Bitcoin has been in a month-to-month downtrend, yet everyone is wondering where the bottom or recovery is? This is a bear market, and it could last many more months, or years, before a new all-time high happens again. The Crypto industry has been shattered by bankruptcy and the crypto bubble popped. First, I would like to share the US dollar chart & the S & P 500 chart below.
US DOLLAR MONTHLY CHART
S & P 500 3DAY CHART
BITCOIN
Here we are...19k- 20k at time of this article, and many analysts are calling the 17k range the bottom of this bear market. I feel this is all too soon for that to be the case.
Above, I have the US DOLLAR INDEX MONTHLY CHART, showing how 120 - 112 in coming months is very likely going to be the range for the US DOLLAR. It could maybe even breakdown-forming a macro yearly top, but at the same time still breakout to about 170 -150 (even higher) in the incoming months or years. All scenarios indicate BTC could at any moment sell off with the in-flux of the DOLLAR dominance for several months or years... until the macro top is formed on the DOLLAR INDEX.
Next, the S & P 500 3DAY CHART is flashing a cross sell-signal to break down on the $HARP$COPE indicator, which catches S&P 500 every time. Today was the open of the 3DAY candle and if this area of support doesn't start a bounce up tomorrow... it will crash into more next week. I also have the support area where it could bounce which is low enough to bring BTC to the estimated bottom I will display next. The S & P crash could cause a massive life changing sell-off; a short opportunity on CRYPTO you won't want to miss!
Moreover, I also have found something in the monthly chart that I have my eyes on, to catch the bottom of the bear market-right now! With all that out of the way...this BTC MONTHLY Chart gives me all the targets and pricing very clearly, with the $HARP$COPE indicator, I will know the bottom immediately when the new monthly opens! Targets below 17k are 13.5k / 10.5k / 6.4k. Based on the speed of the drop, it will also be the speed of recovery in my experience.
Therefore, the longer it takes to get there...the longer it will take to make a new high. That is, if that's still in the cards... Why do I say this? BTC hasn't ever broken an uptrend on the Monthly CHART before. So, clearly with enough time, and the trillion-dollar market records achieved, BTC formed a massive blow off top scenario that could cause a monthly downtrend, prolonging BTC recovery-if it's still part of the future.
On a more bullish scenario, if this month closes above 17k-this could be the bottom. In the mid-term there are many signals flashing a possible pump for BTC, which all fall in line with a retest of 24k-30k range. This retest to 25k is normal market action, which then usually does a flash dump down below 17k before the end of the month so beware. Although, BTC does move with much volatility, so it is likely it makes a fast move & recovery as long as the US index and the S & P also fall in line.
Many other assets are already integrated, with strong corporations & partnerships getting developed on for the future...so in my opinion crypto will be around and I feel BTC will too. Yet, everyone must always plan for scenarios in these kinds of innovative markets.
Join by end of this month for 2 free months to the SharpScope indicator. Register with your TradingView username at www.sharpscope.net . Sharpscope also has a community Discord channel, where we post various setups and different pumps or sell offs incoming for the day! SharpScope Discord Channel
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I AM NOT A FINACIAL ADVISOR, DO YOUR OWN RESEARCH. I'M SHARING MY OPINONS AND PERSONAL TRADES.
