Bitcoin Analysis and Market Cycle, Bull run is over ?
Updated
Hi guys, today we want to analyze bitcoin and cryptocurrency market
After bloody month (May) Bitcoin is now in a sideways and consolidation phase and everyone is waiting for Bitcoin to come out of its compression
We also have a symmetrical triangle pattern and a box in the 12h timeframe, which as you can see price compressed between the 40k resistance & 33k5 (33,500) support.
But what is really going to happen to the crypto market?
At higher timeframes, I expect a large 100-day correction pattern (Desc Channel or Falling Wedge) that can take bitcoin into bear phase , But after the waves are over, I expect it to start the uptrend in mid-August to September 20th.
As I mentioned in the chart, I expect more correction in the mid-term
We now consider two scenarios:
Now let's take a look at the weekly chart (long-term) :
See the price reaction to the middle line, shouldn't we expect forms a pivot on the middle line in the 24k level ? I think this is a possible scenario due the Bitcoin's past behavior
In the end, I expect more correction in the crypto market in mid-term, and I think we may see huge correction patterns in Altcoins like September 2020 , and I do not expect the new ATH until after August (time analysis)
After bloody month (May) Bitcoin is now in a sideways and consolidation phase and everyone is waiting for Bitcoin to come out of its compression
We also have a symmetrical triangle pattern and a box in the 12h timeframe, which as you can see price compressed between the 40k resistance & 33k5 (33,500) support.
But what is really going to happen to the crypto market?
At higher timeframes, I expect a large 100-day correction pattern (Desc Channel or Falling Wedge) that can take bitcoin into bear phase , But after the waves are over, I expect it to start the uptrend in mid-August to September 20th.
As I mentioned in the chart, I expect more correction in the mid-term
We now consider two scenarios:
- 1- Bitcoin breaks triangle and 40k resistance upwards: in this case,I expect the price to reverse the downward trend of the channel at 45k
- 2- Bitcoin breaks the downward : due the weakness of Bitcoin in the formation of reversal waves this scenario is more valid in my opinion, I expect Bitcoin to lose support of range box (between 40k-33k) and hit a lower low on 28k5 - 24k level which is also the bottom of the descending channel.Then I expect a positive macd divergence and bitcoin will be reversed from here.
Now let's take a look at the weekly chart (long-term) :
See the price reaction to the middle line, shouldn't we expect forms a pivot on the middle line in the 24k level ? I think this is a possible scenario due the Bitcoin's past behavior
In the end, I expect more correction in the crypto market in mid-term, and I think we may see huge correction patterns in Altcoins like September 2020 , and I do not expect the new ATH until after August (time analysis)
Note
When the analysis was published, we had a few candles and the triangle pattern was wrong, so I decided to update this idea and modify the box and the triangleAs you know, the first support ($ 28,500) I was expecting was well touched and then started to recover.
Now we have to see the box support at $ 31,000 will be broken or not.
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