The main support and resistance levels of Bitcoin during 2021 mapped out. Our top for 2021 is in at 69K, the question remains what we could expect for 2022. In my opinion we could expect more downside unless we break resistance and close 2 consecutive weeks above the bull market support band (now at 52,5K).
Like I said in my last idea, we have been in a mark up phase for 3 years now, starting in December 2018 which ran all the way to November 2021. Every mark up phase is followed by a mark down phase and we already extended 6 more months compared to the 2017 cycle. Given 99% of retail did not take profits because "this time it's different" - I do expect a capitulation during 2022 - although price does not necessarily have to stay below the current resistance trendline. A relief rally will come, whether in January after a further correction in the coming weeks or vice versa. All in all, I think 2022 will be a tough year for the bulls. I look forward to how price action will develop over the holidays and Q1 2022 and I expect opportunities between Q2 and Q4 2022 for those who have buying power.
IMPORTANT: this is not financial advice, trade or invest based on your own risk and research.
Like I said in my last idea, we have been in a mark up phase for 3 years now, starting in December 2018 which ran all the way to November 2021. Every mark up phase is followed by a mark down phase and we already extended 6 more months compared to the 2017 cycle. Given 99% of retail did not take profits because "this time it's different" - I do expect a capitulation during 2022 - although price does not necessarily have to stay below the current resistance trendline. A relief rally will come, whether in January after a further correction in the coming weeks or vice versa. All in all, I think 2022 will be a tough year for the bulls. I look forward to how price action will develop over the holidays and Q1 2022 and I expect opportunities between Q2 and Q4 2022 for those who have buying power.
IMPORTANT: this is not financial advice, trade or invest based on your own risk and research.
Comment:
Be cautious with your trading during the coming weeks. Order books are dry and we could see high volatility that can wick you out of your trades in both ways (bull or bear). Merry Christmas to everyone, make sure you stay in the game for 2022 and onward when the real mainstream adoption will start. This was just a warm up. Bless!
Comment:
Funny to look back. We hit all the support zones. Now its time for buying, more info on my portfolio and fundamental analysis on crypto projects with huge upside potential in the links on my profile.
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