The above chart shows Bitcoin's journey since December 2020. You can see the climb into the trend channel, it's progress through to the first critical juncture 8th April which BTC escaped and then onto an exact copy of the critical juncture (1) on 18th April. At this point BTC was at base of Trend with heavy resistance at 60k. Additionally BTC was above but close to the LT 144 DEMA. All these criterium were broken and was the start of BTC's decline. BTC however attempted one more break above 60k but failed and then we had the comments made from Elon Musk.
Here we are today, however:
See volume back in December (red circle) this volume formed what is now the next support region for BTC. BTC is almost there now. LT 144 RSI support line (dotted blue) is set from back in October - BTC is there now. The decline in RSI from it's high which matches the support mentioned above regarding volume, to where we are now, has formed an excellent descending triangle marked in red. We are now at the triangles apex.
I fully expect BTC to bounce from here and breakout on the RSI (marked in light green arrows both on price and RSI. Failure of BTC to do so is a strong indicator of a lot more downside! Good Luck all!
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Notice the chart pattern on the 22 February to 1st March and again from 16th to 26th April. I believe this is the market being manipulated by big players in order to buy, we now have the same scenario again.
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Please see previous idea in relation to this: The combination of these two ideas is a very strong signal that BTC is going to head north soon and at a **rapid pace** in line with the parabola.
It was a shame the sell off occurred the day I published! lol oh well that's the way it goes :) However BTC has recovered well and assuming the 'V' recovery continues the 'Bang' prediction remains, albeit it shaved off a little by the drop. Also see where BTC is now in relation to the parabola in the previous idea mentioned above.
mikenguyen0018
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Lol, my chart looks 90% like yours. We hit the 45k and 42k as expected and now I'm also hoping for a bounce to break 60k and continue the bull run. Your analysis once again gives me confidence.
Paul_Erasmus
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@mikenguyen0018, I have every faith in blockchain technology as do I think most of the financial world is beginning to adopt it - because of it's immutability amongst other benefits. The chart above and, seeing how the previous idea played until now, both indicate a rapid rise soon. Be careful though, what the chart says and my interpretation of it may well be wrong! :) I don't believe so though.