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Bitcoin levels - where bear markets ALWAYS bottom$BTC has been breaking through every support in this bear market, now we have FTX contagion and the question is where will we bottom? Going back in time to previous bear markets ive noticed the "final trend". Drawn in black, this is where bitcoin has consistently found its bottom at 1,8k in 2017, 3,1k in 2018 and 3,8k in 2020. At time of writing that final stand point sits at 7,5k in 2022... Currently hovering at 16k as possible support, lower supports range from 9,5k to 14k before the final trend is in sight. A loss of that trend would be absolutely deadly, do you think we can go low enough to revisit it? I hope not, if it however means that we start a new cycle, then lets just get it over and done with. Let me know your thoughts on the TA below.
BITSTAMP:BTCUSD
by Silkman
4
Bitcoin - Key levelsAs stated on a previous Idea, BTC/ USDT is trading on a Modified Schiff Pitchfork since 2020. BTC/ USDT is currently trading inside an ascending channel (White). The Upper Channel Line is the multi month trendline (Bold Yellow) that we broke in January. If we reclaim the 0.236 Fibo and the level 1.5 (Purple Trend) of the Modified Schiff Pitchfork as support, we could expect a move to the upside, the first stop would be the 0.382 Fibo and we should be very cautious around this level, a huge Overlap is waiting us as resistance, combined with the 200 SMA Daily and the multi month trendline / Upper Channel Line. If BTC can't reclaim the 0.236 Fibo and the level 1.5 (Purple Trend) of the Modified Schiff Pitchfork, we could expect a rejection to the lower level of the Modified Schiff Pitchfork (Pink Trend and Red Trend)
by MyCryptoSuccubus
1