#BTC/USDT WEEKLY CHART UPDATE !!
Hello everyone welcome to this BTC chart analysis, here I tried to bring a clear picture about BITCOIN’S possible low in this bear market.
This chart is totally based on BTC previous PA and calculations are totally based on the observed fractals.
Let’s get back to chart.
BEAR CYCLE 1
As we can see at above mentioned chart that on NOV 2013 BTC recorded its first all time high which was $1168.
After recording a new all time high BTC started losing % and moved downside.
In first bear cycle BTC moved down by almost -86% in 651 days.
In first bear cycle after a drop of -86% BTC stoped moving down at the red MA support and consolidated for few weeks before the reversal towards the bull cycle.
BEAR CYCLE 2
On DEC 2019 BTC recorded its second new all time high after a massive bull rally of 3383% in 883 days.
After a new all time high BTC again begin to loose % and moved downside which was the beginning of a second bear cycle from the price level of $19666.
In second bear cycle BTC dropped by almost 85% again just like before and dropped down at the lowest price level of $3122.
After a drop of 85% BTC again consolidated for few weeks on the RED MA support and printed a reversal towards the new bull cycle.
BEAR CYCLE 3
On NOV 2021 BTC recorded its third new all time high after a massive bull rally of 1155% in 623 days.
After a new all time high BTC again dropped from 69k level which was reversal point again for BTC towards the current bear cycle.
In this bear cycle BTC has dropped 73% till in 259 days.
25th April 2022 was the major exit point for bull traders where MACD printed a bearish cross over.
According to the previous PA more down side movement is yet to be printed by BTC.
Conclusion:
1. When Ever BTC enters a bear cycle it dumps 85% on an average.
2. In current bear cycle BTC has dumped 73% yet.
3. On an average bear trend tanuer is around for 650 days.
4. In previous last two bear cycle BTC dropped till red MA and bounced to print a reversal towards the bull cycle.
5. RED MA was working as a strongest and longest support level but this time BTC broke below the MA.
6. BTC heading towards the lower trend line support which is around
12K price level.7. According to the current PA from OCT- NOV 2022 Ian between we can see a reversal in trend.
8. Here MACD working well enough to show reversal points, so keep an eye on it.
NOTE: This is not financial advice This is for education purposes only. I am not responsible for the profits or losses you generate from your investments.
DO YOUR OWN RESEARCH BEFORE MAKING ANY TRADES.
Thank you.
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