BTC: Follow the data & forget the noise
If we are still in a bull-run (I think we are), we are clearly mimicking the 2013 bull run (double peak cycle). With lengthening cycle theory and diminishing returns, this bull run may extend into mid to late 2022. With that being said, there is plenty of room to do the downside for the following reasons.
1) The trend since has been simply down since 60K with lower lows
2) Daily RSI has been on a downtrend since January with clear resistance that it need to break in order to give buyers sustained momentrum
3) MACD has a bearish cross which historically calls for months of correction for Bitcoin
4) NVT indicator shifted from white to red a few weeks back which also is another sign of bearish momentum to follow
5) Bitcoin loves to retag prior levels of support (28.5K, 20K), which it has not done in this entire bull run.
6) Wyckoff pattern showing room for more downside
There are so many other things to see on the lower time frames that are indicative of continued downside. I think a relief rally can easily be in the cards, but there is no buyers momentum (Elon tweet today had a small $1500 pump, but leveled off pretty quickly).
We need to reset our momentum oscillators if we have any shot for this bull run to continue. Just my two cents.
1) The trend since has been simply down since 60K with lower lows
2) Daily RSI has been on a downtrend since January with clear resistance that it need to break in order to give buyers sustained momentrum
3) MACD has a bearish cross which historically calls for months of correction for Bitcoin
4) NVT indicator shifted from white to red a few weeks back which also is another sign of bearish momentum to follow
5) Bitcoin loves to retag prior levels of support (28.5K, 20K), which it has not done in this entire bull run.
6) Wyckoff pattern showing room for more downside
There are so many other things to see on the lower time frames that are indicative of continued downside. I think a relief rally can easily be in the cards, but there is no buyers momentum (Elon tweet today had a small $1500 pump, but leveled off pretty quickly).
We need to reset our momentum oscillators if we have any shot for this bull run to continue. Just my two cents.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.