Jump to content

Epic Pennant on BTC Chart

Recommended Posts

1 hour ago, Eric123 said:

Bitcoin's price made it above the trend line for one "close"  right now it is not providing support and the price has broken under the line which is around $38,000.  

2 2 2022.png

Sadly this is confirming the many bearish predictions by Coinskid and others that we have been tracing out a bear flag with a target to descend to 28 -30k where hopefully it will find strong support and a big positive bounce.    XRP to .51 and hopefully holding there and bouncing strongly.

I think the good news is that we are breaking the narrative of a four year cycle ending with a euphoric blowout followed by another long crypto winter.   This feels more like a long (overdue) correction for BTC to me, whilst the whole crypto market is continuing to fizz with media attention about innovation and adoption across wider and wider range of use cases.  I personally do not expect BTC to remain the dominant crypto in these new markets for ever, but it is looking like BTC will remain a powerful force in crypto for a few coming years yet.  

Edited by Julian_Williams
Link to comment
Share on other sites

Running flat correction only intact if BTC remains above ~30k. I personally believe in a running flat and that 32k could indeed be revisited(probably higher tho) and then off to the races.

After this cycle is over I do expect a big crypto winter along with all markets. Multi-year recession. Euphoric rallies this year could end in extreme bloodshed in the following years. We’ll have to see, all I know is that I and many others were wrong about 4y cycle theory, most turned extremely bearish and some people like me have revisited their thesis and came up with an extended cycle explanation. 

we’ll see. As long as 32k holds, I think we’ll all be fine for an extended cycle indeed. 



Link to comment
Share on other sites

The 4 year cycle makes sense since the halvings occur every 4 years.  Obviously there are other factors involved than just the halvings which effect price:

Adoption is happening at an inconstant rate:

Countries/Institutions are embracing/attacking Bitcoin.  

Applications are being added to make crypto use more user friendly/secure.

All of these escape charting.  No one can chart for an SEC lawsuit or China banning Mining, or a Celebrity CEO getting a hardon for ESG, etc.

Bitcoin's price is below the trend line and the market is skittish at the moment in the US, as the Executive Order which is supposedly going to give some guidance looms-  but even so,  there is so much good news regarding Bitcoin and Bitcoin has so many high level supporters, that I don't think Bitcoin's price will be following this trend line down for much longer. I still don't think we have seen the high for this cycle.  

Edited by Eric123
Link to comment
Share on other sites

4 minutes ago, themeatcleaver3 said:

Thoughts on this? Seems to be a downtrend still?

BTCUSD 03-Feb.jpg

Yes, we have no confirmed break-out yet. For most professional this is a no-trade zone. For longer term investors, you can DCA buy and wait for a break-out, because when confirmation does arise, you’ll usually be left behind. Never use all your funds at once, as the price could also continue down. Just be sure to have a clear and well thought-out strategy you are comfortable with, and ignore all the noise(hardest part). 

Link to comment
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now

  • Create New...