Bitcoin Chart Screams 2022 Bear Market, Until You Notice What’s Missing
Bitcoin’s latest drawdown from its all-time high is being compared to 2022 across crypto Twitter (the similarities are obvious), but some technicians argue the similarity is mostly superficial. In a series of posts, TexasWest Capital CEO Christopher Inks said the current move looks like a completed five-wave decline tied to a positioning washout, not the kind of structurally driven breakdown that defined the 2022 unwind. Bitcoin Vs. 2022: Similar Chart, Different Story? Inks’ core claim is about where the market sits in the broader pattern. “One of the differences between the current drop....
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Those of you who read yesterday’s column will recall that the daily chart was looking rather bearish in the short term. Indeed, I ended the article by speculating that I was considering taking a short position in the asset as a result of the chart. So, even though the market has been rather quiet today, let’s look at the ethereum charts again. Let’s start with the daily chart, with a look at the most reasonable bear setup from the high: The first thing you should notice is that the price fell sharply as soon as it exited the first arc pair. This is bearish to say the least. If the chart....
The 2022 bear market has been brutal as more than $2 trillion in value has been wiped away from the crypto economy. In addition to record values lost, the crypto winter has managed to break a number of popular bitcoin price models like the rainbow price chart and Plan B’s infamous stock-to-flow model. Moreover, since May 11, 2022, the well known power-law corridor model or logarithmic growth curves chart has also broken, and it’s deviated below the lower band for roughly 86 days.
A Deviation From the Norm: 2022’s Bitcoin Bear Market Breaks Some of the Most Popular....
Since the beginning of 2022, the crypto market has descended further into the bear market. The current bitcoin cycle low was hit back in June 2022, and its price is only about 11% up from that point. Through the bear market, there have been some cryptocurrencies that have held up better than the others. This […]
Well, what a difference a day makes, as the saying goes…. Those who follow this column regularly will notice that the 8-day chart looks different today. I noticed last night that if the bull setup is expanded to begin at the end of the bear market in Jan 2015 and sized to the downturn in July of that year, the last green bar closed EXACTLY at the 5th arc. I wish I had been using this setup all along, but hindsight is 20/20 of course… In any case, at the very end of the last column I suggested I was done with the bull trade for now. Like everyone else, I wanted to ride the wave all the way....
Bitcoin accumulation during the 2022 bear market looks stronger than in 2018 but macro headwinds could spoil the party this time around. While Bitcoin (BTC) investors may not consider the U.S. midterm elections as a significant event, an eerie fractal from 2018 may provide a clue to what could happen before the year ends.Bitcoin to hit $12K–$14K after midterms?Comparing Bitcoin's price actions prior to the midterm elections of 2018 with those of 2022 shows a strikingly similar bear market trend. For instance, BTC price trended lower in 2018 while holding a horizontal level near $6,000 as....