I looked at the 4H, Daily and Weekly timeframe on the Candles, RENKO and Line break charts... They are all giving out bearish signals. We still have price action though.
All the signals are bearish.
There is a possibility of a bounce over the weekend to resume dropping on Monday or simply straight down...
The conventional markets are fully red...
TSLA 2nd Bearish Cup Filled...
S&P 500 Index And Bitcoin, Correlation Continues
S&P 500 Index Bearish Indicators (MACD & RSI)
Nasdaq Extreme Bearishness Weekly
Nasdaq Bearish Indicators (MACD & RSI)
UKX Lower High
The Altcoins will continue with their own cycle (bullish) though. (All altcoins minus the top ones).
long-term outlook for 2022 suggest a deep market sell off. 13k - 23k is what we believe. two dramatic drops with the first one in May and the second one possibly June - august. not good for the market now but for the future of cryptocurrency it has to come down one last time off the very overbought 3 year run. when Bitcoin first peaked 64,000 should have corrected to $19800 but it didn't over impulse buying and fast moving billionaires marketing cryptocurrency everywhere. patience and long-term investing is the best strategy. the rich asset holders are using their wealth and manipulative social media powers to follow them so they can get rich off your investments eventually everyone will get burned if they're not careful
Regynald
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@Indepth That’s smashing the 200MA on the weekly your scenario. BTC has only wicked that in its entire history. If it hits 13K I’ll eat my own trousers and buy 10! Highly unlikely that low.
ObamaBinLyin
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@Regynald, I use to think that, but the similarities between the crypto market and the dot com bubble are uncanny - at a time when amazon went from $113 to $6. I would expect low 20s at the very least. That being said, pending any drastic change in market fundamentals, i will be a happy a buyer at anything sub 30k. :)
rogm86
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@Indepth, I've been in the market awhile and what you speak of is a "traditional" view of BTC cycles. I still believe in this stuff because I've looked at the charts over the past 5yrs. But every day now that goes by I'm starting to doubt that bitcoin has to drastically fall 85%ish from highs or has to pump to 100k++ before the fun is over. Maybe it will in a longer/slower time frame or maybe it just wont. Honestly, newer big money is slowly entering the space and any price under 30k starts to become a good buy value. Not so much to the guy buying 50k or 100k worth, but if you are buying millions or 100 of millions I'm not sure if your going to wait for 10/15k btc again. Btc could be worth 5-10trillion market cap by 2030 if you had big money what would you do with your 8yr investment?
Solldy
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Thank you for the quality description of the asset. The uncluttered presentation helps to capture the main point of the idea.
StaroftheElliot
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Excellent job This is my Elliot analysis that confirm your idea
two dramatic drops with the first one in May and the second one possibly June - august.
not good for the market now but for the future of cryptocurrency it has to come down one last time off the very overbought 3 year run. when Bitcoin first peaked 64,000 should have corrected to $19800 but it didn't over impulse buying and fast moving billionaires marketing cryptocurrency everywhere. patience and long-term investing is the best strategy. the rich asset holders are using their wealth and manipulative social media powers to follow them so they can get rich off your investments eventually everyone will get burned if they're not careful