The monthly candles are starting to look very similar than during this particular 2014 area of the bearish structure, where the bear market was close to its final stages of new lows.
The monthly 50 Smma did hold Bitcoin at the time and created the start of a market bottom, printing a long wick on this Smma.
There were also...
Very early since the Dec leg down
-Analyze of this rectangle range
-break and use of the rectangle resistance line + blue smma = ideal scenario
-break of the rectangle support, = behaviour of Btc when meeting the pink Smma
-Rsi bullish div. with a ranging Btc to be analyzed as a possibility if bottoming here
During the previous waves since the 20k top (around the 6k levels), when Bitcoin formed lower highs, it used to retrace to the 382 or almost to the 382 fibonacci level of the previous bull trap wave.
This is not a target, but a quick basic overview of the buyers strength.
I want to check if the buyers are still having the same buying interest (or not) in this...
This is how i see the current Bitcoin crashing structure.
The breakdown below the 6k descending triangle broke the main bullish structure.
I am expecting a slow declining Usd value, in a sort of similar way of the first Bitcoin bubble.
Lonely differences: market cap, and time frame.
As you can see, the current crashing market is developping around 6x slower than...
Unless you have some spare money and want to gamble, there is still no signal that this is the bottom, or that Bitcoin is reversing. Maybe it is bottoming, but we cannot know it for now.
This bear market could last another year, and why not another years, we do not know.
Bitcoin could reach the 3k support, or hit the weekly pink...
-Bitcoin is crashing slower than expected; (uncorrect time frame)
-Bear market might last longer than expected;
-Crucial support was crucial, Bitcoin rested above it and retested it way more than i would have expected;
-Once support broke Btc immediately dived, to form a bear flag around 5400;
-Then Btc went to the 3.500 and bounced;
-The time frame was not...
Buyers were used to try rallying Bitcoin to the natural 382 level after an important dip and a massive quick sell.
Let us see if buyers are still reproducing this 382 retest, if they are stronger (goes above 382) or weaker (cannot reach...
I would say Bitcoin is at this equivalent area of the previous bear market.
The two daily candles look very similar
If i am correct, this should normally be the wave 3 of the main structure since the 20k
The wave 3 generally does not react to the oversold Rsi (which happened so far), and always produces a weak bounce higher...
Remaining calm and patient is important.
Impossible to know where we are in the bear cycle: maybe Bitcoin bottomed, maybe not.
For exemple, IF, then this would be the bottom :
And this would not
This is impossible to know for now.
But the bottom is most probably not far.
We need to...
After the 6k level was broken, the overall Btc structure is broken
Panic momentum appeared, and seems not stabilizing around 4.400$ for now
Free fall zone if this level doesn't hold, to the 2.970$ descending triangle target area
If Bitcoin goes to the 3k support, and ends up breaking below it with a divergence of bbands, this would be very bearish with a possible...
We are quickly going to study the previous Bitcoin bottom symptoms;
What is important to possibly form a bottom:
=> Smmas pierced and support established on them
=> Major rounded bottom...
Previously this idea was a start to take the market temperature level of delusion:
Let's keep on again with this today's chart, for history lol.
Thomas Lee just said on TV that his end of year target is 15k.
Some other "mega bulls" are still giving end of year targets of...
In the previous charts i was explaining the possibility that Bitcoin was in what appeared to be a correction phase as it was still above the the weekly Smma 50 (blue Smma )
Bad news is that now Bitcoin is below.
Unless it produces a false breakout (if we imagine Bitcoin beeing above this blue Smma for exemple next week), this is trouble.
Bitcoin broke its main...
The Rsi is so low, that it it might be "worth zero".
I mean, there should be a bounce right here.
And this is this bounce we need to study to take a market temperature : how powerful or weak is it going to be?
The problem with such a recent Bitcoin move, is that it is not inconsequential.
There is basically a free drop zone from here to the green supports.
Some cool people are screaming for a capitulation on social networks;
I am not cool, and i don't wear a tuxedo nor a tie, so i am absolutely not sure if this dump is capitulated investors selling. There is no guarantee of a capitulation yet, this is gambling, imo.
Let's instead focus on why i was wrong (unless there is a massive false breakdown), and see how it...