combination of Price movements and these Fib's give us important zones which are all visible in the chart and you can see them.
Let's have a quick check on Total crypto market cap
The chart bigger movement is still in the ascending trend but in short term we are experiencing a downtrend. I found important returning zones just like how i found them in Bitcoin chart
Conclusions:
1-We need to wait for both Bitcoin and Total cap return from one of those zones.
2-Bitcoin is retracing and after finishing the retrace we can expect continuing the ascending trend(Another impulsive wave).
3-Bitcoin and Total crypto cap have correlations and based on Btc dominance most of the Total cap is in the Bitcoin so when the Total cap rises we can expect Bitcoin to rise.
4-Bitcoin and Total cap bigger trends are ascending.
5-Bouncing back from those zones can be a long opportunity.(always wait for multiple confirmations)
Tips:
1-This is not financial advice and you need to do your own analysis.
2-Money management is the key and always use proper position sizing.
3-Feel free to comment what you think and check my analysis precisely so zoom in, move the candles and ... .
Thanks for your time