Bitcoin has a very clear 4 year halving cycles which it followed all previous years.
Top of each cycle comes to November-December. Bottom forms 1-1.3 years after that top.
Bottom consolidation period usually correlates with 0.5-0.75 period of bearish cycles which corresponds with December'22-June'23. Since it doesn't yet look like BTC had final capitulation I believe we should see the bottom in the beginning of 2023 year (March-June). Most probably it will be 10540-12500 zone (see week cha
I will never make you FOMO and buy the top. Not in my rules. As I wrote, $APE pumped and dumped by 50% from that move. More or less guessed the buy zone ๐๐ผ Yes, it wicked lower, but the consolidation and bounce happened from around 0.95-0.98
If #APE stay bullish it shouldn't drop much lower than 1.16, but that assumes BTC won't drop much lower. If it will, then next zone is again around same 0.95
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Bearish
$APE pumped and in two days reached gap left from April. Now many newbies might FOMO and ape in, but you don't. You just sit on your hands and wait for correction move.
Nearest and very bullish entries can be taken around 1.27, but these ones are risky. That zone will give a bounce for sure, but it should be monitored and loses cut early if start dipping lower.
I was sure this week we will see 100k and only after $BTC would start correction, but as price action evolves, I start to doubt about that. In theory last week's high remains valid target for stop hunting and, in most cases, BTC didn't go down without clearing such an attractive point. But in fact Monday closed with long red candle and Tuesday already wicked up for re-test of developing VWAP VAHs, so short term main direction is down to search for more liquidity there.
The closer to month end, the less chances to see #BTC at 100k in November. But with all that developing month candle remains very bullish, so higher timeframe momentum still can push BTC above 100k in December or January.
Before that next nearest zone with high volume to support #Bitcoin is around 91500 and if it won't hold next will be developing Year VWAP VAH2 growing towards ~86k
Levels of interest for future dips: * 84800 - developing Year VWAP VAH2 * 77200-80260 - CME Futures gap
Something similar is happening with $SAND chart - broke above March 4th swing high, so we may expect this or next swing to grow higher.
If correction happens first from here, then pullback zone is around 0.433-0.533. If #SAND continue higher (same as $XLM did), then target levels for that impulse are 1.25 / 1.80 / 2.50
Obviously buying here is too dangerous and offers bad risk reward, so these targets are only for those who already hodl. For the rest - patience.
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One of the most surprising moves was $XLM pump. It spend 181 weeks (~3.5 years) in downtrend, but it took only 2-3 weeks to fully recover back to values from May 2021 ๐
That is crypto ๐ That is why we love it.
Now don't be a degen and don't think of buying it here ๐ Dips back to 0.2666 are almost guaranteed
One of the most surprising moves was $XLM pump. It spend 181 weeks (~3.5 years) in downtrend, but it took only 2-3 weeks to fully recover back to values from May 2021 ๐
That is crypto ๐ That is why we love it.
Now don't be a degen and don't think of buying it here ๐ Dips back to 0.2666 are almost guaranteed
$NOT forming bullish engulfing month candle. That should push it higher within nearest two months.
Previous long entry made at least 3:1 RR from the top entry. For new entries as usual top level is for more or less sure fills, while in fact price can swing lower. So for best results wait for that swing to complete the move.
Week candle didn't feel that Sunday dip and closed at 97960. That was a good opportunity to buy $BTC low before this week breakout higher. Just a reminder I am talking about price following the momentum in a form of impulse move. Neither I nor anyone else knows how this move will end. But that is not important, as information about highly probable move was enough to make a trade (in this case - buy the dip).
With all that short term bullishness keep in mind that this is the last week of the month. End of month is when many take profits from open positions, and since majority of market participants are long, that means that we may expect increase in sell pressure this Thursday, Friday and weekend. My main mission for this week is to plan dip buys that will print money over December ๐
Levels of interest for future dips (purely theoretical for some black swan event): * 94690 - developing Year VWAP VAH3 * 83820 - developing Year VWAP VAH2 * 77200-80260 - CME Futures gap
Yesterday alarm triggered in my TV signaling $BTC cross of 4H 20sma. For the next 16 hours price moved along that sma and then finally lost it and dipped below.
The idea I shared yesterday about inevitability of 100k next week stays valid. Week candle forms sell tail which is normal. Same happened in previous weeks as well.
But that dip haven't yet collected all the liquidity. Possible wicks lower to +/- 95k. So be prepared to buy the dips.
Lets keep it simple. Look at $BTC Week chart. Three long body candles in a row say that bullish momentum is very strong. It almost guarantees to see next week high above this week's high (so far at 99660). So we will see 100k very soon.
With all said above, that pattern doesn't hint, where next week will close - can be another long body bullish candle, can be doji. At least it gives pretty good chances to avoid any kind of bearish engulfing scenario. Confirming a swing top will require at least one more week time.
