BitcoinLong
🅱️ (₿) Can This Inverse Reaction Signal The Bottom Is In?
Bitcoin hit a peak/high price first in April 2021 at around $64,000.
This new All-Time High was followed by a very strong correction, around 55% and then a new high was hit in November 2021 at $69,000.
For us technical analysts this is basically a double top.
The new high in November vs April doesn't make much difference.
Bitcoin didn't hit a new Fib. resistance level nor grow by any appreciable amount, instead, this second high simply confirms the April 2021 peak as resistance.
We all know what followed... The start of the correction phase/bear cycle or bear market.
Now, what if we look at this in reverse?
In the past bitcoin would grow 1,000,000X, then it grows 10,000X, then 100X and then 13X... As the market grows and evolves the swings become smaller.
Bitcoin hit a low in June 2022 of around $17,600, this marked the capitulation low.
Just a few months later, in November bitcoin moves to hit a new low this time at $15,600... Notice the same action with the top/peak price but in reverse.
The initial low hits and then another low but the secondary low is not really a new Fib. level, we would expect to see the next low at around $13,000 or $11,000 but instead it happened higher.
This low would confirm the initial June 2022 low as support from which point can start a bull... Wait...
No, hold on, too soon... Let's continue before reaching the conclusion.
In the past, bitcoin would correct by 98%, then this was reduced to 95%/90% and 85% as the market grows and evolve...
It is possible that as bitcoin becomes older, bigger, stronger, bear cycles/correction phases will produce smaller and smaller waves.
So far we have a 77% drop from the ATH... This might be enough to end this bear phase.
Are you ready for some GREEN?
Write YES! in the comments section below if you agree.
Namaste.
This new All-Time High was followed by a very strong correction, around 55% and then a new high was hit in November 2021 at $69,000.
For us technical analysts this is basically a double top.
The new high in November vs April doesn't make much difference.
Bitcoin didn't hit a new Fib. resistance level nor grow by any appreciable amount, instead, this second high simply confirms the April 2021 peak as resistance.
We all know what followed... The start of the correction phase/bear cycle or bear market.
Now, what if we look at this in reverse?
In the past bitcoin would grow 1,000,000X, then it grows 10,000X, then 100X and then 13X... As the market grows and evolves the swings become smaller.
Bitcoin hit a low in June 2022 of around $17,600, this marked the capitulation low.
Just a few months later, in November bitcoin moves to hit a new low this time at $15,600... Notice the same action with the top/peak price but in reverse.
The initial low hits and then another low but the secondary low is not really a new Fib. level, we would expect to see the next low at around $13,000 or $11,000 but instead it happened higher.
This low would confirm the initial June 2022 low as support from which point can start a bull... Wait...
No, hold on, too soon... Let's continue before reaching the conclusion.
In the past, bitcoin would correct by 98%, then this was reduced to 95%/90% and 85% as the market grows and evolve...
It is possible that as bitcoin becomes older, bigger, stronger, bear cycles/correction phases will produce smaller and smaller waves.
So far we have a 77% drop from the ATH... This might be enough to end this bear phase.
Are you ready for some GREEN?
Write YES! in the comments section below if you agree.
Namaste.
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lamatrades.com (Since 2017)
🏆 Results: t.me/alansantana1111/5935
🔝 Daily Cryptocurrency Technical Analysis
followalan.com
🚨 Free PREMIUM Trade-Numbers
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