The timeframe for this chart is on the weekly.
Bitcoin is looking super bullish as of right now, we have multiple indicators telling us that the bottom is likely in.
If you take a look at the RSI, we've only touched this area twice on the weekly ever and after reaching these RSI levels, we would reverse ( Take a look at the 3 white circles)
If we get a repeat of what the previous two times we reached these RSI levels did, then the bottom is in.
Now if you take a look at the MACD, I have two white circles marked, at the top one, this would've been a good indicator to exit your positions as we've never entered those MA on the MACD before, it looks way too high. Now if you look at the bottom circle of the MACD it's saying the same thing... We've never reached these levels of MA on the MACD EVER in the history of bitcoin ( This is a good indicator that these are good entry levels ). Anyone selling at these price points must be out of their mind.
On my chart you'll see that ABC wave is in and completed at BTC price of 17k
We still have a possibility of WXYXZ wave playing out because I cannot predict the future; Even though I think the bottom is in, we can have a black swan event such as WW3 and prices can go even lower. Which is why I am showing you a possibility of an WXYXZ wave here.
Right now we are either working on an impulse wave from the ABC correction that ended at 17k
OR we are working towards finishing up the WXYXZ wave - If this, we need to complete the X wave then go one leg down to Z
X wave top is around 28k, If we go above this price area then it confirms an impulse wave trend which would be the purple wave shown on here. The impulse wave top should be around 33k
Personally, I don't think we're in a recession, I think we will have a recession after Biden's term is over and a new president is elected. The people in office now will try their best to delay a recession by whatever means, even if it means printing more money. This doesn't solve anything, all it does is create a false safety net which only delays the inevitable. When we can no longer delay an economic crash, it will happen. Biden will try his best to not let it happen on his term, when his term is over, this mess is left with the new president to deal with. By the time he gets into office, he has to learn all these things and sadly it won't be enough time. Our real recession will start right where this 5th wave top is. After this we will enter a 3 year bear market.
Bitcoin is looking super bullish as of right now, we have multiple indicators telling us that the bottom is likely in.
If you take a look at the RSI, we've only touched this area twice on the weekly ever and after reaching these RSI levels, we would reverse ( Take a look at the 3 white circles)
If we get a repeat of what the previous two times we reached these RSI levels did, then the bottom is in.
Now if you take a look at the MACD, I have two white circles marked, at the top one, this would've been a good indicator to exit your positions as we've never entered those MA on the MACD before, it looks way too high. Now if you look at the bottom circle of the MACD it's saying the same thing... We've never reached these levels of MA on the MACD EVER in the history of bitcoin ( This is a good indicator that these are good entry levels ). Anyone selling at these price points must be out of their mind.
On my chart you'll see that ABC wave is in and completed at BTC price of 17k
We still have a possibility of WXYXZ wave playing out because I cannot predict the future; Even though I think the bottom is in, we can have a black swan event such as WW3 and prices can go even lower. Which is why I am showing you a possibility of an WXYXZ wave here.
Right now we are either working on an impulse wave from the ABC correction that ended at 17k
OR we are working towards finishing up the WXYXZ wave - If this, we need to complete the X wave then go one leg down to Z
X wave top is around 28k, If we go above this price area then it confirms an impulse wave trend which would be the purple wave shown on here. The impulse wave top should be around 33k
Personally, I don't think we're in a recession, I think we will have a recession after Biden's term is over and a new president is elected. The people in office now will try their best to delay a recession by whatever means, even if it means printing more money. This doesn't solve anything, all it does is create a false safety net which only delays the inevitable. When we can no longer delay an economic crash, it will happen. Biden will try his best to not let it happen on his term, when his term is over, this mess is left with the new president to deal with. By the time he gets into office, he has to learn all these things and sadly it won't be enough time. Our real recession will start right where this 5th wave top is. After this we will enter a 3 year bear market.
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This chart below is to help you guys clear out any bearish charts lol
Peter Schiff posted a btc chart earlier and I applaud him for trying, but he still doesn't really understand technical analysis
He said we are still going down because we have 3 bearish things on the chart he posted; a double top, a head & shoulder and a rising wedge.
These 3 are in fact bearish patterns and scenarios, however, they've already happened... We cannot use news of 8+ months ago to push an agenda we want. These prices are already shown in the charts
Our double top has brought prices down from 69k to 42k and lower. When we saw the double top and head and shoulder pattern, prices dropped even further. This is what got us to 32k BTC and yet we went even lower.
On the chart below you'll see a green trend line that is our neckline, head and shoulder patterns normally retrace down from the prices prior to the left shoulder going to it's neckline. On here it was about 35% increase so the retrace would be roughly similar. Below the green trend line is the blue line, that is where the retrace would go to for a head and shoulder pattern.
Now he says there's a rising wedge forming, this is the yellow circle. If that is a rising wedge, then take a look at the teal circle. What do you call that?
That's probably Peter Schiff screaming rising wedge for over a year before we broke down from it.
Peter Schiff posted a btc chart earlier and I applaud him for trying, but he still doesn't really understand technical analysis
He said we are still going down because we have 3 bearish things on the chart he posted; a double top, a head & shoulder and a rising wedge.
These 3 are in fact bearish patterns and scenarios, however, they've already happened... We cannot use news of 8+ months ago to push an agenda we want. These prices are already shown in the charts
Our double top has brought prices down from 69k to 42k and lower. When we saw the double top and head and shoulder pattern, prices dropped even further. This is what got us to 32k BTC and yet we went even lower.
On the chart below you'll see a green trend line that is our neckline, head and shoulder patterns normally retrace down from the prices prior to the left shoulder going to it's neckline. On here it was about 35% increase so the retrace would be roughly similar. Below the green trend line is the blue line, that is where the retrace would go to for a head and shoulder pattern.
Now he says there's a rising wedge forming, this is the yellow circle. If that is a rising wedge, then take a look at the teal circle. What do you call that?
That's probably Peter Schiff screaming rising wedge for over a year before we broke down from it.
Comment:
Rising wedge might look something like this
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What Peter Schiff is saying on his recent chart makes 0 sense for why btc will go to 10k because all of those pattern except a possible rising wedge has already played out.
If you take a look at the chart below; it'll explain to you why btc will drop from each price point. It's like me saying a triple top and this head & shoulder is the reason why BTC can go to 20k in 2024, noooo lol.
In 2024 when BTC hits 69k, it can go down to 34k because we got a triple top
Afterwards we bounce to 88k, from there a possible head & shoulder will form. If so we will drop to 34k again.
We can't say that at 34k it will go even lower because on the chart we can see a triple top and head & shoulder. It's already at 34k because those things happened, understand?
If you take a look at the chart below; it'll explain to you why btc will drop from each price point. It's like me saying a triple top and this head & shoulder is the reason why BTC can go to 20k in 2024, noooo lol.
In 2024 when BTC hits 69k, it can go down to 34k because we got a triple top
Afterwards we bounce to 88k, from there a possible head & shoulder will form. If so we will drop to 34k again.
We can't say that at 34k it will go even lower because on the chart we can see a triple top and head & shoulder. It's already at 34k because those things happened, understand?
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If this chart is right then this make sense
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This is a huge bull flag, let's see if this plays out. If we break out of the flag, we will retest 18k or so after the 33k-35k top
If we get 33k-35k and retest 18k this will confirm our new impulse wave trend.
If we get 33k-35k and retest 18k this will confirm our new impulse wave trend.