Bitcoin TA 2022 - Yearly Candle Pattern-LifeCycle Of Bitcoin.
Updated
Hello everyone, hope you all are doing good.
As I saw many people focusing on Yearly Candle patterns of Bitcoin, so I thought to make a Bitcoin Analysis and Observe it in a bigger perspective.
This Bitcoin Analysis is not a financial advice, cryptocurrency market is highly volatile and highly risky, so please do research before trading.
It's a New Year season, so I Wish everyone a Happy new year-2023 to you all.
Please don't feel bad about me on my current Bitcoin Analysis, since chart speaks everything, am sorry to say but Bitcoin looks bad as of now, the trend is breaking down,
If the current year candle-2022 closes above 29k than we are safe and can expect the continuation of trend in upside direction.
No means it's a point of concern for every one of us.
I also explained everything in the chart, please check it in detail.
Thank you,
and please like and share my idea/comment if you have any questions.
As I saw many people focusing on Yearly Candle patterns of Bitcoin, so I thought to make a Bitcoin Analysis and Observe it in a bigger perspective.
This Bitcoin Analysis is not a financial advice, cryptocurrency market is highly volatile and highly risky, so please do research before trading.
It's a New Year season, so I Wish everyone a Happy new year-2023 to you all.
Please don't feel bad about me on my current Bitcoin Analysis, since chart speaks everything, am sorry to say but Bitcoin looks bad as of now, the trend is breaking down,
If the current year candle-2022 closes above 29k than we are safe and can expect the continuation of trend in upside direction.
No means it's a point of concern for every one of us.
I also explained everything in the chart, please check it in detail.
Thank you,
and please like and share my idea/comment if you have any questions.
Note
Small correction inside the Orange Box."But currently we got one Green Candle which Broke out from the Trend, but it did not reach up to the expectations (Including wicks it reached just 140% roughly above the Blue Triangle of previous Bull market)" .
This means the momentum is slowed down, actually to my guess Bitcoin should have reach 150k or 200k or 250K (2021) something to continue this Up Trend. may be after massive correction.
Note
To add, this 28700 is very important number for Bitcoin, since it is lying right at golden ratio 0.618, from ATH- 69k to low-3k.Note
So, Bitcoin finally closed its 2022-yearly red candle below 2021- yearly green candle - roughly around 16530 usd. In long term this means (may be during 2023+2024) Bitcoin is not looking good.1.what will Happen in the year 2023?
a. There are chances Bitcoin can put another lower low - may be 14k, whatever lower lows Bitcoin puts most likely Bitcoin will test the upper levels of resistances - 29k or if it goes little deep inside it can also test 46700 or even 50k+.
Note:(Whenever any asset fails to move in the upside direction, most probably it will come down and retest the upper levels back again).
Note
Possibility1: Before counter move/rally Bitcoin may put one more lower lowsomewhere at 14k.
Possibility2: 15470 as temporary Bottom, Bitcoin can test the upper levels of
resistances - 29k/47k/50k+.
After one of the (Possibility1 OR Possibility2)
Bitcoin may put its actual Bottom(Lower Low) may be in Q3/Q4-2023 or Q1/Q2-2024.
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