Levels of interest for future dips (purely theoretical for some black swan event): * 94000 - developing Year VWAP VAH3 * 83350 - developing Year VWAP VAH2 * 77200-80260 - CME Futures gap
#Ethereum forming my favorite consolidation range, and as time pass, it fits right in between developing Year VWAP and VAH ๐๐ผ
Obviously wicks can go beyond the range and these are the best $ETH entries. But its a bit early to look for range bounds. Nearest level is range middle and it got to be revisited after breakout.
Fear and Greed index at 94 ๐ฅ Extreme greed as everyone talk about 100k. That reminds me of 2017 euphoria. Shame F&G index wasn't created back then. Interesting what were the numbers.
Market structure and chart don't change from day to day, as $BTC keeps on pushing ATH higher and higher. Certainly not the way everyone expected (strong pump and dump visible at ~4H), but so far everything looks calm here. The pump happens at week/month charts ๐
Back to Fear&Greed - can't ignore that factor. Momentum is bullish and #BTC should keep it into next week and, if month November close anywhere near current values, will keep it into December as well. But such high F&G will surely cause big dips, as majority is too biased into longs.
Levels of interest for future dips (purely theoretical for some black swan event): * 92.5-93.5k as re-test of recent round number and dev Y VAH3 * developing Year VWAP VAH2 and dev 4H 20sma now around ~83000 * #Bitcoin CME Futures gap at 77930-80670
What a precision ๐๐ผ Given month ago level was finally hit yesterday.
Reminder that #ETHBTC chart is an indicator for alts season. When #Ethereum bounce, then we will have majority of other alts bounce and outperform BTC.
I like that wick and how $ETH candles are forming at lower TF now. Sure this is week chart, so the following weeks may visit that area again, but these early signs are satisfying my views already.
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#Ethereum vs $BTC is a classical instrument to see if alts market is bullish or bearish. Yes, since classical times other influential alts appeared (like SOL), but #ETHBTC remains the main one IMHO. And here we can see total bearishness.
Last week $ETH closed below falling wedge lower trendline. If this week keeps that momentum, we may expect it to drop down to ~0.033 (March'21 close).
If turn bullish and close this or next week above ~0.038 that PA can be taken as first signs of #ETH bullish reversal (and start of alts season)
I already hold $XAI so consider that post as shilling my own bags. But I also think that resistance zone around 0.255-0.27 which was tested 3 times since August is weak enough to consider chances for breakout very high.
So we have 111 days consolidation range and top of the range at ~0.26 tested multiple times during that period. Very very bearish target for breakout is 0.29 and if manage to grow above 0.35, XAI will leave most of bearish volume below. Do your math.
Now waiting for 100k and what happens there. In any case, as I always say, respect the momentum. Especially when historical resistance levels don't exist or exist only in imagination. Momentum is bullish and, until we see break down in it and then choppy stage and then break of previous higher low, no sense in trying to catch the top. Shorting against the trend, if no extraordinary pump happened, is the quickest way to wipe out your balance.
Levels of interest for future dips (purely theoretical for some black swan event): * 94.5-95k as re-test of recent round number and Y VAH3 * developing Year VWAP VAH2 and dev 4H 20sma now around ~83500 * CME Futures gap at 77930-80670
Buying some $APT on that pullback. Whatever caused the pump, volume was good and it cleared stops above several consolidation swing tops. Clear invalidation as well.
$BTC stays above developing VWAP 3rd VAH band. Yesterday was new ATH and today we might see another one. I have alarms set for round numbers like 95k and 100k.
While price moves above those levels #Bitcoin remains bullish. First signs of "bearishness" in terms of potential dips comes when price get stuck under 3rd dev Y VWAP VAH band. And confirmation on several 4H candles trading below developing month VAH. That move can lead to a fast dip to developing Year VWAP VAH2 around ~81860 and CME Futures gap at 77930-80670
Fear and Greed index at 90. Not that often it gets that high, so I decided to look back at F&G history and what happened to $BTC back then: * June 26 2019 at 95 - top at 13970 before correction to 3800 * All December 2020 above 90 - bull run from ~17.6k to ~41k * middle February 2021 above 90 - 57-58k, then was the dip to 28850 and another leg up to 62k which ended with 2 months consolidation in between 64-50k and then correction to 29k * March 4th 2024 - last impulse to 68500 before 8 month consolidation started in between 49k and 73k
As you can see, not all cases led to correction. In December 2020 it was just a pure bull run up by 138%. In 2021 correction by 31% scared everyone out, and then #BTC made another 124% up. The only case of real top was in 2019. But the market have changed a lot during last five years.
So what do I want to say... extreme greed is not always the signal to sell. It can also represent strong bullish momentum as well as increased potential for high volatility on shake outs, as too much people are being long at the same time. So be greedy, but careful, and don't forget about risk management. Despite yesterday's choppy price action I think 95-100k is still very realistic.
P.S. For future #Bitcoin correction scenario potential targets are developing Year VWAP VAH2 around 81500 and CME Futures gap at 77930-80670.