Previously posted about the BTCUSD long range screen.
On Oct 30, posted:
"At the the current time, the excitement of the BTCUSD (and other alt coins) surge in the recent week may or may not be the end of the bear market. But according to this technical model, it appears that it is not quite ready or ripe for the start of a bull run; and by projection, and estimated 5-6 weeks may open a the next window."
And so something happened a week before anticipated, namely, the FTX rout.
Still intact, and further remodeled, the BTCUSD weekly patterns are viewed as:
There is a 3 wave structure to get an ultimate Lower Low; this is then followed by a recovery to the middle Lower Low range (yellow box) and a breakout above that level (lime green ellipse) is accompanied by a MACD crossover into the bullish half, as well as the VolDiv crossing over the zero line. Uncannily, this has happened at least twice before, and the current set up appears to be building similarly.
So, by simple projection, some downside is expected, possibly as low as 10,000. It may not reach there, or more likely reach 10K briefly.
Then the first early engagement target is a bounce to break above 13,000. (orange ellipse) some time in mid-late December 2022. And confirmation should follow in January 2023, about 19,000-20,000.
Looking at patterns, the next bull run is going to be filled with huge ranges and large bouts of volatility. So do be wary... There is time to accumulate, just get it done in planned phases. Hence all these effort to work out possible time (frames) of rebound and breakouts.
So, 13K, 19K, 20K are levels to watch in December 2022 and Jan 2023.
On Oct 30, posted:
"At the the current time, the excitement of the BTCUSD (and other alt coins) surge in the recent week may or may not be the end of the bear market. But according to this technical model, it appears that it is not quite ready or ripe for the start of a bull run; and by projection, and estimated 5-6 weeks may open a the next window."
And so something happened a week before anticipated, namely, the FTX rout.
Still intact, and further remodeled, the BTCUSD weekly patterns are viewed as:
There is a 3 wave structure to get an ultimate Lower Low; this is then followed by a recovery to the middle Lower Low range (yellow box) and a breakout above that level (lime green ellipse) is accompanied by a MACD crossover into the bullish half, as well as the VolDiv crossing over the zero line. Uncannily, this has happened at least twice before, and the current set up appears to be building similarly.
So, by simple projection, some downside is expected, possibly as low as 10,000. It may not reach there, or more likely reach 10K briefly.
Then the first early engagement target is a bounce to break above 13,000. (orange ellipse) some time in mid-late December 2022. And confirmation should follow in January 2023, about 19,000-20,000.
Looking at patterns, the next bull run is going to be filled with huge ranges and large bouts of volatility. So do be wary... There is time to accumulate, just get it done in planned phases. Hence all these effort to work out possible time (frames) of rebound and breakouts.
So, 13K, 19K, 20K are levels to watch in December 2022 and Jan 2023.
