Bitcoin is at a cross roads right now - Whats bext ?
This Monthly Bitcoin chart shows how we could be with in the realms of reality to expect further push high. We have not reached the upper trendline yet. Noy even begun the journey to the next real ATH. BUT......................
PA ( Yellow line) has been in a large ascending channel since Dec 2013.
It has touched the upper trendline 4 times and the lower 3 times. This makes these lines Valid. ( on the Weekly, the lower trend line has been touched Multiple times....)
So, We should all be Bullish right ?
There are plenty of reasons to remain bullish but there are also many reasons why a high level of caution is now required. The reasons being - >
1) Since Oct 2009, PA has been held down by a diminishing curve ( Orange arc on main image). PA Broke out of that Curve in Sep 2020 but there could be a legacy yet to be discovered, that Keeps PA down to a level .
2) The Gaps between the Horizontal dashed lines off the ATH's have also been diminishing.
https://www.tradingview.com/x/x0OWMDvd/
8000% - 800% - 300% - ?
3) in Jun 2019, PA reached up to the previous ATH line and was rejected. PA is currently around a similar point.
4) MACD is up high and falling Bearish
https://www.tradingview.com/x/4iy7aNoc/
Though this can range as it did in 2021
5) The SOPR is spiking again as Mt Gox BTC is released and many are taking their huge profits.
https://www.tradingview.com/x/oAvo95I0/
This could lead to PA Dropping and given the amount of Leveraged Shorts , a Cascade could result unless all the BTC sold is snapped up again in a short time period. The SOPR usualy Tops around the Times of ATH and TOPs
On a more Bullish note - The Mayer Multiple is reaching down to its MA and it could bounce off this.
https://www.tradingview.com/x/IIGt4FhE/
The MVRV and Z Score are very close and rising though this is not something to be seen as positive just yet.
So far, PA seems to be holding up but for me, It is a tightrope right now.
Longer Term, I am still Bullish and I can see 100K before Year end but right now, things can change.................
PA ( Yellow line) has been in a large ascending channel since Dec 2013.
It has touched the upper trendline 4 times and the lower 3 times. This makes these lines Valid. ( on the Weekly, the lower trend line has been touched Multiple times....)
So, We should all be Bullish right ?
There are plenty of reasons to remain bullish but there are also many reasons why a high level of caution is now required. The reasons being - >
1) Since Oct 2009, PA has been held down by a diminishing curve ( Orange arc on main image). PA Broke out of that Curve in Sep 2020 but there could be a legacy yet to be discovered, that Keeps PA down to a level .
2) The Gaps between the Horizontal dashed lines off the ATH's have also been diminishing.
https://www.tradingview.com/x/x0OWMDvd/
8000% - 800% - 300% - ?
3) in Jun 2019, PA reached up to the previous ATH line and was rejected. PA is currently around a similar point.
4) MACD is up high and falling Bearish
https://www.tradingview.com/x/4iy7aNoc/
Though this can range as it did in 2021
5) The SOPR is spiking again as Mt Gox BTC is released and many are taking their huge profits.
https://www.tradingview.com/x/oAvo95I0/
This could lead to PA Dropping and given the amount of Leveraged Shorts , a Cascade could result unless all the BTC sold is snapped up again in a short time period. The SOPR usualy Tops around the Times of ATH and TOPs
On a more Bullish note - The Mayer Multiple is reaching down to its MA and it could bounce off this.
https://www.tradingview.com/x/IIGt4FhE/
The MVRV and Z Score are very close and rising though this is not something to be seen as positive just yet.
So far, PA seems to be holding up but for me, It is a tightrope right now.
Longer Term, I am still Bullish and I can see 100K before Year end but right now, things can change.................
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