Bitcoin has been trading in a range from 97.5K-112K for some time we tested 97K weekend and we bounce over 10% but we fail to make a ATH, also Bitcoin has strong bearish divergences that hardly anyone pays key attention to and these are almost identical to 2021 cycle top.
I have draw the resistance line and support from 2021 my theory is that IF we invalidate the bearish divergences we can see price action between 145K + . I do not think we can see a 320K price per bitcoin this cycle this will maybe happen in 2028 or 2032 cycle. Now if we do not breakout and invalidate the bearish divergences we can see the price dropping back to test the major 2021 support which is around 78K-84K only when this support if broken and we close a full body weekly candle below it then this confirms bear market has started.
Price action has move almost 8X from the 2022 ATL which is a decent return if you bought and hold.
If you enjoy the TA feel free to join my network its absolutely FREE.
I have draw the resistance line and support from 2021 my theory is that IF we invalidate the bearish divergences we can see price action between 145K + . I do not think we can see a 320K price per bitcoin this cycle this will maybe happen in 2028 or 2032 cycle. Now if we do not breakout and invalidate the bearish divergences we can see the price dropping back to test the major 2021 support which is around 78K-84K only when this support if broken and we close a full body weekly candle below it then this confirms bear market has started.
Price action has move almost 8X from the 2022 ATL which is a decent return if you bought and hold.
If you enjoy the TA feel free to join my network its absolutely FREE.
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YouTube youtube.com/@YTKingsofCryptoTA
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t.me/+lxnwA0i4qSZhN2Rh
Channel t.me/kingpinpublic
YouTube youtube.com/@YTKingsofCryptoTA
X @Whalekingpin_TA
Facebook facebook.com/whalekingpin
Channel t.me/kingpinpublic
YouTube youtube.com/@YTKingsofCryptoTA
X @Whalekingpin_TA
Facebook facebook.com/whalekingpin
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.