Looking close and seeing the data presented before me. I made a simple chart to show what is to come. I will not update or present any theories on the matter. Overbought and touched the macro resistance level. Correction has started until support is tested. I would be focused on market price to be under 20k for sure. The low teens is a possibility before the 2024 bull market. I don't really have much else to say other than the obvious Death cross on the chart that 100% shows that the price is resisting and we could be facing a harsh few months for the crypto market.
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I said i wouldn't update so this is just a personnal observation and comment. What i would like to see from this chart is a 50 percent correction to around 15k by october or november and big parabolic upswing from October 2023 until around November 2025 with a all time high around breaking above and holding the major resistance level upwards of 100k to 500k range. The next bull market needs to go really high to build up that strong support on the major resistance from the bear market. Looking at the chart if this does happen and the VFI drops down for a macro head and shoulders with the volume flow then we could have a supercycle like i described. Hoping for some much needed recovery and trust in the market before the end of the year for things to fall in place before this is reality. The next 6 months will be the most critical step for bitcoin to make massive waves again.Note
Information:Leveraged trades have been slowly liquidating for over 6 weeks now following the bearish trend i provided from the peak of April. Market is correcting as predicted. Sometime very soon bitcoin will be testing 17k to 18k and i have suspicions consolidation will start there in June 2023. Consolidated support will fail if leverage trades are high in the month of July 2023 and another correction will put bitcoin in the 13k to 16k range but the wick of such a strong bearish move would put bitcoin briefly around 10k to 12k sometime in August and support will be very strong around 15k to 16k mid August 2023 and build some much needed consolidating support without too much leverage. We do not want leverage to support this market because that strategy is for short term positions and get sold putting major strains on the market buyers. Currently the VFI indicator is falling from its peak and whales are not buying this market. Leverage is the only thing holding this market up and that is bad for short term traders hoping to increase their long term positions they want to setup during the next bottom of the market.
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Major update i will be posting a new publication. Charts could be much more bullish than previously thought.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.