1- 50 Moving Average on the monthly chart.
Never in BTC's history has it had a monthly close below the 50SMA, right now, it's at $20,600, back in 2018, we did not even touch it, the 50MA was 5-6% lower, and thus I expect a similar or better scnerio to unfold this cycle.
2- 200 Moving Average on the weekly chart.
Sitting pretty at $21,850, sometimes small wicks below it, but nobody has ever regretted buying BTC near the 200MA, ever.
3- The low 20k range is a major support/resistance level.
This historical ATH has a massive support potential, it's highly unlikely that we see even a daily close below this level, it's probably the place where the last bear will just sit on their hands and do nothing.
4- The Stochastic RSI on the monthly chart.
Pretty damn close to the 2015 and 2018 bottom levels.
5- The RSI on the monthly chart.
Currently sitting at 47.3, in the previous cycles it bottomed at 44.5, pretty close.
6- The ichimoku cloud on the weekly chart.[/b]
"Nothing much to say about this, it's clear that every time the red cloud appears, the bear market get's closer to end."
The cloud begins in July, so could July/Aug be the bottom? could very well be.
Finally, I'd like to quote myself
Quote
also keep in mind that the end of bearish trend does not mean the start of a bull run, it usually means a few months of consolidation between the bottom and the last high of the last leg down , which in our case if we were to assume 3k to be the bottom then the siedways market will be between 6k and 3k which can last from a few months to a whole a year before breaking the 6k and going on a bull run that will mark new ATHs.
This is not financial advice, trade safe. follow the trend.
This is not financial advice, trade safe. follow the trend.
We needed 4 months, to get out of the 3-6k zone, I won't be surprised if we take 4 months or even more to break free from the 20-40k trap, while all the indicators used in this topic point to more decrease in price and possibly 19-23k, timing the exact bottom is just stupid, 2-3 years from now if this turns out to be the bottom, it won't matter if you bought at 20k or 25k, just how it didn't matter buying at 3k or 4k back in 2018.