Bitcoin Weekly | The Local Bottom Is In + Next Bull Market
Updated
Here we have the weekly timeframe for Bitcoin as promised.
And we go straight to it... Feel free to hit LIKE before we get started! Thanks for your support!
---
Bitcoin Weekly | Looking For A Bottom!
The first data point we need to consider is the break below $20,000.
$20,000 is the famous 2017 All-Time High and also the main support level that was being targeted by everyone after the last price peak.
Bitcoin has gone below $20,000 for the first time since December 2020.
This is the first time that Bitcoin goes through $22,222 & $20,000 on the downside.
The low was set at $17,585... Here is the chart:
Also notice on this chart the black and gray lines.
The black line is for MA200 and gray for EMA300.
Bitcoin managed to close below these levels but not all is lost.
While the wick hit 17.5k, the close happened above $20,000 and that is what matters most.
As the 2017 All-Time High was set at $19,804 and we close above it whcih is what we need to confirm a support.
The fact that we have a long wick below EMA300/MA200 and $20,000, can tell us that this is as far as it goes.
We have a jump of over 15% from $17.5 to $20.5...
Let me show you some more.
Here is the chart for BTCUSD weekly since late 2014 with MA200 and EMA300 plotted:
In January and August 2015 MA200 holds as support.
We can see a close below it and then a recovery (Aug. '15), the candles are just as it looks now.
Then again in December 2018 MA200 and EMA300 hold perfectly and this marks the low.
Then we see March 2020 with the covid stuff and we have the same...
EMA300 and MA200 hold as support.
Initially it closes below MA200 just to recover with no new lows.
We can say confidently based on this information that the local bottom is in...
Hold on, there is more!
Something else to consider (It Can Go Lower)
Yes we are sure to see a recovery now and we have a local bottom based on the signals and data coming from this chart but, it can still go lower and I will explain why.
The conventional financial markets are going through one of the worst periods in many decades.
The Federal Reserve is raising rates in a manner that it hasn't been seen before... These are historic moments we are living.
The Feds can go even harder when it comes to the rate hikes and this crashes the market very, very strongly and ends up pushing us to a new low.
This is likely to end in November after which time everything will recover regardless...
Conclusion
We believe we are seeing a local bottom.
If this is the case Bitcoin will rally for a few months or weeks printing higher lows until the next correction after summer.
We will have this situation I mention above.
Depending on how TradFi develops, Bitcoin will either print a higher low and grow long-term or go for one final DROP and hit a new bottom and then sustained, long-term growth.
My calculations say that Bitcoin should break its previous All-Time High of $69,000 around mid to late 2024.
This is when the next bull market starts until 2025 and then we are back to square one.
The market moves in cycles.
The bear cycle is almost over...
Stay strong!
Be persistent!
Study hard!
Eat healthy!
Be humble!
Be grateful!
The next bull market will be the BEST of all.
Namaste.
And we go straight to it... Feel free to hit LIKE before we get started! Thanks for your support!
---
Bitcoin Weekly | Looking For A Bottom!
The first data point we need to consider is the break below $20,000.
$20,000 is the famous 2017 All-Time High and also the main support level that was being targeted by everyone after the last price peak.
Bitcoin has gone below $20,000 for the first time since December 2020.
This is the first time that Bitcoin goes through $22,222 & $20,000 on the downside.
The low was set at $17,585... Here is the chart:
Also notice on this chart the black and gray lines.
The black line is for MA200 and gray for EMA300.
Bitcoin managed to close below these levels but not all is lost.
While the wick hit 17.5k, the close happened above $20,000 and that is what matters most.
As the 2017 All-Time High was set at $19,804 and we close above it whcih is what we need to confirm a support.
The fact that we have a long wick below EMA300/MA200 and $20,000, can tell us that this is as far as it goes.
We have a jump of over 15% from $17.5 to $20.5...
Let me show you some more.
Here is the chart for BTCUSD weekly since late 2014 with MA200 and EMA300 plotted:
In January and August 2015 MA200 holds as support.
We can see a close below it and then a recovery (Aug. '15), the candles are just as it looks now.
Then again in December 2018 MA200 and EMA300 hold perfectly and this marks the low.
Then we see March 2020 with the covid stuff and we have the same...
EMA300 and MA200 hold as support.
Initially it closes below MA200 just to recover with no new lows.
We can say confidently based on this information that the local bottom is in...
Hold on, there is more!
Something else to consider (It Can Go Lower)
Yes we are sure to see a recovery now and we have a local bottom based on the signals and data coming from this chart but, it can still go lower and I will explain why.
The conventional financial markets are going through one of the worst periods in many decades.
The Federal Reserve is raising rates in a manner that it hasn't been seen before... These are historic moments we are living.
The Feds can go even harder when it comes to the rate hikes and this crashes the market very, very strongly and ends up pushing us to a new low.
This is likely to end in November after which time everything will recover regardless...
Conclusion
We believe we are seeing a local bottom.
If this is the case Bitcoin will rally for a few months or weeks printing higher lows until the next correction after summer.
We will have this situation I mention above.
Depending on how TradFi develops, Bitcoin will either print a higher low and grow long-term or go for one final DROP and hit a new bottom and then sustained, long-term growth.
My calculations say that Bitcoin should break its previous All-Time High of $69,000 around mid to late 2024.
This is when the next bull market starts until 2025 and then we are back to square one.
The market moves in cycles.
The bear cycle is almost over...
Stay strong!
Be persistent!
Study hard!
Eat healthy!
Be humble!
Be grateful!
The next bull market will be the BEST of all.
Namaste.
Note
We have additional details on this Bitcoin "recovery" and we are naming it a "V Shaped Bottom"... A classic name.We can see that Bitcoin (BTCUSD) can recover by 85 to 95% in a matter of weeks...
See the trade idea below and let me know what you think!
Namaste.
🔥 PREMIUM Trade-Numbers (6-In-1 Offer Live!)
lamatrades.com (Since 2017)
🔝 Daily Cryptocurrency Technical Analysis
followalan.com
🚨 Free PREMIUM Trade-Numbers
alansantanatrades.com
lamatrades.com (Since 2017)
🔝 Daily Cryptocurrency Technical Analysis
followalan.com
🚨 Free PREMIUM Trade-Numbers
alansantanatrades.com
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.