BTC monthly time frame
#BTC - Monthly Timeframe
Confusion, uncertainty, doubt, fear.
A sentiment that has plagued the market for 5 months in a row now.
Those once calling for 100K are now calling for 10K.
Bull run buyers are drowning. Fearful of selling in case price pumps higher, yet fearful of buying in case price crashes lower.
Not much has changed over the past few months. The indecision of BTC’s fate is represented clearly by the range-bound price action on the monthly timeframe, where price remains stabilised between $19,000 and $25,000.. a representation of symmetry and a fair fight between bulls and bears at present.
Whilst most remain fearful of the next move, the monthly timeframe (often overlooked by many) provides a reassurance that not all hope is lost yet.
Despite BTC being down over -70% from its ATH... something, and someone, continues ensuring price isn’t going lower... yet.
Look at it this way... despite crumbling from $69,000, a clear level of support is forming and it’s holding incredibly well. Those who called for 100K are now screaming for lower... which tells us if they’re now expecting 10K.. the same fate is likely in store for the sheep who follow the latest candle.
The bear market is far from over, don’t get that confused.
We have warned about the $10,000 - $6,000 zone since we hit the $60,000 highs, that bias doesn’t change. But it doesn’t mean it has to happen immediately.
Bear markets work differently to bull markets. They can go up before going down more severely.
A word of warning....
Going up from here doesn’t mean we’re in a bull market, it just means the bear market is about to get a lot of worse.
Confusion, uncertainty, doubt, fear.
A sentiment that has plagued the market for 5 months in a row now.
Those once calling for 100K are now calling for 10K.
Bull run buyers are drowning. Fearful of selling in case price pumps higher, yet fearful of buying in case price crashes lower.
Not much has changed over the past few months. The indecision of BTC’s fate is represented clearly by the range-bound price action on the monthly timeframe, where price remains stabilised between $19,000 and $25,000.. a representation of symmetry and a fair fight between bulls and bears at present.
Whilst most remain fearful of the next move, the monthly timeframe (often overlooked by many) provides a reassurance that not all hope is lost yet.
Despite BTC being down over -70% from its ATH... something, and someone, continues ensuring price isn’t going lower... yet.
Look at it this way... despite crumbling from $69,000, a clear level of support is forming and it’s holding incredibly well. Those who called for 100K are now screaming for lower... which tells us if they’re now expecting 10K.. the same fate is likely in store for the sheep who follow the latest candle.
The bear market is far from over, don’t get that confused.
We have warned about the $10,000 - $6,000 zone since we hit the $60,000 highs, that bias doesn’t change. But it doesn’t mean it has to happen immediately.
Bear markets work differently to bull markets. They can go up before going down more severely.
A word of warning....
Going up from here doesn’t mean we’re in a bull market, it just means the bear market is about to get a lot of worse.
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.