At time of writing we're tagging ~$43,7xx
Markets getting euphoric here with indexes like
SPY and 
QQQ near ATHs. Keeping in mind that usually BTC trades in tandem with the indexes so we wanna be cautionary of continued upside.
Also with crypto stocks like COIN, MARA, MSTR, RIOT showing some relative weakness today (Dec 4, 22023) with bitcoin moving up looks like we may be near a short term topping period.
Additionally, we usually track the 8/20EMA closely outside of when we actually break ATHs and reach new peaks. Right now we've strayed pretty far on the weekly/monthly time frames and ideally would like to see us retrace back to those levels or trade sideways to let the EMAs catch up.
Some additional notes:
- We typically don't reach prior ATHs until above ~200 days after the halvening. Expected halvening is April 2024 and so I wouldn't expect bitcoin to get back to ATHs until around Nov 2024 and then start the raging bull run into new ATHs into 2025.
- We usually at least hit fib 1.618 sometime before halvening which would be around ~$48k. So next 4-5 months.
Markets getting euphoric here with indexes like
SPY and QQQ near ATHs. Keeping in mind that usually BTC trades in tandem with the indexes so we wanna be cautionary of continued upside. Also with crypto stocks like COIN, MARA, MSTR, RIOT showing some relative weakness today (Dec 4, 22023) with bitcoin moving up looks like we may be near a short term topping period.
Additionally, we usually track the 8/20EMA closely outside of when we actually break ATHs and reach new peaks. Right now we've strayed pretty far on the weekly/monthly time frames and ideally would like to see us retrace back to those levels or trade sideways to let the EMAs catch up.
Some additional notes:
- We typically don't reach prior ATHs until above ~200 days after the halvening. Expected halvening is April 2024 and so I wouldn't expect bitcoin to get back to ATHs until around Nov 2024 and then start the raging bull run into new ATHs into 2025.
- We usually at least hit fib 1.618 sometime before halvening which would be around ~$48k. So next 4-5 months.
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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.