$BTC Bitcoin Weekly Levels - Wave 4
I like how we are at an 88.6% retracement on GBTC, while BOTH are backtesting old resistance as support (so far)
Bitcoin is here once again testing the 200 week moving average, and just below it now, which is not abnormal in past instances.
These variables have been consistance long term buy signals over and over again throughout history.
I am not calling this " The Bottom " just yet but its a good place to start. We cannot break below 13,800 without invalidating this entire Bull cycle, and it would really make me start thinking about distribution far lower than anyone would expect. This is an important level, as Wave 4 cannot enter Wave 1 territory.
Can we wick lower? Sure, but at this point in the cycle you should start focusing on the Halvening cycle and accumulating. Limit orders are a useful tool in volatile times like these, especially when it comes to alt coins as Bitcoin makes violent moves.
Short term, ive posted another hourly chart showing the possiblilty of a Bullish Cypher developing which, if valid, will ultimately give us a Bearish Butterfly, 1.272 upward to about 24500 or so.
Bitcoin is here once again testing the 200 week moving average, and just below it now, which is not abnormal in past instances.
These variables have been consistance long term buy signals over and over again throughout history.
I am not calling this " The Bottom " just yet but its a good place to start. We cannot break below 13,800 without invalidating this entire Bull cycle, and it would really make me start thinking about distribution far lower than anyone would expect. This is an important level, as Wave 4 cannot enter Wave 1 territory.
Can we wick lower? Sure, but at this point in the cycle you should start focusing on the Halvening cycle and accumulating. Limit orders are a useful tool in volatile times like these, especially when it comes to alt coins as Bitcoin makes violent moves.
Short term, ive posted another hourly chart showing the possiblilty of a Bullish Cypher developing which, if valid, will ultimately give us a Bearish Butterfly, 1.272 upward to about 24500 or so.
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