Bitcoin TA - Bottom and Next Cycle -> from 2023 to 2024
Updated
Hello everyone, hope you all are doing good.
This Bitcoin technical analysis is not a financial advice. Cryptocurrency is a very high volatile and high-risk market, so please do research on your own before trading.
Previously shared analysis of Bitcoin was about observing the overall life cycle. (Elliotte wave theory and its own patterns)
This analysis is only for the year 2023 and 2024 about finding possible Bitcoin Bottom and the next counter move/next Top until next Halving.
1.The Tools I used for Analyzing:
Various Patterns and channels
Fibonacci retracement
Volume Profile
RSI, MFI and other indicators/oscillators.
Observation1:
As explained inside the chart, generally in trading, price moves in patterns whether it is triangle or parallel or cup shape or V-shape or zigzag or head and shoulders or any kind.
Patterns get created in a concentric way one inside the other based on lower time frames to higher, in general if the price breakout or breakdown from one shape it will enter into other bigger shape/parent shape.
Currently we are trading inside a smaller Descending triangle (Green) which in turn inside a bigger Descending triangle (Red). Price respects this Green Descending Triangle,
so technically Bitcoin will not Breakdown, perhaps it keeps testing the bottom line. If Bitcoin Breakdown it will be a disaster, then we have to think about it.
Conclusion1:
I personally think 15473usd is the Bitcoin Bottom of the year 2023.
Currently if Bitcoin puts another lower low, still it will be on the bottom line of this green Descending triangle (may be 14345usd, so mostly price will be above 14k).
Observation2:
RSI and MFI are cooling down and showing Bullish Divergences. Even other indicators like OBV and Stochastic made a slight Divergence.
Not compulsory but these indications can invalidate/negate at any time if there is a forcible sell off, but as of now showing some good signals.
Conclusion2:
Technically due to Divergences created, soon Bitcoin may Breakout from this Descending Green Triangle and enter/start trading in the larger Red Triangle.
After Breakout, there should be a counter move/rally and make until Fibonacci ratio at 0.618 level (roughly 50k) or at 0.5 level(42k).
Finally, after rally Bitcoin puts a new lower low somewhere in the year 2024.
(Since in a bigger picture Bitcoin is trading in a Red Descending Triangle so definitely it will test lower line of the triangle, so it will be lower low in 2024.)
Please give a like and put a comment if u have any questions.
Thank you, cheers.
This Bitcoin technical analysis is not a financial advice. Cryptocurrency is a very high volatile and high-risk market, so please do research on your own before trading.
Previously shared analysis of Bitcoin was about observing the overall life cycle. (Elliotte wave theory and its own patterns)
This analysis is only for the year 2023 and 2024 about finding possible Bitcoin Bottom and the next counter move/next Top until next Halving.
1.The Tools I used for Analyzing:
Various Patterns and channels
Fibonacci retracement
Volume Profile
RSI, MFI and other indicators/oscillators.
Observation1:
As explained inside the chart, generally in trading, price moves in patterns whether it is triangle or parallel or cup shape or V-shape or zigzag or head and shoulders or any kind.
Patterns get created in a concentric way one inside the other based on lower time frames to higher, in general if the price breakout or breakdown from one shape it will enter into other bigger shape/parent shape.
Currently we are trading inside a smaller Descending triangle (Green) which in turn inside a bigger Descending triangle (Red). Price respects this Green Descending Triangle,
so technically Bitcoin will not Breakdown, perhaps it keeps testing the bottom line. If Bitcoin Breakdown it will be a disaster, then we have to think about it.
Conclusion1:
I personally think 15473usd is the Bitcoin Bottom of the year 2023.
Currently if Bitcoin puts another lower low, still it will be on the bottom line of this green Descending triangle (may be 14345usd, so mostly price will be above 14k).
Observation2:
RSI and MFI are cooling down and showing Bullish Divergences. Even other indicators like OBV and Stochastic made a slight Divergence.
Not compulsory but these indications can invalidate/negate at any time if there is a forcible sell off, but as of now showing some good signals.
Conclusion2:
Technically due to Divergences created, soon Bitcoin may Breakout from this Descending Green Triangle and enter/start trading in the larger Red Triangle.
After Breakout, there should be a counter move/rally and make until Fibonacci ratio at 0.618 level (roughly 50k) or at 0.5 level(42k).
Finally, after rally Bitcoin puts a new lower low somewhere in the year 2024.
(Since in a bigger picture Bitcoin is trading in a Red Descending Triangle so definitely it will test lower line of the triangle, so it will be lower low in 2024.)
Please give a like and put a comment if u have any questions.
Thank you, cheers.
Note
One important point I want to add to this idea, If we consider year 2022 correction is A wave of ABC correction of whole Bitcoin cycle (from 0 to 68990 usd).
Note1: If we draw Fibonacci from 68990 to 0, we are close to 0.786(14761 usd roughly), so for this one straight leg down and if in case Bitcoin tries to drops once again and puts one more lower low within this month, than to my guess it should not go below this 14761 usd.
Note2: Bitcoin puts Lower low (below 14761) after counter move, may be by the end of year 2023.
Note
It was mistake small correction in:Conclusion1:
I personally think 15473usd is the Bitcoin Bottom of the year 2022.
Bitcoin will definitely puts one more lower low in 2023 or 2024. so this can be the actual Bottom of Bitcoin.
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