BTC is forming a descending triangle in the weekly chart.
Possibly a bear continuation could result in lower lows, with targets at 10k
BTC needs a big volume spike to break the descending trend line. and form a double bottom in order to establish the bottom.
Bitcoin just broke the descending triangle after a fake breakout, BUll trap (short squeeze.)
Next step 10-12k, on the 0.618-0.786 fib retracement.
6 months more to BTC bottom.
Ethereum monthly candle formation similar to 2018
ETH could go as lower as $300
ETH needs to hold the monthly 50 moving average
The Bear market isn't over yet. another 4-6 months before the next Bull.
If History repeats Bitcoin will go down to 80% about 10k-12k
The 0.618 Fib Retracement
Notice that after every high in history BTC goes down by 80%+ during the last 2 bull markets.
I'm looking t current support at 50ma in the monthly chart, possible bounce from here. but I don't know if this can hold,
If not next stop will be 15k at the 0.5 FIb retracement...
Bitcoin on the 50 ma on the monthly chart support
50 ma acting as strong support since 2015, we'll see if this time this will hold
I will start averaging from here, if it drops from here, we have the fib retracement at 0.5
SPX trading range for the last 2 quarters of 2022.
Probably the last half of the year will be down, to then start its rally again for 2023.
Using Trend-based Fib extension log scale.
12 EMA
26 EMA
50 MA
150 MA
200 MA
