Bitcoin (BTCUSD) has been repeating almost the exact same pattern during every Bear Cycle and its subsequent bottom.
Once the Bull Cycle tops, the market enters a correction under Lower Highs, which is technically the new Bear Cycle. A break below the Support of the Descending Triangle typically initiates Phase 2, which is where BTC is currently at.
On the 2014 and 2018 Bear Cycles, the bottom came on the 1M MA50 (blue trend-line). On the more recent one (2022) it was formed within the 1M MA50 - 1W MA350 (red trend-line) Zone. This is where we expect BTC to form its new bottom (minimum), within $50000 - 45000.
Notice also that the Triangle's Support has historically been either on the 0.236 Fibonacci retracement level from the previous Cycle Low or on the 0.5 Fib (blue) from the upcoming bottom. If this is again on the 1W MA350, then this time the 0.236 and 0.5 Fibs overlap, which largely confirms this Triangle thesis.
So do you also expect one more drop or you believe the Cycle has already bottomed? Feel free to let us know in the comments section below!
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Once the Bull Cycle tops, the market enters a correction under Lower Highs, which is technically the new Bear Cycle. A break below the Support of the Descending Triangle typically initiates Phase 2, which is where BTC is currently at.
On the 2014 and 2018 Bear Cycles, the bottom came on the 1M MA50 (blue trend-line). On the more recent one (2022) it was formed within the 1M MA50 - 1W MA350 (red trend-line) Zone. This is where we expect BTC to form its new bottom (minimum), within $50000 - 45000.
Notice also that the Triangle's Support has historically been either on the 0.236 Fibonacci retracement level from the previous Cycle Low or on the 0.5 Fib (blue) from the upcoming bottom. If this is again on the 1W MA350, then this time the 0.236 and 0.5 Fibs overlap, which largely confirms this Triangle thesis.
So do you also expect one more drop or you believe the Cycle has already bottomed? Feel free to let us know in the comments section below!
---
** Please LIKE 👍, FOLLOW ✅, SHARE 🙌 and COMMENT ✍ if you enjoy this idea! Also share your ideas and charts in the comments section below! This is best way to keep it relevant, support us, keep the content here free and allow the idea to reach as many people as possible. **
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I trade Crypto, Forex, Indices & Commodities on PrimeXBT — all from one account with TradingView charts 👉 tradingshot.short.gy/PrimeXBT
I also use TradeNation for fixed spreads & zero commission 👉 tradingshot.short.gy/Tradenation
I also use TradeNation for fixed spreads & zero commission 👉 tradingshot.short.gy/Tradenation
免責聲明
這些資訊和出版物並非旨在提供，也不構成TradingView提供或認可的任何形式的財務、投資、交易或其他類型的建議或推薦。請閱讀使用條款以了解更多資訊。