BitcoinUpdated BTC LongTerm 2023 analysis
Today could be a day that marks the return of the entire crypto market in general and bitcoin in particular.
Ends December 31, 2022. We close the 12 month BTC candle.
From the year it was listed on the floor in 2011 until now. The year 2022 in my view is the first year that is defined as a downtrend on an 11-year interval when there has appeared a new bottom and a new high lower than the old bottom and top in 2021.
The demand zone of BTC is defined around 10 and 13k. (Exact numbers are 9680 and 13880 depending on the floor)
Looking at the image we see that the last year of 2022 is shown as a candle that has almost reduced the entire body of the candle. Means the seller controlled the entire market last year.
The level of retracement is about 76% of the entire price.
With more than 5 years of experience in the coin and stock market...
There are 3 types of candlesticks in my opinion that often occur behind such a deep falling candle body.
The first candle is a spinning bearish candle. With this type of spinner, its beard can be long or short. Low closing price matches the closing price of 2022. Highest price below 30,000 lowest price is absent (predictable at 3 levels 13800 9600 (normal spin as pattern) or 1270 - Kangaroo tail pattern).
TH number 2 is a Harami candlestick or harami cross. With this TH, the BTC price in 2023 will fluctuate in the range of 15500 to 32000. Usually a little more than 32000.
TH number 3 is an inverted hammer or called an inverted hammer. This is a pattern that usually occurs when the market is about to reverse or will reverse when a new price is higher than the high of this candlestick.
In the above 3 models, samples 1 and 2 are bad for the market. It does not show the return of cash flow for bitcoin, then the capital movement Altcoin > BTC > USD will not be there, but mostly accumulate or decrease and accumulate. If you have been in the market since 2018 you can see that the time of BTC moving sideways continuously in the 3 -6k zone lasted for a whole year.
Case 2 is more favorable for the market in general and for Altcoins in particular.
The price shows signs of returning to test the psychological area of 47k, equivalent to the Elliot wave retracing wave B. But in this case there will be a risk that is usually accompanied by a bearish candle after this candle ends. wave C retracement) bottom can reach 3-5k in 2024.
So 2023 is a year I think there are still not many opportunities for altcoins as well as big wave Spot trading. Whether or not it is just a small wave of illiquidity except for case 3. If the first 2 TH occurs, then 2024 will be a year of Altcoins. So we still mainly make money through 2 channels Future + forex + altcoin accumulation strategy for the next cycle.
Ends December 31, 2022. We close the 12 month BTC candle.
From the year it was listed on the floor in 2011 until now. The year 2022 in my view is the first year that is defined as a downtrend on an 11-year interval when there has appeared a new bottom and a new high lower than the old bottom and top in 2021.
The demand zone of BTC is defined around 10 and 13k. (Exact numbers are 9680 and 13880 depending on the floor)
Looking at the image we see that the last year of 2022 is shown as a candle that has almost reduced the entire body of the candle. Means the seller controlled the entire market last year.
The level of retracement is about 76% of the entire price.
With more than 5 years of experience in the coin and stock market...
There are 3 types of candlesticks in my opinion that often occur behind such a deep falling candle body.
The first candle is a spinning bearish candle. With this type of spinner, its beard can be long or short. Low closing price matches the closing price of 2022. Highest price below 30,000 lowest price is absent (predictable at 3 levels 13800 9600 (normal spin as pattern) or 1270 - Kangaroo tail pattern).
TH number 2 is a Harami candlestick or harami cross. With this TH, the BTC price in 2023 will fluctuate in the range of 15500 to 32000. Usually a little more than 32000.
TH number 3 is an inverted hammer or called an inverted hammer. This is a pattern that usually occurs when the market is about to reverse or will reverse when a new price is higher than the high of this candlestick.
In the above 3 models, samples 1 and 2 are bad for the market. It does not show the return of cash flow for bitcoin, then the capital movement Altcoin > BTC > USD will not be there, but mostly accumulate or decrease and accumulate. If you have been in the market since 2018 you can see that the time of BTC moving sideways continuously in the 3 -6k zone lasted for a whole year.
Case 2 is more favorable for the market in general and for Altcoins in particular.
The price shows signs of returning to test the psychological area of 47k, equivalent to the Elliot wave retracing wave B. But in this case there will be a risk that is usually accompanied by a bearish candle after this candle ends. wave C retracement) bottom can reach 3-5k in 2024.
So 2023 is a year I think there are still not many opportunities for altcoins as well as big wave Spot trading. Whether or not it is just a small wave of illiquidity except for case 3. If the first 2 TH occurs, then 2024 will be a year of Altcoins. So we still mainly make money through 2 channels Future + forex + altcoin accumulation strategy for the next cycle.
Note
Preuvios analysis 6 month chart
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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.