Usually I post ltf (lower time frame) technical analysis, however one of my followers has requested a long term bitcoin chart so I've decided to create visuals on the monthly chart.
4 candles represents one quarter annually (which is macro - htf) and shows the most data in one candle)
The monthly candle is down $10,000 since it's latest ATH (top) at $42,000.
I'm expecting Q1 2021 to have a MASSIVE wick to the downside which will flush out a lot of traders/investors and then the bull run can continue most likely, I'm macro bullish of course but this cannot go unnoticed.
Please get this technical analysis to 30+ likes to unlock Sunday/Monday's daily TA, enjoy your weekend everyone! 👍
İşlem aktif
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Ive got a feeling of intuition this weekly candle close is going to trap bulls into bad positions going into this week
This is what I posted last week after looking at BTC trading history.
First wave started from March 2020 to late July 2020, third wave started from mid Oct 2020 to late Nov of the same year. The final and fifth wave started from mid dec and looks it has ended. Also there is no strong support up from 20K on. Arguably 26K to 28K looks like one but it has only been seriously tested one or twice. And traditionally large retracement like this, went down from 40% to 60% of its ATH, like how in early 2018 BTC went from 20K to 6K in a matter of weeks or days which is a 70% drop from ATH BTW.
This bull run started back in 2020 March at 3800, so BTC have essentially 10X its price and the bull market has lasted for almost a year already. Its time to retrace and restart the accumulation phrase for the next bull run.
So this retracement should be concluding the amazing bull run we have for almost a year. 42K is likely to stay as our ATH until the next bull run.
But too many people are bullish to even consider that possiblilty. They still think BTC will hit 57K soon.
YurloTrades
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@Cryptodesperate, Do you think BTC will hit 57k? And yes i agree with your explanation, people who think we see $50,000 before $20,000 are delusional and if that happened bitcoin would have 0 fundamentals because the move doesn't make any logical sense. The markets stayed irrational for a year straight almost but people are still stuck in the bull run mode so they aren't paying attention to the signs of bearish trends especially after we have been breaking support levels, key ones also. The next week will be interesting.
Cryptodesperate
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@YurloTrades, Not anytime soon especially when the incoming weekly candle is likely to be red again, another very bearish sign.
YurloTrades
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@Cryptodesperate you seem to understand market structure the same way as I do. not too many traders are on my wave length. Send me a DM brother.
manjotsbajwa
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@Cryptodesperate, @YurloTrades where do you guys see the bottom for this rally? I think its 7000-9000. Any thoughts?
manjotsbajwa
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where do you see the bottom for this rally? I think based on chart review 7000-9000. Any thoughts?
YurloTrades
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@manjotsbajwa, verd hard to tell, am not sure. many people many people bullish. we have to see i dont know
First wave started from March 2020 to late July 2020, third wave started from mid Oct 2020 to late Nov of the same year. The final and fifth wave started from mid dec and looks it has ended. Also there is no strong support up from 20K on. Arguably 26K to 28K looks like one but it has only been seriously tested one or twice. And traditionally large retracement like this, went down from 40% to 60% of its ATH, like how in early 2018 BTC went from 20K to 6K in a matter of weeks or days which is a 70% drop from ATH BTW.
This bull run started back in 2020 March at 3800, so BTC have essentially 10X its price and the bull market has lasted for almost a year already. Its time to retrace and restart the accumulation phrase for the next bull run.
So this retracement should be concluding the amazing bull run we have for almost a year. 42K is likely to stay as our ATH until the next bull run.
But too many people are bullish to even consider that possiblilty. They still think BTC will hit 57K soon.