Here's an update to my last analysis from the 4th of Jan this year.
I pointed out BTC is going to dump hard below 20k this summer, and it has happened.
I also marked a green box, where the bottom would have been, and price has touched my box, but just barely.
You may be curious what now, so I prepared this little update of current situation on Bitcoin .
On the chart I've marked halvings with orange vertical bars, and every halving-to-halving period is divided by 3 boxes. Green one is a growth after halving, red one is a drop from ATH to the bottom, and blue one is the time after bottoming to the next halving.
Where are we? We've either bottomed or we're about to bottom by the end of 2022. $17,5k would have been a bottom. Why?
- we've touched the same Fibo level as 2 times before
- RSI has fallen hard, to the level it has never fallen before
- BTC's price is over 70% lover from its ATH where previous bottoms where somewhere near -80-85%
- Volume has fallen down
- this is the time when it should have bottomed
But can we fall even farther? I can see a possibility to drop to ~$14-14,5k. Why?
- can't see the momentum right now
- geopolitical situation (war in Ukraine, winter is coming and Europe has no gas - this would work as an irrational fear but some investors may just withdraw their money from bounds, stocks or shares in EU and buy US assets like stocks, USD or... BTC )
- 137k BTC from Mt Gox release (lots of controversy, there's no official date, some reports suggest creditors could've received payments)
Follow me here and I'll keep you updated!
I pointed out BTC is going to dump hard below 20k this summer, and it has happened.
I also marked a green box, where the bottom would have been, and price has touched my box, but just barely.
You may be curious what now, so I prepared this little update of current situation on Bitcoin .
On the chart I've marked halvings with orange vertical bars, and every halving-to-halving period is divided by 3 boxes. Green one is a growth after halving, red one is a drop from ATH to the bottom, and blue one is the time after bottoming to the next halving.
Where are we? We've either bottomed or we're about to bottom by the end of 2022. $17,5k would have been a bottom. Why?
- we've touched the same Fibo level as 2 times before
- RSI has fallen hard, to the level it has never fallen before
- BTC's price is over 70% lover from its ATH where previous bottoms where somewhere near -80-85%
- Volume has fallen down
- this is the time when it should have bottomed
But can we fall even farther? I can see a possibility to drop to ~$14-14,5k. Why?
- can't see the momentum right now
- geopolitical situation (war in Ukraine, winter is coming and Europe has no gas - this would work as an irrational fear but some investors may just withdraw their money from bounds, stocks or shares in EU and buy US assets like stocks, USD or... BTC )
- 137k BTC from Mt Gox release (lots of controversy, there's no official date, some reports suggest creditors could've received payments)
Follow me here and I'll keep you updated!
