Hello friends, today I am completing a technical analysis on the 1W linear scale chart for Bitcoin ( BTCUSD ).
In early December 2021, I posted a chart with a “no hopium” discussion around why I think BTC is headed much lower. That was when BTC was over $50K. See below.
Now I am coming back with a “no hopium” discussion part two, but this time it’s much more simple on the chart and narrative.
The current Bitcoin price broke below a very important triangle pattern that started forming at the end of December 2021. Since this is a weekly chart, the price may get a wick down and re-enter into the triangle, however many other technical and economical indicators show that we may be headed much lower. The target of the triangle pattern comes down to the $22K-$25K range and the target of the bear flag pattern comes down to the $5K-$7K range. Since this is a weekly chart, the pattern may take time to form. The only way I can assume Bitcoin may be headed to all time highs again is if the price can move above the $50K level for a week and hold that price, which has been a major resistance area .
Some of you may look at this chart and say it is very basic, but I have also put up all sorts of technicals and oscillators like Ichimoku Clouds , EMA , SMA , RSI , MFI , Stochastic RSI , MACD and many more on various timeframes and the data still shows downside pressure. So I kept it basic for this chart.
Since the making of the “No Hopium” Discussion post on December 2, 2021, Bitcoin price is down 35%. In number terms, if you had $100,000 in Bitcoin , you would be down to $65,000. That’s a $35,000 loss. Be careful and focus on the charts rather than some of the folks that make stories to earn followers.
What are your opinions on this?
If you enjoy my ideas, feel free to like it and drop in a comment. I love reading your comments below.
Disclosure: This is just my opinion and not any type of financial advice. I enjoy charting and discussing technical analysis . Don’t trade based on my advice. Do your own research! #cryptopickk
