First off, this maybe the last time I post this chart. Binance are Stopping USDT use from tomorrow morning. I have used this chart since around March 2020 and it is my most trusted,. A sad day for me. This chart saw me through Bulk Run, Deep Bear and now this Recovery and Bull run.
ANYWAY, the Arrow points towards a time in 2023 when we were so close to dropping into a Bear market for a number of reasons. Lets just say that Long Red Candle shoiwed a sudden weakening of Sentiment, A Lot of selling and confidence went.
It took a number of weeks for confidence to return.
And Now, we have a Similar thing. FEAR is high
AND I AM BUYING MORE BITCOIN - this is excellent...because when the price rises again, this maybe the last we see this price range.
We have Loads of support below.
It is that RED 236 Fib circle that is dragging PA down, as I mentioned last week. This and the Fact that the Weekly MACD is still falling Bearish
https://www.tradingview.com/x/LBS2j9PA/
As you can see, the weekly MACD hits Neutral around 21 April, in 3 weeks time. It is from this point forwards that I believe we will see major shift's in Sentiment and PA action. Possibly earlier but maybe not strongly.
Also note how the Histogram is levelling out. We need to see a White candle in the coming weeks or we could be facing bigger issues maybe.
The Daily version of this same chart shows us very clearly where we are.
https://www.tradingview.com/x/OwB81eVR/
This is Great News. We have broken through that 236 Red Fib circle. It is now Support. though we are under a line of resistance. But we broke through that in the recent past.
I still think we will visit 78K again for a very short period of time. ( Hopefully, nothing is certain)
Currently, the shorter term charts show Support found on the 618 Fib retracement line. And we need to see if this holds
Over all, We are near the end of the first phase of this pause in Pushes higher. We have that wall at 109K to break through in the longer Term. Once Weekly MACD is on neutral, we will wait fo rthe daily to get there also and then we can push higher with Strength.
This push maynot be a single push. the Weight of BTC with its current price holds back the sprints to ATH we once saw.
Patience is a Virtue
HOLD and BUY MORE
ANYWAY, the Arrow points towards a time in 2023 when we were so close to dropping into a Bear market for a number of reasons. Lets just say that Long Red Candle shoiwed a sudden weakening of Sentiment, A Lot of selling and confidence went.
It took a number of weeks for confidence to return.
And Now, we have a Similar thing. FEAR is high
AND I AM BUYING MORE BITCOIN - this is excellent...because when the price rises again, this maybe the last we see this price range.
We have Loads of support below.
It is that RED 236 Fib circle that is dragging PA down, as I mentioned last week. This and the Fact that the Weekly MACD is still falling Bearish
https://www.tradingview.com/x/LBS2j9PA/
As you can see, the weekly MACD hits Neutral around 21 April, in 3 weeks time. It is from this point forwards that I believe we will see major shift's in Sentiment and PA action. Possibly earlier but maybe not strongly.
Also note how the Histogram is levelling out. We need to see a White candle in the coming weeks or we could be facing bigger issues maybe.
The Daily version of this same chart shows us very clearly where we are.
https://www.tradingview.com/x/OwB81eVR/
This is Great News. We have broken through that 236 Red Fib circle. It is now Support. though we are under a line of resistance. But we broke through that in the recent past.
I still think we will visit 78K again for a very short period of time. ( Hopefully, nothing is certain)
Currently, the shorter term charts show Support found on the 618 Fib retracement line. And we need to see if this holds
Over all, We are near the end of the first phase of this pause in Pushes higher. We have that wall at 109K to break through in the longer Term. Once Weekly MACD is on neutral, we will wait fo rthe daily to get there also and then we can push higher with Strength.
This push maynot be a single push. the Weight of BTC with its current price holds back the sprints to ATH we once saw.
Patience is a Virtue
HOLD and BUY MORE
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.
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.