Bitcoin showing mixed signals lets look at the whole picture .
First of all we have been inside a symmetrical triangle now for a couple of days and we are coming to a conclusion , this is going to be one of the most important triangles of the year because if we do indeed break down from here it is very likely that we will visit 200 weekly at some point most likely late May 2022 , triangle breakdown target would be 42k.
Take a look at my previous TA below .
Bears
The fact is that whenever we spike in volume on this on-chain metric we get some sort of top take a look at this picture
ibb.co/x8dGj6T Now what you can see is that there is not one moment in time where massive output volume did not equal to some move downwards , just take a look at November 2021 with even less than half the output volume than March 30th price topped out.
Whenever this channel turns red we enter a accelerated phase of the bear market which leads to Bitcoin finding a floor at the 200 weekly and we just turned red.
Here we have the 200 /50 MA on the 3D and everything looking like history might repeat , I have talked about May 2022 Bitcoin event for more than one year now and it is possible that end of May 2022 will be a pivot for price down to the 200 weekly . Giving the credit to steve on this one for showing me this , it lines up perfectly with my Bitcoin May event 2022 , take a look at his videos amazing finds www.youtube.com/watch?v=0KSek7XA...
Bulls
Now for the bulls side we have a bullish cross on the MACD on the weekly .
So there is a case for both sides but the risk is too high best to go into USDT and wait to see what the market decides , May is just 70 days away the event is near.
First of all we have been inside a symmetrical triangle now for a couple of days and we are coming to a conclusion , this is going to be one of the most important triangles of the year because if we do indeed break down from here it is very likely that we will visit 200 weekly at some point most likely late May 2022 , triangle breakdown target would be 42k.
Take a look at my previous TA below .
Bears
The fact is that whenever we spike in volume on this on-chain metric we get some sort of top take a look at this picture
ibb.co/x8dGj6T Now what you can see is that there is not one moment in time where massive output volume did not equal to some move downwards , just take a look at November 2021 with even less than half the output volume than March 30th price topped out.
Whenever this channel turns red we enter a accelerated phase of the bear market which leads to Bitcoin finding a floor at the 200 weekly and we just turned red.
Here we have the 200 /50 MA on the 3D and everything looking like history might repeat , I have talked about May 2022 Bitcoin event for more than one year now and it is possible that end of May 2022 will be a pivot for price down to the 200 weekly . Giving the credit to steve on this one for showing me this , it lines up perfectly with my Bitcoin May event 2022 , take a look at his videos amazing finds www.youtube.com/watch?v=0KSek7XA...
Bulls
Now for the bulls side we have a bullish cross on the MACD on the weekly .
So there is a case for both sides but the risk is too high best to go into USDT and wait to see what the market decides , May is just 70 days away the event is near.