Bitcoin analyis since nov2023- right now very balanced Bear/Bull
We are at the button of a longer term bullish channel starting Nov 2022, within that channel also in a smaller bearish channel starting from 14.04.2023. IF BTC manages to quit the long term channel, we might see 18-21k, or even lower. If not, we will continue the bullish channel up, which happened in March 2023. The wave 4, which we are in right now, is correctiv, has room between 25-21k down. That BTC did not buttom yet, hurst cycle is a good confirmation as we still expecting 2 low troughs, one in June and a much bigger cycle low in July 2023. Right now, bulls and bears are in balance, as we see in the trend channels. Please share your ideas on this.
Personally, I expect the price of BTC to fall until at least 25k-21k which is a healthy correction for the next rise.
forget the 2 publishings before this, it is not possible to delete. It's my first day :)
Personally, I expect the price of BTC to fall until at least 25k-21k which is a healthy correction for the next rise.
forget the 2 publishings before this, it is not possible to delete. It's my first day :)
Comment:
very important to observe the channels, once we break out of one of them, we will have a clear direction. imo the fact, that we are at the buttom of the bullish channel, once price exits the lower line and close there on daily chart, btc will continue the bearish channel down to 18-21k. BTC tested it once on May 12. - my personal trade path, always do your own research. I will post a details short term EW Analysis on this today.
Comment:
looks like finally we arrived at 24800, after almost 3 weeks since I wrote this. But we are still not at the end of the channel. The correction up is totally normal, personally I see the end of the channel around 20k! From 25 down is a good are afor accumulation.
Comment:
BE CAUTIOUS about the BULL TRAP: There is a lot of hype going on right now about BTC, which is not reasonable. If you take a look a the channels, BTC rose but we are made a lower high then last one and we are still in the lowering channel with limit up at 27400! If BTC breaks that level and closes on Daily there, then it is time to shift bullish, until then there is no reason to get bullish.