The_Mummy

The_Mummy

Interestingly if we look at the 3 day chart for Bitcoin we see that every major bottom in 2021 had FOUR 3 day candles that hit the bottom. We now also have FOUR 3 day candles reaching the same bottom level of approx 45,400 USD. Could be signalling the bottom of this current downward cycle?

The_Mummy

In this chart you can see the volume from Coinbase, Binance & Bitstamp. There is a clear decline in volume traded since the price started dropping in November. Declining volume with declining price is generally a sign that a bullish reversal may come soon.

The_Mummy

Bitcoin's current price action is very similar to that starting on the September 7th price pullback. Is this a fractal? Could we also see a massive pump start in the next 3 or 4 days?

The_Mummy

The title says it all. We copied and pasted the bar pattern from Bitcoin's last major ATH breakout above 20k. There are many similarities with the recent price action as BTC reached it's last ATH of 65k: First the price meets the last ATH, followed by a fairly large retrace. Then comes another nice pump, followed by some tightening ranging action. If Bitcoin...

The_Mummy

cup handle pump. basically same as bitcoin. 4.4k seems logical target.

The_Mummy

Enjoy. We see a cup and handle pattern with a target of 74.9k. This also lines up with the 1.272 retrace.

The_Mummy

We are looking at 57,200 for a possible sell off. We don't expect this to be a major one however, but just a small pullback leading back to the 60k region. We expect a lot of choppiness around 60 to 65k. This will be fun to trade!

The_Mummy Updated 

In January we saw a very similar structure - a triple bottom around 30k before an massive pump. Will history repeat?

The_Mummy

Imagine for a minute that the Corona dump in March of 2020 had NOT happened.... Then that 'local top' (1) that formed before hand in June 2019 - would start to look a lot like the recent local top this year (2). If history repeated then we could be looking at something like the blue projection. Of course this is highly speculative, but it's worth considering that...

The_Mummy

If this chart doesn't tell you EVERYTHING you need to know then nothing ever will.

The_Mummy

Again - a clear version of our Hash rate prediction.

The_Mummy

Bitcoin loves to trade in obvious triangle patterns and then trick everyone by having massive 'fakeouts' - moves outside of the structure that then quickly reverse, trapping traders. This Triangle pattern has had 2 big fakouts so far - could this current move just be a 3rd fakeout? If it is - and If the price manages to rebound back into the structure, there is...

The_Mummy Updated 

Projecting the hash ribbon based on current trend points to early August. Enjoy.

The_Mummy

Bitcoin often shows many 'fake out's of common chart patterns like this triangle. This traps over leveraged traders. The 50 week EMA in red implies that this will break to the upside leading to a move to 46k and beyond most likely to fill the CME gap at 48.3k some time in August. Our eyes are on August 22nd for a major move upwards.

The_Mummy

Average volume roughly drawn here in white shows that the general trend is up even throughout this massive dip. Volume on average is increasing and so this implies strength. Also the drop came exactly to the .786 retrace when we do a fib from the last ATH of 20k to the recent one at 64k. This tells me that this is the bottom and its upwards from here. This .786...

The_Mummy

Picture says it all. BTCUSD has broken out of the long term triangular trend. BTCUSD is also finding support above the 50 week EMA (in red)

The_Mummy Updated 

BTCUSD is clearly trading between these 2 support / resistance lines long term. We now expect a move back up to test the previous support at around 52k. When we see that we are now just continuing the same trading range that we saw in January, it doesn't seem quite such a 'disaster' or 'bear market' as many others have suggested.

The_Mummy

Someone's got to remain positive !