BTC/USD - is BTC still in a downtrend?
Updated
Let’s have a look at the BTC/USD 1 week chart and see what this chart and indicators are telling us.
BTC is still in a massive Falling Wedge Pattern.
BTC is also still in a massive Ichimoku Y-Wave pattern.
Note that the 50MA is still traveling DOWNWARDS towards the 200MA so we still might see a Death Cross on this 1 week timeframe.
At the moment of typing this, BTC has crossed back under its Least Squares Moving Average (LSMA) on this 1 week timeframe. A successful close below the LSMA and successful re-test as resistance will indicate that the direction of travel will most likely continue downwards.
BTC is still way under its Bollinger Bands Middle Band Basis 20 Period SMA on this 1 week timeframe.
Looking at the Descending Pitchfork Pattern, we can see the Support and Resistance levels that BTC has been hitting on this indicator.
Here is a closer look at this 1 week chart:
BTC is still in the Bearish Zone of all 3 of its major Ichimoku Clouds.
Looking at BTC’s most important Ichimoku Cloud:
The Conversion Line (Tenkan Sen) is indicating that mid-point the short-term momentum is downwards at the moment.
The Base Line (Kijun Sen) is indicating that the mid-point of the mid-term momentum is sideways at the moment.
The Lagging Span (Chikou Span) is indicating that momentum, at the moment is starting to slope downwards.
Using the Negative V Calculation from the 1 Month Chart, and using the Ichimoku Timespan Numbers of 65-Bars and 76-Bars starting from the ATH at $68,789.63 back in Nov 2021, we have 2 potential timeframes for the price target $9,916.
V Calculation Negative (from 1 month chart)
V = B - (C-B) = D
C $25,160 - B $17,538 = $7,622
B $17,538 - (C-B) $7,1622 = $9,916
D1 = $9,916 The week of 6th Feb 2023
D2 = $9,916 The week 24th April 2023
Note that this is NOT a bottom for BTC but is a PRICE TARGET using the Ichimoku V Calculation (Negative).
Looking at the Up/Down Volume, we can see that the Volume Traded since around June 2021 has been nothing when compared to what has been previously traded in the past.
Looking at the Relative Strength Index (RSI) we can see that the RSI is pointing downwards and still has plenty of room to move downwards before becoming Oversold on this 1 week timeframe. Note that the RSI is getting very close to crossing under is 9 Period EMA.
From my opinion, before anyone can start talking or preaching about bottoms, reversals and bull-runs, we need to talk about fundamentals and what is happening to the world economy. We also now know that the Crypto world isn’t yet a hedge against inflation and we also need to accept the fact that the world is already in a recession and possibly heading into a depression in 2023.
From my opinion BTC is still in a mid to longterm downtrend. That is NOT going to change unless BTC crosses back ABOVE and more importantly CLOSES ABOVE its 200MA on the 1 Day Chart for Mid-Term and 1 Week Chart for Long-Term. If/when this happens, be on the lookout for any successful re-test as support on these timeframes.
Once this world wide recession fully bottoms out be it in 6 months, 1 year, 2 years, 5 years or 10 years and when the powers that be have had their fill of transferring wealth from the Middle Class and the Poor to the elites, then true opportunities WILL ARISE for those who are ready.
Again this is all my opinion so I hope this post is helpful.
BTC is still in a massive Falling Wedge Pattern.
BTC is also still in a massive Ichimoku Y-Wave pattern.
Note that the 50MA is still traveling DOWNWARDS towards the 200MA so we still might see a Death Cross on this 1 week timeframe.
At the moment of typing this, BTC has crossed back under its Least Squares Moving Average (LSMA) on this 1 week timeframe. A successful close below the LSMA and successful re-test as resistance will indicate that the direction of travel will most likely continue downwards.
BTC is still way under its Bollinger Bands Middle Band Basis 20 Period SMA on this 1 week timeframe.
Looking at the Descending Pitchfork Pattern, we can see the Support and Resistance levels that BTC has been hitting on this indicator.
Here is a closer look at this 1 week chart:
BTC is still in the Bearish Zone of all 3 of its major Ichimoku Clouds.
Looking at BTC’s most important Ichimoku Cloud:
The Conversion Line (Tenkan Sen) is indicating that mid-point the short-term momentum is downwards at the moment.
The Base Line (Kijun Sen) is indicating that the mid-point of the mid-term momentum is sideways at the moment.
The Lagging Span (Chikou Span) is indicating that momentum, at the moment is starting to slope downwards.
Using the Negative V Calculation from the 1 Month Chart, and using the Ichimoku Timespan Numbers of 65-Bars and 76-Bars starting from the ATH at $68,789.63 back in Nov 2021, we have 2 potential timeframes for the price target $9,916.
V Calculation Negative (from 1 month chart)
V = B - (C-B) = D
C $25,160 - B $17,538 = $7,622
B $17,538 - (C-B) $7,1622 = $9,916
D1 = $9,916 The week of 6th Feb 2023
D2 = $9,916 The week 24th April 2023
Note that this is NOT a bottom for BTC but is a PRICE TARGET using the Ichimoku V Calculation (Negative).
Looking at the Up/Down Volume, we can see that the Volume Traded since around June 2021 has been nothing when compared to what has been previously traded in the past.
Looking at the Relative Strength Index (RSI) we can see that the RSI is pointing downwards and still has plenty of room to move downwards before becoming Oversold on this 1 week timeframe. Note that the RSI is getting very close to crossing under is 9 Period EMA.
From my opinion, before anyone can start talking or preaching about bottoms, reversals and bull-runs, we need to talk about fundamentals and what is happening to the world economy. We also now know that the Crypto world isn’t yet a hedge against inflation and we also need to accept the fact that the world is already in a recession and possibly heading into a depression in 2023.
From my opinion BTC is still in a mid to longterm downtrend. That is NOT going to change unless BTC crosses back ABOVE and more importantly CLOSES ABOVE its 200MA on the 1 Day Chart for Mid-Term and 1 Week Chart for Long-Term. If/when this happens, be on the lookout for any successful re-test as support on these timeframes.
Once this world wide recession fully bottoms out be it in 6 months, 1 year, 2 years, 5 years or 10 years and when the powers that be have had their fill of transferring wealth from the Middle Class and the Poor to the elites, then true opportunities WILL ARISE for those who are ready.
Again this is all my opinion so I hope this post is helpful.
Note
From my opinion, 
12K - 9K is still happening. 
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