BTCUSDT - Bearish until APRIL 2023?
Hi Traders, Investors and Speculators 📈📉
Ev here. Been trading crypto since 2017 and later got into stocks. I have 3 board exams on financial markets and studied economics from a top tier university for a year. Daytime job - Math Teacher. 👩🏫
In today's analysis, a weekly outlook on Bitcoin / BTCUSDT. A week ago, I made a video on trend analysis, the Bump and Run method (which is a trend line based analysis trying to determine when a potential reversal may occur). During this video I mentioned how this weeks close would give us a good idea on whether on not BTC is ready for a reversal, or if the bear market will continue. From the analysis, we can see our second rejection at the trend line after a "bottom". This means, that the price will be pushed down lower and continue UNDER the trend line. You can find a quick masterclass on the bump and run method HERE:
We also observe a great deal of volume on the charts. In this scenario, it would indicate that there are many sellers here. For interest sake, I pulled up a trend based Fibonacci time indicator. You can clearly spot that from the weekly, the chart action seems to happen in phases (take a look at the grey vertical grid lines). This inspired me to look at the Fibonacci time cycle. And from this, we have a 1 Fibonacci extension very close to a grey gridline as well, pointing towards April 2023. This would be, coincidentally, around the beginning of Spring in Europe. This could have relevance due to the gas crises in Europe and the decline of the Euro, considering winter is coming up and the strengthening of the dollar due to this crises. In other words, many might prefer to be "in dollars" for as long as the DXY continues to become more valuable / increases / being bullish. More on this complex matter HERE:
Now this may be unsettling, but this does not mean that other altcoins can not see bullish price movement, especially micro cap altcoins. It is my belief that this time of the season / cycle is the best time to accumulate and look for new opportunities in the market. If you're interested in the TOP altcoins I'm watching, check out this idea 👀
_______________________
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CryptoCheck
Ev here. Been trading crypto since 2017 and later got into stocks. I have 3 board exams on financial markets and studied economics from a top tier university for a year. Daytime job - Math Teacher. 👩🏫
In today's analysis, a weekly outlook on Bitcoin / BTCUSDT. A week ago, I made a video on trend analysis, the Bump and Run method (which is a trend line based analysis trying to determine when a potential reversal may occur). During this video I mentioned how this weeks close would give us a good idea on whether on not BTC is ready for a reversal, or if the bear market will continue. From the analysis, we can see our second rejection at the trend line after a "bottom". This means, that the price will be pushed down lower and continue UNDER the trend line. You can find a quick masterclass on the bump and run method HERE:
We also observe a great deal of volume on the charts. In this scenario, it would indicate that there are many sellers here. For interest sake, I pulled up a trend based Fibonacci time indicator. You can clearly spot that from the weekly, the chart action seems to happen in phases (take a look at the grey vertical grid lines). This inspired me to look at the Fibonacci time cycle. And from this, we have a 1 Fibonacci extension very close to a grey gridline as well, pointing towards April 2023. This would be, coincidentally, around the beginning of Spring in Europe. This could have relevance due to the gas crises in Europe and the decline of the Euro, considering winter is coming up and the strengthening of the dollar due to this crises. In other words, many might prefer to be "in dollars" for as long as the DXY continues to become more valuable / increases / being bullish. More on this complex matter HERE:
Now this may be unsettling, but this does not mean that other altcoins can not see bullish price movement, especially micro cap altcoins. It is my belief that this time of the season / cycle is the best time to accumulate and look for new opportunities in the market. If you're interested in the TOP altcoins I'm watching, check out this idea 👀
_______________________
📢Follow us here on TradingView for daily updates and trade ideas on crypto , stocks and commodities 💎Hit like & Follow
We thank you for your support !
CryptoCheck
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