Incoming alert for the Bitcoin-proiezionidiborsa.it
An interesting bullish swing was formed in the Bitcoin euro around our first annual setup deadline on January 17th. At that time the price was around 19,000 euros. There was a subsequent climb up to 22,116.40 and then back down. Something’s Wrong With Bitcoin: Alert Coming?
Year-to-date cryptocurrency has scored the minimum at 15,390.30 and the maximum at 22,116.40. Could this trend continue? We begin to have doubts, which we will explain in the next paragraphs.
Between 2021 and 2022 there was a sharp reduction in prices, and the rebound from the beginning of the year was in the logic of things. As would also be logical to return to the lasting increase after 2 years of declines. However, the logic and forecasts must take into due consideration the patterns that form the prices.
Has a bullish pattern formed on the cryptocurrency?
For the moment, the answer is negative, and the last hours of trading could be the harbingers of a new bearish phase.
Let’s explain better.
The projection for 2023 is as follows:
80% probability that a low and high will form below 2022;
possible rebound up to the area of 22.315. There is a 75% probability that prices will contact this area during 2023;
70% probability that the area of 12,242 euros will be touched.
Something’s Wrong With Bitcoin: Alert Coming? Now probable new price collapses
What does this mean?
The rebound that began in the January 17 setup did not have the strength to change the primary bearish trend, and therefore the hypothesis that the annual lows must be reached is still in vogue. For the moment, if something doesn’t change between now and the end of February, the dominant hypothesis will be that from current levels we can even go down by around 40%!
The next setup deadlines will be February 21st and then March 21st and April 18th. March 21st and April 18th are very important.
Today’s session close below 20,770 would be a first step towards that goal. And as it happens, the 400 weekly average goes right to 12,487. New rises and disavowal of this hypothesis only above 22,117.
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