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Hmmm Bitcoin?

avatar of @theindiankid
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2 min read

Hello,

Okay after a long time, it's time to analyse bitcoin. Now I want to clear that I don't post regular a out cryptos as I don't want to sound like a regular trader or crypto gambler. Instead, when things are off in the market I come up with my picture. With my analysis I try to get close to market sentiment and try to provide the near picture which can happen.

During crypto winter, I spend more time on twitter, finding good analysis, sayings, and what the holders think about the situation. I came across few such tweets which sounds logical to me. Now crypto market is far way from pattern games yet we try to make sense out of it.

1. Tweet by Musk back in 2021

Now this tweet is getting a lot of attention lately. The main reasons are the numbers and the pattern that it follows. It is near to what bitcoin has came along in price. If you see at 20, the next numbers are what a holder wants right now. Higher highs!

2. Wick below 200 MA

This pattern shows the bounce back in prices after getting below 200 MA. It shows that Wick gets below as 15-30% and then it retraces to newer highs. Price can go as low as 15k considering the previous red wicks.

3. Volume eclipsing

Although the price was low, the volume at that moment worths a look as well. The yellowish shaded area on the volume chart shows that a great fall in volume is often seems to be a great coming rise. One thing to note down here is that we are unaware of what further dip will come, how long red lines in the volume section we can see. Although after comparing with the last ones, this seems to be the final bear wave.

4. What comes next?

Here is the another pattern. But before that you should read this saying first.

The pattern

The pattern shows that in coming months or by next year 42k zone will be our new painful low. However we are yet to see the current dip levels. Few speculation says that we can go as low as 15k but I believe that we will tràce back to 24k atleast. Again I will say that pattern games must be taken as a pinch of salt only. Not much as nobody can predict what will come.

Posted Using LeoFinance Beta