Will BTC continue the downward movement?

Oct 22, 2022

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#BTC Update

#BTC is trading inside this descending channel, and as long as BTC trades inside the descending channel till that BTC will keep falling, To change the trend reversal BTC needs to break out of this channel.

BTC is forming this descending triangle pattern since 145D, as we know this is a bearish pattern, but to conform to any move we need a breakout or breakdown of this pattern.

Support:- 18700$ TO 19000
Resistance:- $20300,$21500,22500

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Oct 22, 2022

Note

Will BTC drop 50%, like in November of 2018?
Many analysts believe that BTC, now at 19k, is similar to BTC at 6k in November of 2018.

They are wrong about this bear market; let's find the most realistic bottom price target for BTC.

The bear market signal appears when:

- The realized price of all long-term holders (blue line) goes over the realized price of all coins (red line) bought
- The BTC price falls below the realized price of long-term holders and the realized price of all coins.

That means when you buy in the red area; you are buying at much better base prices than 12-18 long-term holders. Great!

If we apply the same analysis to the current market, then:

We have been in a bear market for 124 days.

The drop from 6k to 3k is similar to the drop from 30k to 18k.

The percentage drop in the last bear market from 6k to 3k was 50%.

The drop from 30.7k to 18.2k was 41%

A 50% drop from 30.7k would put BTC at 15k (-18% from the current price)
Similar to the 14.7k delta price.

Oct 22, 2022

Note

Oct 24, 2022

Note

#BTC UPDATE

BTC hit the target of the bullish rectangle around $19,700 and got rejected from the previous high resistance.

BTC also breaks out the symmetrical triangle and currently retesting it. A successful retest would confirm a bullish move toward the upper-marked liquidity zone.

If the price came back inside the symmetrical triangle, then that would be considered a fake out, then more consolidation inside the symmetrical triangle could be expected.