#BTC UPDATE
BTC is making this bullish flag pattern and is currently at the lower level of this pattern and is at 200MA support.
(Basic info about the pattern)
The bull flag pattern is a continuation chart pattern that facilitates an extension of the uptrend. The price action consolidates within the two parallel trend lines in the opposite direction of the uptrend, before breaking out and continuing the uptrend.
According to the pattern we can expect a 12% bounce after the break out of this pattern which is around 34k.
RSI is showing some bullish divergence moves in the short term.
Stay tuned I will keep updating
This chart is likely to help you make better trade decisions if it does consider upvoting it.
I would also love to know your charts and views in the comment section.
Thank you
BTC is making this bullish flag pattern and is currently at the lower level of this pattern and is at 200MA support.
(Basic info about the pattern)
The bull flag pattern is a continuation chart pattern that facilitates an extension of the uptrend. The price action consolidates within the two parallel trend lines in the opposite direction of the uptrend, before breaking out and continuing the uptrend.
According to the pattern we can expect a 12% bounce after the break out of this pattern which is around 34k.
RSI is showing some bullish divergence moves in the short term.
Stay tuned I will keep updating
This chart is likely to help you make better trade decisions if it does consider upvoting it.
I would also love to know your charts and views in the comment section.
Thank you
Comment:
#BTC (Update)
- Parabolic Curve Formation Still in
Play.
- This Correction was Necessary for
Next Bullish Rally.
- Buy the Dip & hold with patience, 38k is Still Planned.
#BTC (Update)
- Parabolic Curve Formation Still in
Play.
- This Correction was Necessary for
Next Bullish Rally.
- Buy the Dip & hold with patience, 38k is Still Planned.
Comment:
Comment:
Bitcoin's recent price action resembles the 2018 bear market!
The Realized Price metric is a crucial tool in determining whether Bitcoin is over or undervalued. During bullish market cycles, the price typically remains above the realized price, while during bear markets, the price drops below it, causing fear and uncertainty.
Bitcoin's recent price action resembles the 2018 bear market. During the final capitulation phase, the price dropped significantly below the realized price, causing panic. However, the 2019 bull run saw the price reclaim the realized price level at around $4K and form a pullback to retest it.
Recently, the price dropped below the realized price but then started a strong uptrend, surpassing the realized price at $20K. After a brief surge, the price corrected and retested the realized price level, indicating a healthy bullish trend. However, Bitcoin's bullish outlook remains unchanged unless the price drops below the realized price level.
Bitcoin's recent price action resembles the 2018 bear market!
The Realized Price metric is a crucial tool in determining whether Bitcoin is over or undervalued. During bullish market cycles, the price typically remains above the realized price, while during bear markets, the price drops below it, causing fear and uncertainty.
Bitcoin's recent price action resembles the 2018 bear market. During the final capitulation phase, the price dropped significantly below the realized price, causing panic. However, the 2019 bull run saw the price reclaim the realized price level at around $4K and form a pullback to retest it.
Recently, the price dropped below the realized price but then started a strong uptrend, surpassing the realized price at $20K. After a brief surge, the price corrected and retested the realized price level, indicating a healthy bullish trend. However, Bitcoin's bullish outlook remains unchanged unless the price drops below the realized price level.
Comment:
Comment:
BTC: the dominance of traders
According to the metric below, the 28.3k price level is a valuable zone for 1w-1m age bands, and we can consider this level as a psychological level for a realized price of these age bands or people who need short-term profit from Bitcoin.
Considering that the recent movements of the price of Bitcoin were due to the behavior of the trades, this level and the reaction to this area will determine the perspective of the continued strength of the traders and the need for the short-term profit of the market.
If Bitcoin receives a reaction from the short-term at these levels, it will be a sign of renewed interest in holding and entry by these people, and if this level breaking, these players will continue to sell.
If this level breaking, the oncoming valuable level is in the range of 25-23k.
According to the metric below, the 28.3k price level is a valuable zone for 1w-1m age bands, and we can consider this level as a psychological level for a realized price of these age bands or people who need short-term profit from Bitcoin.
Considering that the recent movements of the price of Bitcoin were due to the behavior of the trades, this level and the reaction to this area will determine the perspective of the continued strength of the traders and the need for the short-term profit of the market.
If Bitcoin receives a reaction from the short-term at these levels, it will be a sign of renewed interest in holding and entry by these people, and if this level breaking, these players will continue to sell.
If this level breaking, the oncoming valuable level is in the range of 25-23k.
Comment:
TECHNICAL ANALYSIS OF #BTCUSDT
BTC experienced a significant price increase following the symmetrical triangle's breakout, and it is currently trading above the triangle and seeking out any available downward liquidity.
The indicated triangle between trendlines may act as support from here, or it may bounce after trapping more positions there. Alternatively, there is also strong support at HKEX:27750
BTC experienced a significant price increase following the symmetrical triangle's breakout, and it is currently trading above the triangle and seeking out any available downward liquidity.
The indicated triangle between trendlines may act as support from here, or it may bounce after trapping more positions there. Alternatively, there is also strong support at HKEX:27750
Comment:
Comment:
The Accumulation Cycle Still Intact, Despite the Recent Correction
Bitcoin has moved into a -10 percent correction after ascending almost 100 percent during early 2023. While the price action looks bad, traders should still remember to stay calm.
From a purely technical point of view, bitcoin passed its critical inflection point at the turn of the year, where the descending and ascending trend lines met (black). The point acts as a technical watershed and defines the market from 2021 until the halving year of 2024.
