Bitcoin: 2 Top Market Cycle
+Hello Everyone had to dig deep into the charts for this one.
+Many investors including myself believe that this halving we will see a 2 top market cycle just like in 2013.
+Although the the 2013 and 2020 halving % on gains are different as well as starts dates of Halving i noticed something interesting between the 2.
+1 being the first Peak happening in April. We saw something similar in the past month but instead of peaking in April we peaked in May 1 month apart.
+Another point that leads me to believe that this is a 2 top market cycle is the yellow trend i drew.
+ You can see that its acting as resistance in 2013 and matches perfectly at 64k.
+Anyone who understands the basics of TA knows that once Resistance is broken we continue going up thats how the second peak was formed in November 2013 for the 2012 halving
+ We also see that being broken in the 2017 halving once we broke that yellow resistance it moved to the next resistance(top red Zone)
+In 2013 we saw a 82% drop in price from the first peak and then rallying up a few months later to gain 1872%
+ So far in this pullback we are down 53% since ATH. i personally do not think that we will drop 80+% from 64k but rather 55-70%(worst comes to worst 75%).
+Something you don’t want to here is about a possbile retest at the 2017 ATH which is 19,500-20,000 depending on the exchange your looking at. Which is possible that would mean we came back down 70% since 64k.
+Now to make you happier the longer Bitcoin accumulates/consolidates the bigger the move up will be.
+ Keep in mind Alts follow Bitcoin unless its alt season, (which is no longer is) so dont expect your favorite Alt coin to reach its previous ATH until Bitcoin does!
+ My first major resistance ill be looking at is the yellow level if we can break that after our accumulation phase this bull run is going to be one to remember
+To wraps things up this just HODL your coins and if your going to buy more DCA your investments its very hard to predict the very very bottom of an asset but good to have buy orders/ranges to look at
Below i will show Bitcoin on the smaller Timeframe
https://www.tradingview.com/x/9lLHPvj0/
+Many investors including myself believe that this halving we will see a 2 top market cycle just like in 2013.
+Although the the 2013 and 2020 halving % on gains are different as well as starts dates of Halving i noticed something interesting between the 2.
+1 being the first Peak happening in April. We saw something similar in the past month but instead of peaking in April we peaked in May 1 month apart.
+Another point that leads me to believe that this is a 2 top market cycle is the yellow trend i drew.
+ You can see that its acting as resistance in 2013 and matches perfectly at 64k.
+Anyone who understands the basics of TA knows that once Resistance is broken we continue going up thats how the second peak was formed in November 2013 for the 2012 halving
+ We also see that being broken in the 2017 halving once we broke that yellow resistance it moved to the next resistance(top red Zone)
+In 2013 we saw a 82% drop in price from the first peak and then rallying up a few months later to gain 1872%
+ So far in this pullback we are down 53% since ATH. i personally do not think that we will drop 80+% from 64k but rather 55-70%(worst comes to worst 75%).
+Something you don’t want to here is about a possbile retest at the 2017 ATH which is 19,500-20,000 depending on the exchange your looking at. Which is possible that would mean we came back down 70% since 64k.
+Now to make you happier the longer Bitcoin accumulates/consolidates the bigger the move up will be.
+ Keep in mind Alts follow Bitcoin unless its alt season, (which is no longer is) so dont expect your favorite Alt coin to reach its previous ATH until Bitcoin does!
+ My first major resistance ill be looking at is the yellow level if we can break that after our accumulation phase this bull run is going to be one to remember
+To wraps things up this just HODL your coins and if your going to buy more DCA your investments its very hard to predict the very very bottom of an asset but good to have buy orders/ranges to look at
Below i will show Bitcoin on the smaller Timeframe
https://www.tradingview.com/x/9lLHPvj0/
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