After 9 weeks of downtrend, the weekly-td sequential system is flashing a buy signal. Can it reverse the trend and keep bitcoin in this ascending channel?
I agree with you on this point: "BTC can correct 80%, but only if the market cycle has ended, I personally think this was a mid-cycle top."
I think we need one more extended wave to new highs before this bull cycle ends.
shell0
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There is a huge bearish divergence on the weekly also as a side note my bottom signal personally is when dogecoin will go back sub 5cents
CivilisedWolf
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@shell0, Don't you think the divergence has played out already? It has been a -53% drop. I don't think it has its effect anymore
shell0
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@VincentBoudewijn, partially, it just doesnt get up just like that as if nothing has happened, im waiting for a 70%-80% correction before really finding the bottom. One other factor is the altcoins valuation its just unsustainable to go higher if we have thousands and thousands of overvalued shitcoins. That's my way of thinking i might be totally wrong
CivilisedWolf
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@shell0, I can agree with you that BTC can correct 80%, but only if the market cycle has ended, I personally think this was a mid-cycle top. I mainly look at the data on lookintobitcoin.com/charts to define where we are in the cycle. There are some great metrics there to get an idea. Ofcourse anything can happen but that is what im following.
karanfill
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@VincentBoudewijn, Thanks for valuable informations
@VincentBoudewijn, the issue is that all of these models have been built afterward + the range is so wide that they mean anything, i mean if i follow their logic one have to keep his bags from 60 to 20k before knowing if he is still in a bull cycle or not...
Other than that for me we are no longer in a bull market since we touch the 200ema the first time in this bullrun.
Price is the only real indicator everything else is bullshit
tweakmyripple
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@VincentBoudewijn yeah the models on that website are nice. I use the bitcoin wisdom aggregate d heatmap some too
I think we need one more extended wave to new highs before this bull cycle ends.