Is the end of the bear market for digital currencies?Hello and good evening, my friends
Bitcoin is likely to make its last downward movement with the divergence of the movement, even in terms of time, it is ready for an upward trend, but for now the bear market is more powerful.
And there is a possibility that we will witness the diagonal pattern of the end
Also, this is just an analysis based on my experience
Good luck and be patient in your dealings
BVOL7D trade ideas
Long live the crab4hr timeframe let’s gooooo
We have net more shorts than longs since 10 Nov.
(larger stakes* in fewer hands for the longs, and fewer stakes in more hands for the shorts).
*not relative to portfolio size
Fun fact: google trends “sell BTC” interest is at an ATH for last 90 days,
while “Buy BTC” prints a nice 5 wave Elliot down from a 9th November ATH.
We also see Open Interest declining while PA crabs.
We can take that to mean less liquidity for the underlying asset (BTC).
Declining volume is same story.
OI moving with trend supports trend,
while divergent OI indicates less buyers or sellers to open new positions/ are opening offsetting positions.
So what does declining OI mean when PA crabs?
A larger move is imminent (more probable).
Why? Less liquidity = sensitivity to volatility.
No because that symmetrical triangle formation.
Like isn’t that a bear pennant?
TA contrarian here.. I think price will pump. Maybe 17.8k?
I’m not making any calls. Just saying, smart money is in the longs and them shorts gonna get lemonaded.
Okay sorry for leading you on with this TA but I’m distracted right now so wrapping it up here.
not trading advice
BTC (possible) Macro CountA possible bottom could be in for BTC. It could still go lower somewhere in 2023 but I would expect a multi-month 5-wave to take the price higher first. Also we have a massive multi-week bullish divergence on the RSI.
If it did a 5-wave up then come back lower it would = ABC + X + ABC = WXY. (I'll post an example below).
Remember this is a weekly chart so we could have some shorter timeframe stabs lower but I expect the weekly chart to hold this .786 area.
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Downtrend did resume, and what's next?
The chart would be self-explanatory.
Here we are rebounding from FE 0.886.
I marked 1.000 and 1.114, respecting the H & S.
This article is tagged as "short," but beware of possible extensive upside moves. Better be cautious until the candle crosses down the arcs' crosspoint (at least in a lower timeframe).
By the way, this is an update for my most notorious chart.
While my previous analysis has astonishingly been trolled, the chart didn't take care of what they felt-
Like it or not, this is the fact.
Weekly candle to close red suggesting trend continuation
Gann Square, the built-in smart tool of TradingView, is provided with many fans and arcs. Every single one of them, if properly plotted, is considered to serve as S & R. Not to mention their crosspoints.
In this chart, I applied it so that only the strong movements (progressive waves in the E.W. Theory) in the trend direction penetrate the arcs and the crosspoints.
So if the weekly candle closes red, the arc resistance is confirmed together with the trendlines, making any upside to mark HH more difficult (implying a continued downtrend).
Let's check this scenario.
Although this is not textbook theory but my empirical analysis, the light-green shaded zones act as resistance zones like the Ichimoku cloud.
Considered in conjunction with the low of 17600, we would see a large or small rebound there.
However, a move beyond 25k, especially over 28k, within one or two weeks is almost unlikely, given the overhead crosspoints and the likely continued macro downtrend.
Gan Fan 1 x1 (thick black) may serve as support. Watch 16500 if 17600 support is lost.
Bitcoin's Significant Upward Resistance Suggests Drop Is NearBitcoin is facing significant resistance from both moving averages and the combined wedges that have been forming over the last few months.
Equity markets and Bitcoin are closing into key technical make or brake moment. I believe we might see more bull traps before a significant drop over the next week.
Goodluck
BTCUSD correcting to 8000 USD before move upNow in wave 4 of (3) to complete with (4) and (5) and then ((B)) to end (((2))) begin 2023
Expecting 5 to complete in an ending diagonal