I think we are due for a small rally over the next few weeks before heading lower. These are the two lines I am watching. I see Bitcoin's high as the 2021 peak not the peak made on bearish divergence in 2022. Just look at GBTC and you can clearly see it made a lower low on the second pump leading to the 2022 high and is forming a better looking descending...
The white measurement bar is the time it took bitcoin from 2017 top to 2018 capitulation. You can clearly see something is changing with the break of the 2 year old fib channel. We could be at the beginning of a serious move. Stand by and watch out below. It can always go lower then you think.
The bitcoin weekly cross could cross by next week. That being said, in the past these crosses have been very profitable and the .618 retrace comes in around 58k but bitcoin has some major head winds. RSI is trending down and we show major bearish divergences on the macD. I would expect a rally after this last multi month sell off. Time will tell.
It's interesting that GBTC made a lower high November 10th of 2021 where as bitcoin made a higher high. That said I pulled a fib and added some trend lines and Heikin Ashi candles to extract the possibilities of this pump. I think GBTC will hit 42.36 to 44.09 by late May early June. I played the weekly MacD cross and verified with the Hull Hampster-bot indicator....
I need to see a upward break of this top descending trendline to become bullish. We appear to have bottomed with a clear W pattern but we have to break that upper line. If the US government continues to debase the dollar (only tool left) then I would expect commodities to rise.
AU is starting it's breakout....... I expect it to push up to the .618 at 29.50 before a major correction given these crazy times anything could happen. Falling below 20.00 would cause me to close this swing long.
Look at the selling that has come into this pump. It's massive and sold off back to the bottom trendline. H&S will play out next.
We have bearish divergences for a while now. Looking at the monthly chart our MacD crosses down. RSI is at 51.48 Prior bottoms have come in around 43.00 on the monthly. We still need to capitulate and shake some people out. There is always that chance that the greater market has another leg up to blow off top and in that case I believe Bitcoin could follow. Given...
Bitcoin should correct back to the .618 coming in at 40k. If we're really bullish we can hit the .5 fib coming in at 43k. As of now I don't believe we have found bottom. There are more sellers that need to capitulate into the downturn. All in all this is a shakeout. NVT has been maxed out for some time so pullback was expected. See you at 40k :)
Looks like a cup and handle pattern and the handle is being formed. I think that with all the "new" cash in circulation we will see an eventful spring and summer. This is a monthly chart and we're drawing the handle now.
The million dollar question, was it a descending triangle or a falling wedge pattern? This comparison shows how close we are to decision time. If we drop below the EMA after this pump we will have a long time to bottom.
This is really interesting because the whales will do everything possible to get traders to put money in the market so they can sell off and get out. We had a very strong secondary pump in 2017 that looked like we were breaking bullish but it corrected further giving way to the bear market of 2018. I have all my money on the sidelines but am watching closely for a...
The .618 retrace is coming in around 18.5k the 200sma is coming in around 18.5k and the descending triangle's measured move is the covid19 bottom to 42k top's .618 retrace. Many things starting to add up while BTC is showing higher highs. Interesting however I think bitcoin is headed for an epic crash to complete the wave 4 move. Cheers.
The chart tries to guesstimate a time frame for bottom. I took a fib retrace from Covid19 bottom to Recent Top and .618 is coming in around 18.4k. I took the slant of the descending triangle and added a fib channel down to the fib retrace and it gives us a time frame. Using the fib channel's .618 line it shows that meeting the .618 retrace on Feb 22nd at 18.4k....
I believe that Bitcoin is in a descending triangle that will break down soon. We have very low volume at this time and we seem to be starting to break down.
We seem to be painting either a descending triangle or a symmetrical triangle. The descending triangle would suggest we are in a distribution formation while the symmetrical triangle hints at a continuation pattern. One ends up at 50k and the other shows us hitting 18k. We are going to have to monitor this closely for the next week. I am interested in which...
We have bearish divergence all over the place and it would seem we are nearing a local top. Maybe this thing has more gas in the tank but despite slowing it still looks bullish to an extent. Keep in mind we are approaching the 2.618. Where will this trend end up?