This is another bitcoin chart I want the bull to pay attention too.
In 19 days time this chart will show if we are in the second phase of the bull market just like the 2013 bull cycle or if bitcoin has already hit the bull market top.
So we are going to take 2 things on this chart into consideration.
Looking back at the 2013 cycle, the first thing we are going to discuss is the GREEN CYCLE on the chart. That green cycle signifies the consolidation phase of the 2013 bull cycle.
The second thing we are going to discuss is the RED CYCLE still on the 2013 bull cycle chart.
The Red cycle signifies the 2013 bull cycle top.
So what do they have in common?
Well if you take a look at both scenarios, the consolidation phase had one RED CANDLE and that is after the parabolic run from $2 to $162 then followed by a green candle and not just a green candle, it was a BULLISH ENGULFING CANDLE because it closed above the previous high of $162
Now let’s take a look at the second scenario which is the RED CYCLE. Remember I said the red cycle marks the bull cycle top, so if we take a closer look at the candles in that red cycle, you will notice we also had a RED BEARISH CANDLE after the pump of the second phase of the bull cycle, followed by another green bullish candle but this time the green bullish candle couldn’t break above the previous high even though it came close to hitting that resistance line but it never did and that marks the end of the 2013 bull cycle.
Now let’s go back to this current bull cycle price action. Although I put the candles in a RED CYCLE just like the 2013 bull cycle top but it hasn’t been confirmed yet that we have hit the market top so don’t let that confuse you. The next candle is going to be the confirmation we need to be able to confirm that we have hit the market top or not. So back to the candles, you can see we are having similar candle stick just like the 2013 consolidation phase and the market top, if you take a close look at the candles you can see we had a parabolic run from the Corona crash 3850k to 64895k which looks exactly like the 2013 bull cycle because it happened very fast but the question now is have we hit the market top or are we still in a consolidation phase just like the 2013 bull cycle? Well if we take a look at the candles you can see we had a RED BEARISH CANDLE after the parabolic run. Remember we also had one red candle during the 2013 bull cycle consolidation phase.
Now the reason why I said we can’t confirm if the price has hit the cycle top or we are still consolidating is because we are having another GREEN BULLISH CANDLE agin after the red candle which of course looks similar to the 2013 bull cycle consolidation phase and the cycle top.
THE BULLISH CONFIRMATION FOR THE BULLS
The confirmation the bulls need in other to know what is happening is that if we are in a consolidation phase then we need this current candle to close above 59766k which is the previous resistance of the ATH . Meaning we need this current candle to close as a BULLISH ENGULFING CANDLE just like the 2013 bull cycle consolidation phase. Remember it was that bullish engulfing candle that gave us the confirmation of the second phase of the 2013 bull cycle. So if we can get a bullish engulfing candle that’s a bullish signal, and that will show we are entering the second phase of this bull cycle.
THE BEARISH CONFIRMATION FOR THE BEARS.
The bearish confirmation the bears need to watch out for is, if this current candle eventually closes bellow the resistance line of 59766k just like the 2013 bull cycle top which the green bullish candle closed below the top resistance. If the new candle turns out to be a bearish candle believe it or not that is the beginning of another 2 years bear market and that candle may close below our previous support of 30k
INDICATOR.
If you take a closer look at the RSI . And you take a look at the price chart, you will notice we are having a bearish divergence on the RSI .
The price is making a higher high from the top of the 2017 bull cycle to this current bull cycle but the RSI . Makes a lower high from the 2017 bull cycle top despite the price making a higher high. So that’s another thing to pay attention too.
The STOCHASTIC RSI is also looking like it’s about to cross back down from the 50 level. Pay attention to that too.
REMEMBER THIS CURRENT CANDLE IS CLOSING IN 19 DAYS TIME
There is nothing to worry about for now, concentrate on the price action and stay away from the outside noise.
I have given you the clues to look out for if you are a bull or bear so pay attention to what’s happening on the chart not what is happening on Twitter or YouTube.
I will publish another chart soon.
Please like and follow if you want more analysis especially if you are a long term trader or investor.
