BTC Update, we are in range bound. Close to the bull market
Updated
Hello Friends,
Please find my update.
I have given the same to my friends in Telegram and now in TV.
We are in the range bound after hitting $11700 mark, the way it was bullish at $11700, we thought it would take $12000 easily, but the market is supreme. Price was pushed down, so the current range is between $7200-$9500.
$7200 is the long-term trendline, break below the end of crypto, a lot of panic selling would start and it can push the price up to $4000-$4800 and recovery is really on the market.
But in the overall, high-level view (the market cycle diagram), we have seen the Anger stage and moving towards the Depression stage where you would see many leave the market. Time is getting closer to the bull run, my timeline is 30 days max to see all the ups and downs then Crypto rally would start and can sustain for 2-4 months.
Lets see the current scenario, We had a small bearish flag which was broken and pushed the price to $8400 and below. Here is the chart of it
tradingview.com/x/fUBkFYw8/, I was about to warn the team on the TG but could not here.
Now our resistance is between $8500-$8600 (it was tested 2-3 times, now it is strong resistance)
Positives
1) Trendline from the low connects the dots around $7200 (Strong Trendline Support)
2) Price has formed the Down-trend channel with the recent bounces, we are at the bottom of the channel.
3) Pricing is forming the triangle and Falling wedge pattern, the price is at the bottom of the patterns.
4) Decent volume count and Sellers are being absorbed. Good sign.
Negatives :
1) Market sentiment
2) We are trading below all the moving averages.
Unless a miracle happens, BTC would not be seen in bullish momentum for time being. We are on sell on Raise mode unless MA20($9800) is broken and the price stays above. Brace your self for more downside upto $7000-$7200, panic selling can push the market to $4000-$4800 and then the rally would start. Well, Market is supreme. Break above $11700 is the point for the market sentiment to change to bullish.
Good Luck. Please check my signature for telegram information.
Please find my update.
I have given the same to my friends in Telegram and now in TV.
We are in the range bound after hitting $11700 mark, the way it was bullish at $11700, we thought it would take $12000 easily, but the market is supreme. Price was pushed down, so the current range is between $7200-$9500.
$7200 is the long-term trendline, break below the end of crypto, a lot of panic selling would start and it can push the price up to $4000-$4800 and recovery is really on the market.
But in the overall, high-level view (the market cycle diagram), we have seen the Anger stage and moving towards the Depression stage where you would see many leave the market. Time is getting closer to the bull run, my timeline is 30 days max to see all the ups and downs then Crypto rally would start and can sustain for 2-4 months.
Lets see the current scenario, We had a small bearish flag which was broken and pushed the price to $8400 and below. Here is the chart of it
tradingview.com/x/fUBkFYw8/, I was about to warn the team on the TG but could not here.
Now our resistance is between $8500-$8600 (it was tested 2-3 times, now it is strong resistance)
Positives
1) Trendline from the low connects the dots around $7200 (Strong Trendline Support)
2) Price has formed the Down-trend channel with the recent bounces, we are at the bottom of the channel.
3) Pricing is forming the triangle and Falling wedge pattern, the price is at the bottom of the patterns.
4) Decent volume count and Sellers are being absorbed. Good sign.
Negatives :
1) Market sentiment
2) We are trading below all the moving averages.
Unless a miracle happens, BTC would not be seen in bullish momentum for time being. We are on sell on Raise mode unless MA20($9800) is broken and the price stays above. Brace your self for more downside upto $7000-$7200, panic selling can push the market to $4000-$4800 and then the rally would start. Well, Market is supreme. Break above $11700 is the point for the market sentiment to change to bullish.
Good Luck. Please check my signature for telegram information.
Note
Wedge continueNote
BTC updateWhen $8500 was broken, market tested the level again and went down. Now this time the level is $7800.
Note
Exactly as predicted.Note
what is next?Note
Break below the trendline, my idea would be invalid.Note
G20 positive news pushed the market up and trading above our 7800$, as expected 8400$ acted as resistance. Would we touch $7800 again? Lets wait and watch. If we touch $7800 and bounce back, it would INV H & S
Note: The first to call out the INV H& S, now everyone would follow it :D
Note
Please note: If any grammar mistakes, punctuation's are missing, kindly ignore. English is not my native language, But I am excellent in my native language. I am a proud multilingual. I can talk at least 5 languages, can you? Please learn at least one ancient language - Tamil.
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