Bitcoin has never been in a bear market in monthly chart.
All the correction we saw it was a weekly correction(bear market) in monthly they were just a correction.
The trend is your friend and as long BTC is above EMA 55 in monthly (closing monthly candles above there) we can speculate higher prices in the incoming years .
Based on my own count using EW( I like to use it for macro time frames weekly and above) I need to say EW is not my main trading system but I like to see the big picture using this theory.
I believe btc finished the last wave at 68k of the a macro wave 3. now based on price action as long btc close November and better in Jan 2022 is closing below 60k I am expecting a major ABC correction ( Wave 4) after that we will see the last push of this cycle (multi year uptrend)
Bullish:
Targets in the correction:
30k is the key area I am looking for if this area breaks next area to start watching is 17k and the final area is 10k.
BTC could drop like March 2020 in less than one week 70% and go there but as long is closing above the EMA 55 monthly and the parallel channel any drop like this is a buy opportunity.
If this correction ABC plays out (supported with bearish divergences in weekly and monthly using TRIX indicator) the next bull run we will see 100k and more.
Targets after the correction for me are.
100k
200k
250k
Timing is very important people are thinking btc will go there in one day keeping in mind I am talking about macro time frames this projection is for the next 3 years.
Bearish.
if BTC close monthly candle below the parallel channel and EMA 55 monthly I will consider that we will see a new phase in the market that we have never seen before
Monthly bear market for BTC will destroy 90% of all the cryptocurrencies of the market.
Technically speaking if you watch OBV there is a massive bear divergences in monthly chart also TRIX is showing the same thing.
This scenario will happen in some point. but it will take years to see this. maybe after the last halving(I am speculating here)
All the correction we saw it was a weekly correction(bear market) in monthly they were just a correction.
The trend is your friend and as long BTC is above EMA 55 in monthly (closing monthly candles above there) we can speculate higher prices in the incoming years .
Based on my own count using EW( I like to use it for macro time frames weekly and above) I need to say EW is not my main trading system but I like to see the big picture using this theory.
I believe btc finished the last wave at 68k of the a macro wave 3. now based on price action as long btc close November and better in Jan 2022 is closing below 60k I am expecting a major ABC correction ( Wave 4) after that we will see the last push of this cycle (multi year uptrend)
Bullish:
Targets in the correction:
30k is the key area I am looking for if this area breaks next area to start watching is 17k and the final area is 10k.
BTC could drop like March 2020 in less than one week 70% and go there but as long is closing above the EMA 55 monthly and the parallel channel any drop like this is a buy opportunity.
If this correction ABC plays out (supported with bearish divergences in weekly and monthly using TRIX indicator) the next bull run we will see 100k and more.
Targets after the correction for me are.
100k
200k
250k
Timing is very important people are thinking btc will go there in one day keeping in mind I am talking about macro time frames this projection is for the next 3 years.
Bearish.
if BTC close monthly candle below the parallel channel and EMA 55 monthly I will consider that we will see a new phase in the market that we have never seen before
Monthly bear market for BTC will destroy 90% of all the cryptocurrencies of the market.
Technically speaking if you watch OBV there is a massive bear divergences in monthly chart also TRIX is showing the same thing.
This scenario will happen in some point. but it will take years to see this. maybe after the last halving(I am speculating here)
Trading for living!