This huge descending parallel channel (2021 - 2023) is proof that the price of Bitcoin is stuck in this bearish pattern and therefore in the bear market!
It's a very secret pattern that absolutely no one talks about, so do not share it and keep it to yourself.
The price of Bitcoin is heading to 25k and then to 20k to fill the CME unfilled GAP. But once the price reaches 20k, it will cause a big sell-off to 15k, with a potential waterfall to 10k. Of course we are not going to go down in a straight line; I believe there will be a lot of bounces on the way down.
This analysis is not a trade setup; there is no stop-loss, entry point, profit target, expected duration of the trade, risk-to-reward ratio, or timing. I post trade setups privately.
What you want to do as an investor is buy the first batch of BTC at 16k and the second batch at 10500, and you are good to go for the next bull market.
What you want to do as a high-leverage trader is exit all long positions if you do not want to get liquidated. You want to open a 20x long trade at 10200 instead and ride it to a new all-time high if you want to play with high leverage for some reason.
We are going to find the bottom between October 2023 and January 2024.
This parallel channel is a big deal, and apparently Bitcoin is in the bear market because of that.
Let me know in the comment section if you are prepared for the big dump and if you are shorting Bitcoin or if you prefer to stay in USDT.
Thank you, and for more ideas, hit "Like" and "Follow"!
הערה
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We have the same descending parallel channel on Ethereum. It's definitely strong resistance, and I am bearish. Not only because of this channel but also because of the Elliott Wave and fundamentals.
הערה
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The major parallel channel is holding very well; it's respecting the trendline. It's a good analysis. Also, do your own research, and I hope you took my analysis into consideration!
The way you're drawing trendlines is wrong... I bet you to draw parallel channel and match the same touches and you'll see clearly this trend has been broken and is not valid anymore.
Tolberti
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@MoneyFlowAI the trend lines are not perfect always
MoneyFlowAI
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@Tolberti, yes I agree but just try to make top trendline parallel to the lower one and you'll see the clearer picture
molbioinfo
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@MoneyFlowAI, yep. The channel as such (orange) makes less sense when compared to the RSI, for instance. Also, there was a bullish crossover on 1D in EMA 50/200. Of course I cannot say that a drop is possible, but I'd say a fall of to 10K needs more things to happen to be plausible, compared to a rise.
molbioinfo
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To me, what happened was a top in mar'21, then higher high in nov'21 which matches a bearish RSI divergence. Rejection at second top, test and break down the channel to a distance equal to the height of that channel. Then in 2023 the RSI breaks up along with price. Also RSI is above 50 now, and in the 1D there was a crossover of EMA 50 over EMA 200. That's why I think BTC can test 48K sooner than 12K. Of course, that's up to the market. Not saying that a drop to 25K cannot go first, but all the way down to 12K seems less plausible than a short squeeze and a pump up.
FellowRadek
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@molbioinfo, theese channels ppl, they are completely useless, only used by amateur traders. come ooon u can do better :D with trendlines u see what u want to see- u draw them the way u want to draw them, they can be drawn 100 different ways and everyone thinks his way is the right one. comeee ooon, u can do better than this :DD
molbioinfo
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@FellowRadek, of course, that's why the market is a live thing, right?? You mix those with no clue with those that gamble and others that manipulate, with influences, with different timeframes, with high-latency bot trading, and different ways of looking at things (trend lines, averages, retracements and extensions, magic indicators), and boom... you get the market. Sooo yup, just go ahead and show how to do better, happy to learn from those that know more! :D
FellowRadek
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@molbioinfo, Im just saying. what are those lines good for if they get violated 50% of time? point of TA is to find statistically most probable outcome therefore look at particular coin in the past, what fibs did it react, how does it behave. If I draw line that its going to get violated then come back again, then violated again etc... what does it give me? nothing.
molbioinfo
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@FellowRadek, indeed. I haven't looked around for indicators in this respect, but I suppose that TA lines would be better drawn as confidence intervals.
Bitcoin_Weather
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@Tolberti, Your pattern is totally wrong due to the use of a logarithmic scale...