Has Bitcoin reached it top ? The ATR maybe telling us what ?
I have posted this before but now I have added anoterh dimension to the list.
I have previously commented on the similarities between 2020 -> 2021 ATH PA and the current Path being taken. The Arrows point out Zones of interest previously discussed.
But following on from a reminder yesterday, I decided to add the ATR indicator, I used to use this in 2021 and if I am honest, I forgot about it...Nearly a crime as it is almost VITAL.
Anyway, ATR, The average true range (ATR) is a market volatility indicator used in technical analysis. It is typically derived from the 14-day simple moving average of a series of true range indicators.
As you can see, on a weekly scale, it is very obvious what happens when BTC approach a Top....ATR is there too...
ATR in this chart is the lower indicator and I have drawn a vertical line from the March 2021 ATH....See where ATR is now ?
I have drawn a horizontal line from that point and Look where ATH is now on that line.
The same level as it was on the 2021 ATH
So, Have we reached a Top ?
MAYBE but there are plenty of things that say more is to come.....BUT we need to pay attention to what Charts Show us....Not possibly get blindsided by desire.
The Top indicator is SPOT Volume Across all exchanges....It has been dropping off....maybe because of ETF....
The 2nd is Leveraged and sadly we cannot retrace it back as the 2020-2021 was predominatly Spot driven....But currently we have a Lot of bearish leveraged trades.
So the ATR can rise more..But this will only reflect the VOLATILITY of the market...and NOT direction.
And yet, if this is the Top here, we miss hitting that Trend line above.
Not shown on this chart is the MACD, that has turned Bearish on the Weekly and takes about 90 days to return to Neutral.
In short, I will be very surprised if her reach the 100K before at least September this year....and that is around where that Big Fib circle, crosses that trendline in the Big Circle Top right.
Time will tell if this works out.....I hope so....because there is also more to come in 2025
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