BTC Final Bear Market Sell-Off & Bull Market Set Up
BTC is showing buy-side strength for the first time in months as it tries to establish a bottom of the current bear market. That said, we are likely not out of the woods yet.
'Crypto' & BTC will likely end the liquidation phase of the bear with one more major sell-off & capitulation panic.
4 to 6 more months of 'despair' & 'anger/depression' is likely ahead. This means more sideways price actions and lower lows - potentially one more capitulation low.
I would look for BTC to find a bear market bottom in the Yellow Box which is 114 to 175 days from today's date, July 7, 2022. This bear market low will be November '22 - January '23.
Once BTC has bottomed after two or three more 60-day cycles, look for BTC to print a new 4-year cycle market low.
RSI & Stochastic RSI are showing major weekly oversold conditions. I don't expect them to breach the 30 & 20 'out-of-oversold' areas, respectively, anytime soon. They will likely both battle with establishing a major uptrend. However, history shows us that oversold conditions such as these only last for so long. And what is down will inevitably go up - to the moon. Keep an eye on both RSI & the Stochastic RSI to break into upward momentum pushes and maintain the momentum as an indicator of overall market strength & sentiment. The weekly timeframe is where I am monitoring these indicators.
Either way, I'm Dollar Cost Averaging into BTC from here on out until I believe it is once again 'expensive'. Don't try to time the market. DCA. Set low bids. Keep a low-time preference mindset & set yourself up for success in the next 4-year Bull market.
Onwards & Upwards.
'Crypto' & BTC will likely end the liquidation phase of the bear with one more major sell-off & capitulation panic.
4 to 6 more months of 'despair' & 'anger/depression' is likely ahead. This means more sideways price actions and lower lows - potentially one more capitulation low.
I would look for BTC to find a bear market bottom in the Yellow Box which is 114 to 175 days from today's date, July 7, 2022. This bear market low will be November '22 - January '23.
Once BTC has bottomed after two or three more 60-day cycles, look for BTC to print a new 4-year cycle market low.
RSI & Stochastic RSI are showing major weekly oversold conditions. I don't expect them to breach the 30 & 20 'out-of-oversold' areas, respectively, anytime soon. They will likely both battle with establishing a major uptrend. However, history shows us that oversold conditions such as these only last for so long. And what is down will inevitably go up - to the moon. Keep an eye on both RSI & the Stochastic RSI to break into upward momentum pushes and maintain the momentum as an indicator of overall market strength & sentiment. The weekly timeframe is where I am monitoring these indicators.
Either way, I'm Dollar Cost Averaging into BTC from here on out until I believe it is once again 'expensive'. Don't try to time the market. DCA. Set low bids. Keep a low-time preference mindset & set yourself up for success in the next 4-year Bull market.
Onwards & Upwards.
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