What now?
Bitcoin failed yet again to break and close above the 3/1 Gann , check out the TA below .
It completed a W formation, broke out of the 3/1 and then got nuked. Daily did not close above. We had a massive fake out here , since November 15th we have failed time and time to break this 3/1 gann.
So my whole thesis on May 2022 being the top is highly unlikely at this point with just 100 days till May I don't see it happening. So what does May bring then , the bottom most likely where is the bottom who knows , 1.618 Fib is the orange line of support you see so hopefully that holds till May 2022.
We are close to the bottom I think if we just take a look at the USDT Market dominance we can see its hit resistance , this is a chart I follow to find tops and bottoms in Bitcoin it works like a charm take a look
We have this very clear ascending channel and everytime we hit the tops and bottoms of the channel it's a major bottom or top for Bitcoin, last two times it was July 2021 and September 2020 both bottoms , at the moment USDT dominance has never passed this level but I expect it getting to the top of the ascending channel sometime late April 2022 bringing Bitcoin down to somewhere around 28--30k.
Beware of the False relief rally that is coming, a rejection of price anywhere in the orange box will be setting up for Bitcoin to go lower.
The weekly RSi is at historic lows for Bitcoin and we are still at 35k which is good , take a look below.
As always if you have been here more than one year you know the drill stack more crypto everything is on discount. I have picked up more ETH and AAVE today ,and saw a very interesting video on AAVE and how it's undervalued and also version 3 is just around the corner .
youtube.com/watch?v=fp4YzAgnIqk&t=24s
There is a small long scalp I will throw in here since it's not very often you get this setup. Market cipher printed four yellow "x"s meaning price has been exhausted and since everything is extremely oversold a bounce should be coming in soon .
Stop Loss =34300
Take Profit =37600
I think we can now say the four year cycle pattern is out the window. Maybe we have much shorter cycles now much faster , maybe we don't blow off tops anymore , who knows Bitcoin always seems to do the unexpected and no matter how much you go over previous cycles it still remains one step ahead.
It completed a W formation, broke out of the 3/1 and then got nuked. Daily did not close above. We had a massive fake out here , since November 15th we have failed time and time to break this 3/1 gann.
So my whole thesis on May 2022 being the top is highly unlikely at this point with just 100 days till May I don't see it happening. So what does May bring then , the bottom most likely where is the bottom who knows , 1.618 Fib is the orange line of support you see so hopefully that holds till May 2022.
We are close to the bottom I think if we just take a look at the USDT Market dominance we can see its hit resistance , this is a chart I follow to find tops and bottoms in Bitcoin it works like a charm take a look
We have this very clear ascending channel and everytime we hit the tops and bottoms of the channel it's a major bottom or top for Bitcoin, last two times it was July 2021 and September 2020 both bottoms , at the moment USDT dominance has never passed this level but I expect it getting to the top of the ascending channel sometime late April 2022 bringing Bitcoin down to somewhere around 28--30k.
Beware of the False relief rally that is coming, a rejection of price anywhere in the orange box will be setting up for Bitcoin to go lower.
The weekly RSi is at historic lows for Bitcoin and we are still at 35k which is good , take a look below.
As always if you have been here more than one year you know the drill stack more crypto everything is on discount. I have picked up more ETH and AAVE today ,and saw a very interesting video on AAVE and how it's undervalued and also version 3 is just around the corner .
youtube.com/watch?v=fp4YzAgnIqk&t=24s
There is a small long scalp I will throw in here since it's not very often you get this setup. Market cipher printed four yellow "x"s meaning price has been exhausted and since everything is extremely oversold a bounce should be coming in soon .
Stop Loss =34300
Take Profit =37600
I think we can now say the four year cycle pattern is out the window. Maybe we have much shorter cycles now much faster , maybe we don't blow off tops anymore , who knows Bitcoin always seems to do the unexpected and no matter how much you go over previous cycles it still remains one step ahead.
t.me/+8CRZJqXrjwU4ODA0 re-launched telegram group , it is free , just place to chillout talk about crypto bull market , will be posting trades live randomly
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