Unless BTC has enough steam to surpass the RSI of 2021, if not this bull run from 15k is still suspect. Possible multi-year complex correction ahead.
This is just based on wave analysis TA. I do not consider other BTC data like halving, network effects, cycles, etc in this analysis because I believe that price goes where it wants to go and those are just data to propel it.
This is just based on wave analysis TA. I do not consider other BTC data like halving, network effects, cycles, etc in this analysis because I believe that price goes where it wants to go and those are just data to propel it.
Note
Look at the inverted chart on Weekly and consider if this looks like a deviation and "buy" area.Note
BTC closed the week below the 2 highs of 2021.Price already printed a double top.
Almost no wick below indicates no buyers near weekly close.
Note
Price is somewhere around the same percentage rise of the previous cycle. What if price topped early?
Those expecting the bull run to continue to 2025 at 100k is looking for a 600% rise. Ask yourself if it is realistic.
Note
Bearish so far. If price consolidates around this area, then more downside is likely to follow.Note
Just posting two charts showing past and present. Don't hope.
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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.