Bitcoin (BTC): Looking More Likely By The Day
Updated
BTC closed a very critical 3 day candle today.
It is expressed on the 3 day MACD where todays candle closed a Bearish Cross. This has proven to be a consistent warning for downside ahead!
Lets take a look at the previous 3 Day Bearish Crosses:
What is most interesting here is that BTC has only found itself testing the 3 Day 200MA only 4 times before and now here it is for a fifth time. Every attempt to bounce off the 3 Day 200MA has been a failure.
I can't express to you enough how important these trendlines are and most of all the Weekly 200MA. The amount of confluence in this area is no coincidence.
Keep in mind what part of the economic cycle we are in. This is NOT 2020 where economy was accelerating, QE, low inflation, no war, no sanctions, zero FED fund rate, low energy prices.
Ironically if you list out of all past market factors, every single one of them is opposite. Economy slowing down, QT, high inflation, raging war, many sanction (potentially more), potential 9+ rate hikes, high energy prices.
Now if you're a believer in this time is different; it may very well be, who am I to say?
I can only use past data to try to navigate the future.
Hope this analysis helps!
It is expressed on the 3 day MACD where todays candle closed a Bearish Cross. This has proven to be a consistent warning for downside ahead!
Lets take a look at the previous 3 Day Bearish Crosses:
What is most interesting here is that BTC has only found itself testing the 3 Day 200MA only 4 times before and now here it is for a fifth time. Every attempt to bounce off the 3 Day 200MA has been a failure.
I can't express to you enough how important these trendlines are and most of all the Weekly 200MA. The amount of confluence in this area is no coincidence.
Keep in mind what part of the economic cycle we are in. This is NOT 2020 where economy was accelerating, QE, low inflation, no war, no sanctions, zero FED fund rate, low energy prices.
Ironically if you list out of all past market factors, every single one of them is opposite. Economy slowing down, QT, high inflation, raging war, many sanction (potentially more), potential 9+ rate hikes, high energy prices.
Now if you're a believer in this time is different; it may very well be, who am I to say?
I can only use past data to try to navigate the future.
Hope this analysis helps!
Note
Here is my Short Term target going forward:
As well as my Medium Term target:
Note
Everyone doing mental gymnastics at the moment to find a shred of light at the end of the tunnel. Look on the bright side, we are already well on our way, and it is not like this is just starting. Just have to endure a bit more pain. Patience is rewarded in the end. Make sure you survive the next few months.
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