In the early 2023, bitcoin has been able to rise above the realized price (grey) indicator. The realized price is important because it represents the average price of all bitcoin purchases. At the same time, the realized price illustrates that average bitcoin buyers are making a profit on their investments.
In the broader picture, bitcoin’s market behavior can be segmented into accumulation (turquoise) and distribution (purple) phases, which together form a multi-year series of cycles. Institutional money has traditionally favored accumulation cycles, while retail investors have been active in distribution cycles. Bitcoin’s history is also defined by halving events, which are always preceded by a pre-halving accumulation cycle (turquoise).
Despite the falling spot price, bitcoin's exchange stablecoin ratio (yellow, ESR) is currently acting as a leading indicator to bitcoin, and other digital assets in correlation. The ESR and bitcoin's spot price converged from 2021 to 2022, however the last year's selling pressure broke their correlation.
Pivoting its path back in late 2022, the exchange stablecoin ratio is again reaching towards new highs. In the current market structure, ESR acts as a magnet to bitcoin's spot price.
As an epilogus, bitcoin's market structure is still supported by multiple technical and on-chain factors. The multi-year inflection point backs bitcoin technically. Additionally, the leading cryptocurrency is supported by realized price, growing ESR divergence, and pre-halving accumulation cycle.
Bitcoin has moved into a -10 percent correction after ascending almost 100 percent during early 2023. While the price action looks bad, traders should still remember to stay calm.
From a purely technical point of view, bitcoin passed its critical inflection point at the turn of the year, where the descending and ascending trend lines met (black). The point acts as a technical watershed and defines the market from 2021 until the halving year of 2024.
In the early 2023, bitcoin has been able to rise above the realized price (grey) indicator. The realized price is important because it represents the average price of all bitcoin purchases. At the same time, the realized price illustrates that average bitcoin buyers are making a profit on their investments.
In the broader picture, bitcoin’s market behavior can be segmented into accumulation (turquoise) and distribution (purple) phases, which together form a multi-year series of cycles. Institutional money has traditionally favored accumulation cycles, while retail investors have been active in distribution cycles. Bitcoin’s history is also defined by halving events, which are always preceded by a pre-halving accumulation cycle (turquoise).
Despite the falling spot price, bitcoin's exchange stablecoin ratio (yellow, ESR) is currently acting as a leading indicator to bitcoin, and other digital assets in correlation. The ESR and bitcoin's spot price converged from 2021 to 2022, however the last year's selling pressure broke their correlation.
Pivoting its path back in late 2022, the exchange stablecoin ratio is again reaching towards new highs. In the current market structure, ESR acts as a magnet to bitcoin's spot price.
As an epilogus, bitcoin's market structure is still supported by multiple technical and on-chain factors. The multi-year inflection point backs bitcoin technically. Additionally, the leading cryptocurrency is supported by realized price, growing ESR divergence, and pre-halving accumulation cycle.
Comment:
Comment:
MVRV reaches an 11 month high 🔥
Since when Bitcoin broke through the 30 ,000 range in mid-May 2022, the MVRV with MA30d has entered the Accumulation Zone (green quadrant) below the 1.44 value and reached as high as 0.82 in December 2022 when Bitcoin was still quoted around
17
,000.
The last time MVRV hit 0.82 was in 2018 when Bitcoin dropped -50% reaching around
3
,200.
A downward trend in MVRV means decreased selling pressure, indicating that realized capitalization exceeds market capitalization, i.e. there is a decreasing motive to sell Bitcoin.
For the first time in over 330 days the indicator quotes above the Accumulation Zone followed by a recovery in the price of Bitcoin up to
31
,000.
There is still room to continue the Bitcoin price recovery causing MVRV to reach the yellow line (intermediate region - trend transition phase) around 2.10.
By projecting the market behavior of the last bear market in 2018, the Bitcoin price later this year 2023 has great chances to reach
45
,000 and build a bullish structure transitioning between the bear market to a new bull market.
It is important to note that, historically, MVRV has been an excellent indicator to detect major top/bottom or the local top/bottom that occurred in the trend transition phase.
Therefore, the probability of new highs in 2023 is still there, and new opportunities for long term investments could appear again before the next Halving in 2024.
Since when Bitcoin broke through the 30 ,000 range in mid-May 2022, the MVRV with MA30d has entered the Accumulation Zone (green quadrant) below the 1.44 value and reached as high as 0.82 in December 2022 when Bitcoin was still quoted around
17
,000. The last time MVRV hit 0.82 was in 2018 when Bitcoin dropped -50% reaching around
3
,200. A downward trend in MVRV means decreased selling pressure, indicating that realized capitalization exceeds market capitalization, i.e. there is a decreasing motive to sell Bitcoin.
For the first time in over 330 days the indicator quotes above the Accumulation Zone followed by a recovery in the price of Bitcoin up to
31
,000. There is still room to continue the Bitcoin price recovery causing MVRV to reach the yellow line (intermediate region - trend transition phase) around 2.10.
By projecting the market behavior of the last bear market in 2018, the Bitcoin price later this year 2023 has great chances to reach
45
,000 and build a bullish structure transitioning between the bear market to a new bull market. It is important to note that, historically, MVRV has been an excellent indicator to detect major top/bottom or the local top/bottom that occurred in the trend transition phase.
Therefore, the probability of new highs in 2023 is still there, and new opportunities for long term investments could appear again before the next Halving in 2024.
Spent Output 7y - 10y increases again
Spent Output 7y - 10y increases again
increased again since November last year.
An increase in Spent Output 7y-10y always leads to a drop in BTC price
The pattern was invalidated last November
What will happen this time?