Hi friends. I'm here with my new analysis for bitcoin. To have a comprehensive look at the chart and determine what could happen for bitcoin,i prefer to use the monthly TF.
As u can see on the chart from the very beginning, the momentum of each uptrend has DECREASED compared to the previous ones (The GREEN arrows)
On the other hand, each Retracement has gone SHARPER compared to the previous ones (The RED arrows)
and finally, the "distance between each low and high" has DECREASED as well. Qua the first leg up has gone for 50,000%. The second leg up has gone for 10,000% and the last leg up, has gone for JUST 2000%.
All these three facts coming together, show the "LACK OF STRENGTH" for the long-term uptrend which could lead to lower prices such as 13K and 4K for bitcoin! However it may not happen. But it's totally possible.
BUT HOW TO RECOGNIZE if lower prices are likely to show up? you see the green long-term trend line AND the light green 48months MA on the chart which both are probably at the same point. If these two super important and critical supports are lost, then we will easily go down to 13K and in that case, losing the 13k support zone and reaching 4k wouldn't be difficult at all!
At last, "in my own opinion", considering the three facts i mentioned above at the beginning of this analysis, i anticipate the price to AT LEAST go down to 13K and on that price, i will check out the conditions again to see if it's possible to hit even 4K or not.
Would be glad to hear your kind comments about this analysis.
Respects,
ElCo
As u can see on the chart from the very beginning, the momentum of each uptrend has DECREASED compared to the previous ones (The GREEN arrows)
On the other hand, each Retracement has gone SHARPER compared to the previous ones (The RED arrows)
and finally, the "distance between each low and high" has DECREASED as well. Qua the first leg up has gone for 50,000%. The second leg up has gone for 10,000% and the last leg up, has gone for JUST 2000%.
All these three facts coming together, show the "LACK OF STRENGTH" for the long-term uptrend which could lead to lower prices such as 13K and 4K for bitcoin! However it may not happen. But it's totally possible.
BUT HOW TO RECOGNIZE if lower prices are likely to show up? you see the green long-term trend line AND the light green 48months MA on the chart which both are probably at the same point. If these two super important and critical supports are lost, then we will easily go down to 13K and in that case, losing the 13k support zone and reaching 4k wouldn't be difficult at all!
At last, "in my own opinion", considering the three facts i mentioned above at the beginning of this analysis, i anticipate the price to AT LEAST go down to 13K and on that price, i will check out the conditions again to see if it's possible to hit even 4K or not.
Would be glad to hear your kind comments about this analysis.
Respects,
ElCo
