Quick post for today. After a 20x gain over an entire year, I believe Bitcoin is confirming the next bear market cycle. Here are the technicals:
1. Rejection of the Hull Moving Average: The hull moving average has been a consistent determination in whether we remain in cycle or not. In both previous cycles, we see Bitcoin lose the hull moving...
Key elements on this chart are:
- 50D MA
- 200D MA
- 200W MA
- Death Cross
- Golden Cross
Idea is based on the assumption will reject from 200D MA or break above but fail to reclaim 200D MA as support.
The bottom is estimated at a touch of 200W MA end of this year.
My view on #bitcoin non-religiously considering the simple facts.
Short-term we are going to be ranging between 200 DMA and 21 WMA, with strong rejection from 200 DMA sealing the faith of this dead-cat bounce.
From S&D perspective #bitcoin is now completing the rally-base-drop reversal pattern perfectly.
I will be saving all money I can to buy the 200 WMA.
Today I would like to show you all an interesting comparison I found on Bitcoin. One popular tool for predicting a long-term bull market or bear market is the crossover of the 50 MA and the 200 MA on the daily time frame. When the 50MA crosses above the 200MA, this is called the golden cross and more often than not will lead to multi-month or multi-year bull...
I think we have substantial risk that we are about to face the largest correction $Bitcoin has seen since the bottom in March 2020. Biden's proposal to hike taxes has roiled markets globally, and specially risk on assets naturally. Commodities are already rallying big and we know inflation is around the corner. I wouldn't be shocked if we saw the top for good, but...
Irregardless of direction im expecting expecting a 4-5% increase to test resistance above us.
If Rejected im looking for a -20% move from lows to retest the support.
What does that mean for bitcoin?
looking for a move to ~48-49k before hitting resistance.
If Bitcoin rejects at resistance i would be looking for a move down to 35-38k (Hard to calculate for in...
ETH has dropped below a trend line that has been holding for about a month, and now retesting, could be cause for concern, or maybe no big deal if BTC holds up. Seeing a lot of burns also...tread lightly.
So looking back at the wicks i have redrawn the bear flag on 4hr TF, and this would then give us a similar fractal of what occured on ATH, plus three touches to top trend line and three to the bottom, also shakes out any shorts with tight stop losses, a nice spot to look for a entry to a short if not already in one NFA trade safe
So, as almost all guys here, I want to watch the bitcoin's moon journey. But...
Look the pathern of 2017, the biggest top and after the second one... downnnn...
If the top of this circle was at abril-may and now we are on the second wave top, it will not reach 53k again, maybe 51, or less. If it falls downs to 30k or less, now we can get our money secure and buy...
so we previously had the top in @52533 k so wernt far off, im still looking at this playing out as a smaller fractal of the run up to all time high, and have mapped these points to watch for the next move down wards trade safe and look out for the right shoulder to complete