In 19 days time this chart will show if we are in the second phase of the bull market just like the 2013 bull cycle or if bitcoin has already hit the bull market top.
So we are going to take 2 things on this chart into consideration.
Looking back at the 2013 cycle, the first thing we are going to discuss is the GREEN CYCLE on the chart. That green cycle signifies the consolidation phase of the 2013 bull cycle.
The second thing we are going to discuss is the RED CYCLE still on the 2013 bull cycle chart.
The Red cycle signifies the 2013 bull cycle top.
So what do they have in common?
Well if you take a look at both scenarios, the consolidation phase had one RED CANDLE and that is after the parabolic run from $2 to $162 then followed by a green candle and not just a green candle, it was a BULLISH ENGULFING CANDLE because it closed above the previous high of $162
Now let’s take a look at the second scenario which is the RED CYCLE. Remember I said the red cycle marks the bull cycle top, so if we take a closer look at the candles in that red cycle, you will notice we also had a RED BEARISH CANDLE after the pump of the second phase of the bull cycle, followed by another green bullish candle but this time the green bullish candle couldn’t break above the previous high even though it came close to hitting that resistance line but it never did and that marks the end of the 2013 bull cycle.
Now let’s go back to this current bull cycle price action. Although I put the candles in a RED CYCLE just like the 2013 bull cycle top but it hasn’t been confirmed yet that we have hit the market top so don’t let that confuse you. The next candle is going to be the confirmation we need to be able to confirm that we have hit the market top or not. So back to the candles, you can see we are having similar candle stick just like the 2013 consolidation phase and the market top, if you take a close look at the candles you can see we had a parabolic run from the Corona crash 3850k to 64895k which looks exactly like the 2013 bull cycle because it happened very fast but the question now is have we hit the market top or are we still in a consolidation phase just like the 2013 bull cycle? Well if we take a look at the candles you can see we had a RED BEARISH CANDLE after the parabolic run. Remember we also had one red candle during the 2013 bull cycle consolidation phase.
Now the reason why I said we can’t confirm if the price has hit the cycle top or we are still consolidating is because we are having another GREEN BULLISH CANDLE agin after the red candle which of course looks similar to the 2013 bull cycle consolidation phase and the cycle top.
THE BULLISH CONFIRMATION FOR THE BULLS
The confirmation the bulls need in other to know what is happening is that if we are in a consolidation phase then we need this current candle to close above 59766k which is the previous resistance of the ATH . Meaning we need this current candle to close as a BULLISH ENGULFING CANDLE just like the 2013 bull cycle consolidation phase. Remember it was that bullish engulfing candle that gave us the confirmation of the second phase of the 2013 bull cycle. So if we can get a bullish engulfing candle that’s a bullish signal, and that will show we are entering the second phase of this bull cycle.
THE BEARISH CONFIRMATION FOR THE BEARS.
The bearish confirmation the bears need to watch out for is, if this current candle eventually closes bellow the resistance line of 59766k just like the 2013 bull cycle top which the green bullish candle closed below the top resistance. If the new candle turns out to be a bearish candle believe it or not that is the beginning of another 2 years bear market and that candle may close below our previous support of 30k
INDICATOR.
If you take a closer look at the RSI . And you take a look at the price chart, you will notice we are having a bearish divergence on the RSI .
The price is making a higher high from the top of the 2017 bull cycle to this current bull cycle but the RSI . Makes a lower high from the 2017 bull cycle top despite the price making a higher high. So that’s another thing to pay attention too.
The STOCHASTIC RSI is also looking like it’s about to cross back down from the 50 level. Pay attention to that too.
REMEMBER THIS CURRENT CANDLE IS CLOSING IN 19 DAYS TIME
There is nothing to worry about for now, concentrate on the price action and stay away from the outside noise.
I have given you the clues to look out for if you are a bull or bear so pay attention to what’s happening on the chart not what is happening on Twitter or YouTube.
I will publish another chart soon.
Please like and follow if you want more analysis especially if you are a long term trader or investor.