long to mid term consolidation range
Updated
Hi everyone
On the chart we can see a significant negative volume after massive drop.
many people scare to drop more and they have right to scare.
but in my view BTC has found it's temp bottom and if you look at the historical
you can see after any massive drop price moved sideways for a while
in last bull cycle after the drop price moved in limited range around 170 days
before last drop. so I think we can have almost same scenario in different price range.
the range limit I suppose is between 26K and 38K before last drop and the bottom
in my view would be between 17K to 19K.
we should consider WAR and Inflation. they can affect on the market impressively.
Crypto market has a very tight correlation with US stock market by now
chart above shows S&P and the targets it can hit in mid to long term (my view)
Altcoins are another factor we can evaluate BTC drop . most ALTS for now are in bottom
and I believe they can have upward pressure during the consolidation of BTC. let's see
Enjoy the market
On the chart we can see a significant negative volume after massive drop.
many people scare to drop more and they have right to scare.
but in my view BTC has found it's temp bottom and if you look at the historical
you can see after any massive drop price moved sideways for a while
in last bull cycle after the drop price moved in limited range around 170 days
before last drop. so I think we can have almost same scenario in different price range.
the range limit I suppose is between 26K and 38K before last drop and the bottom
in my view would be between 17K to 19K.
we should consider WAR and Inflation. they can affect on the market impressively.
Crypto market has a very tight correlation with US stock market by now
chart above shows S&P and the targets it can hit in mid to long term (my view)
Altcoins are another factor we can evaluate BTC drop . most ALTS for now are in bottom
and I believe they can have upward pressure during the consolidation of BTC. let's see
Enjoy the market
Trade closed: target reached
100% accurate
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.