dioncoleman08

dioncoleman08

**My analysis Continued:** The 50 EMA is about to cross below the 200 SMA. The last time...

dioncoleman08

Bitcoin has historically dropped 50% below the 100-month SMA before starting an uptrend for the next cycle. Currently, we are at 58% below, which is exactly what we were at in 2015.

dioncoleman08

In the previous three cycles, Bitcoin has fallen around 50% from the 100SMA during the capitulation phase. Currently, Bitcoin is at 58%, which matches 2015 exactly. I do not think we fall much further from here, and it is an excellent time to accumulate.

dioncoleman08

We have seen Bitcoin get hammered over the past month, taking the entire crypto market with it. Bitcoin has hit key support at $28,000 and is beginning to form a reversal pattern. It is forming into a double bottom, and looking like it could potentially form a reverse head and shoulder depending on how it reacts to this mini-run.

dioncoleman08 Updated 

Bearish head and shoulders pattern forming on Bitcoin. This pattern started forming back in September 2021. Looking for a close below 28,000 for confirmation.

dioncoleman08 Updated 

Bitcoin has failed the retest of a critical support line that was first passed back in November 2020 which established the start of the bull run that we have seen over the past year and a half. I am looking for a retest of this line, if it holds as resistance we could see a confirmation of the bear market.

dioncoleman08

As shown in my previous chart where Bitcoin fell below the support level that it has held since the start of the bull market in November 2020. SInce then Bitcoin has tried to rest this level but has rejected it and it now sits as resistance. Bitcoin could retest $30,000 now.