BTCUSD June 2023 Update
Updated
Hello Traders, decided to make another update since most might be lost. This is a typical historical correction we have seen in the past of bitcoin which occurred during the 2016 time area before the parabolic rise of 2017 to 20k. I figured I would post this idea to try and help most of you out.
Our bull market ended in April 2021 followed by a bear market rally in November 2021.
Most alt coins rallied during April 2021 and May 2021 followed by some coins making a new ATH. All alt coins in USD pairs follow BTCUSD price. If BTCUSD makes a new ATH, so will the alt coins in USD.
We can see below that Bitcoin's Volatility on the Weekly Timeframe has complete reset to 0%. Which means we are in a state where the market can decide where it wants to go. My guess is up based off the previous cycles. We are right on time. Bitcoin's Weekly RSI was showing we are higher than the peak in November 2021. If the RSI starts getting higher than 70+ we can expect a very quick move to settle in. Weekly ADX is also about to start trending while we are pushing on the upper side of the upper Bollinger Bands plus the cloud.
The only thing this cycle is missing is a blow off top. Many don't wanna believe this will happen since Bitcoin has never done it in the past. IF and I say if the stock market makes a new ATH, BTCUSD will also follow. We pretty much follow the NDQ. Feds have to also pause which allows risk on assets to rise again.
What will drive this blow off top? Spot ETF and Decentralized Exchange Regulations.
I will continue to update this post as the cycle goes on going into the 2024 Halving.
Share your thoughts below.
A follow if you wanna see more.
Indicators /w custom settings:
Bull Market Support Band
Bollinger Bands
ADX
RSI
Ichimoku Cloud
Our bull market ended in April 2021 followed by a bear market rally in November 2021.
Most alt coins rallied during April 2021 and May 2021 followed by some coins making a new ATH. All alt coins in USD pairs follow BTCUSD price. If BTCUSD makes a new ATH, so will the alt coins in USD.
We can see below that Bitcoin's Volatility on the Weekly Timeframe has complete reset to 0%. Which means we are in a state where the market can decide where it wants to go. My guess is up based off the previous cycles. We are right on time. Bitcoin's Weekly RSI was showing we are higher than the peak in November 2021. If the RSI starts getting higher than 70+ we can expect a very quick move to settle in. Weekly ADX is also about to start trending while we are pushing on the upper side of the upper Bollinger Bands plus the cloud.
The only thing this cycle is missing is a blow off top. Many don't wanna believe this will happen since Bitcoin has never done it in the past. IF and I say if the stock market makes a new ATH, BTCUSD will also follow. We pretty much follow the NDQ. Feds have to also pause which allows risk on assets to rise again.
What will drive this blow off top? Spot ETF and Decentralized Exchange Regulations.
I will continue to update this post as the cycle goes on going into the 2024 Halving.
Share your thoughts below.
A follow if you wanna see more.
Indicators /w custom settings:
Bull Market Support Band
Bollinger Bands
ADX
RSI
Ichimoku Cloud
Note
01 / 03 / 24 Update:Bitcoin is trending on the weekly and has also confirmed a major bull market is ahead. All pullbacks will prob be minor and no more than 20-30% corrections on the way up.
All eyes on 48k / 60k for final breakout levels.
Anything 32k and below is a major buy before 2024 Halving.
Same setup seen at the end of 2020 with both Stock market and Cryptocurrency following to an exact T plus time frames.
What we have gotten so far:
Stock Market has made a new ATH.
ETF rumors of approval or rejection by Jan 10th.
Feds are talking about cutting rates by March or May 2024. (not a good thing for risk on).
See you for the 2024 - 2028 cycle. Good luck traders / investors!
Note
01 / 11 / 24 Update:ETF was Approved on Jan 10 2024. Trading begins on Jan 11 2024 for all spot ETFs approved!
Note
02 / 28 / 24 Update:Bitcoin has cleared most retracements and has peaked 61,300. Idea is playing out proper as based off a schematic pattern we have seen in history before.
Note
03 / 05 / 24 Update:Bitcoin has made a new ATH before halving. This cycle has made 3 ATH's in one cycle (2020 - 2024).
Note
Bitcoin's Halving is completed.
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