#The current weekly analysis coincides not only with the end of the month, but also with the year's one.
#Everybody wondering where the price is going, having behind us comperatively bad week so far and the 2nd worst month in 2021.
#The on-chain metrics suggest strong hands (> 1000 btc and > 155 days) holding firm and still accumulating ( with very small % selling lately for tax purposes ) and also some steady increase in the retail addresses ( <1 btc ) with the latter still way below the peak in May. Thus indicating potentially the beginning of another bull run.
#The TA on the other hand doesn't look so promising, especially on the montly chart, as mentioned above.
- On the weekly one, the price is at a real edge! Literally just crossed above 50 MA ( extremely important on weekly) & the diagonal trendline, used by some to call for "Bump & Run" pattern, it is still vulnerable to any fud and selling pressure.
- Even more indicators coincide around the current price lvl on the daily chart- the 200 MA , the 20 MA & the middle boliger band, which means that literally everything is very tight atm, the price is watched closely for any clues and a squeeze is possible in both directions.
- I am not rulling out a drop to 43k- 44k area, where the so important 0.618 Fibb level lies.
- The Elliott Wave tool also suggests the beginning of the last 5th wave to the upside, with the important notice that the bottom of the 4th came a little lower than the top of the 1st , thus slightly breaking one of the main rules.
- In order to enter a bear market, we must firmly close at least 2 consecutive weeks below 40k ( below the 50 MA on the weekly and also below the 0.618 Fibb level) , thus forming a lower low. Also, entering a bear market now, would mean that for a 1st time in BTC history, we would have a bull cycle , without reaching 2.272 lvl on Fibbonacci , or at least 1.272 one.
#My Personal Stance- Based on everything listed above, and on many other important facts and figures, I am Bullish for 2022 in general!
#Everybody wondering where the price is going, having behind us comperatively bad week so far and the 2nd worst month in 2021.
#The on-chain metrics suggest strong hands (> 1000 btc and > 155 days) holding firm and still accumulating ( with very small % selling lately for tax purposes ) and also some steady increase in the retail addresses ( <1 btc ) with the latter still way below the peak in May. Thus indicating potentially the beginning of another bull run.
#The TA on the other hand doesn't look so promising, especially on the montly chart, as mentioned above.
- On the weekly one, the price is at a real edge! Literally just crossed above 50 MA ( extremely important on weekly) & the diagonal trendline, used by some to call for "Bump & Run" pattern, it is still vulnerable to any fud and selling pressure.
- Even more indicators coincide around the current price lvl on the daily chart- the 200 MA , the 20 MA & the middle boliger band, which means that literally everything is very tight atm, the price is watched closely for any clues and a squeeze is possible in both directions.
- I am not rulling out a drop to 43k- 44k area, where the so important 0.618 Fibb level lies.
- The Elliott Wave tool also suggests the beginning of the last 5th wave to the upside, with the important notice that the bottom of the 4th came a little lower than the top of the 1st , thus slightly breaking one of the main rules.
- In order to enter a bear market, we must firmly close at least 2 consecutive weeks below 40k ( below the 50 MA on the weekly and also below the 0.618 Fibb level) , thus forming a lower low. Also, entering a bear market now, would mean that for a 1st time in BTC history, we would have a bull cycle , without reaching 2.272 lvl on Fibbonacci , or at least 1.272 one.
#My Personal Stance- Based on everything listed above, and on many other important facts and figures, I am Bullish for 2022 in general!