Till now Bitcoin journey is amazing from $1 to its ATH $68900 on Wednesday Nov 10 2021. I know BTC from last 6 years and witnessed it journey from when it was around $3000. In last 6 years I saw 2 bull run in crypto market and overall crypto journey is a roller coaster ride.
I am in equity market from more than 20 years but never watch market on charts. I used to make investment on fundamental basis. It is an only couple of years I developed interest in technical chart.
BTC weekly chart
As soon as we put BTC on weekly chart π it shows its journey in M pattern. As a technical indicator M pattern is a bearish sign but here BTC has almost completed its M pattern and showed lower levels of $15500 in the week Monday, Nov 21, 2021.
Observing above weekly chart we can see that 1st time a weekly candle of week Monday, Dec 28, 2020 crossed 30k level. After hovering at that level for few weeks it touched a high of $64500 in the week Monday, April 12th 2021 (touched that level on 14th April on My B'day π). After that, it corrected and took support again near 30k level. This time this level become a strong support on weekly chart (as shown in red line in the chart) and took support several times before making its ATH $68900 on Wednesday Nov 10 2021.
A sharp fall is observed after ATH and after 10 weeks again it took support near 30k level. After trying to take support for many weeks, finally it broke down the 30k level in week Monday, May 09, 2022,to complete M pattern. Breakdown of this level was like breaching of a strong support.
BTC was dipped to $15500 (in the week Monday, Nov 21, 2022) level after breaking this strong support. Seems this level was a bottom for BTC for next bull run. After struggling for 6 months, it faced resistance at 30k level numerous times as 30k strong support level was acting as a resistance.
Now the happy moment is that finally in current week BTC crossed that strong resistance level of 30k with a huge $4k candle and sustaining till now. All crypto enthusiast, investors, and traders are curious and optimistic that if this week close above this resistance level this could be a start of next bull run!
So what do you think, and what is your view about the next bull run? Please share in comments.
This is not a financial advice, it is just my observation and view
