Went back and charted the btc halvings to each start of bitcoins bull and bear markets.
Blue vertical line is the bitcoin halving. Red vertical line is the start of a bear market. Green vertical line is the start of a bull market.
Couple things to note is that each bull market tends to be about 730 - 1050 days
Each bear market tends to last between 360-420 days....
Heres what I'm thinking is going to play out.
A drop to the high 90s low 100s. At that point I expect a rsi divergence on the daily which should catapult us up to retest the top of the channel. Hopefully break upwards at that point and aim for 220 resistance.
Looking at the graph A & B you see some similarities.
1.) The drop in both was close to 70%.
2.) You will also notice the volume candles highlighted in yellow. Only time in LTC weekly chart that you see that similarity in decreasing selling volume candles
3.) MFI and RSI seem to be following similar patterns to the 2017 crash.
IF I had to take a calculated...
So my previous litecoin chart played out. We hit the yellow trend line.
We're currently sitting just underneath it and inside a rising channel.
2 potential scenarios that can play out drawn with the red arrows
I am leaning towards a retest of 157 before a continued move up.
Let me know what you think.
Will link my previous LTC chart below
Here's what I'm seeing on the graph:
Falling wedge pattern down to a retest the 157 support then proceed to break up and out of the wedge and continue up to the yellow line which is near resistance at 210ish.
If we break below 157 I would expect a retest at 120ish from there we either bounce up or fall into the pit of hell.
2 possible scenarios drawn on the chart
1) we break out of the descending channel and proceed to break through the following resistance levels until we hit the 225 level
2) We retest the bottom of the channel at 117 and then proceed to break upwards tackling the following resistance levels until we face the tough one at 225 will reevaluate then
MFI & RSI bounces...
Bitcoin remains in a descending channel pattern.
It will break out this week.
2 most likely scenarios to play out this week drawn on the chart.
(Scenario 1 we break the descending channel and go up to test resistance at 43k)
Scenario 2 we break further down testing support and the bottom of the channel at 28k and then bounce up to test 43k)
After we retest 43k...
Looking at the graph we seem to be in a triangle pattern. Looking for a break and hold above 212 to see a push higher. Looking for a break below 200 to see a push down to the 185 range. Let me know what you guys think
Looking at this chart you can see AMD bounced off the bottom of this giant upward channel that has been forming since last March and touched the 88 resistance line only to be rejected. AMD seems to be deciding which way to go.. Volume is decreasing. MFI is oversold on the 3 hour. My bet is the direction of the arrows. Taking into account that broader market...
This chart is looking beautiful. What more could you ask for?
Bullish news: They secured enough funding to shave off going bankrupt until late 2021. This just may give them enough time to weather out the impacts of Covid. Investors sure think so.
RSI divergence with insane volume on the chart over 400m in trading volume today alone. Once we break the trendline...
Looking at the chart you can see BTC is at the bottom of a channel. Catalyst for a push up would be from the severely oversold RSI and MFI on the 3 hour. If this breaks down then look for 27.5k area as the next level of support for Bitcoin. Good luck.