It's been a long battle between the bulls are the bears in the 3650 to 4200 area.
A holistic view of the bitcoin's chart on the weekly time frame shows that price action may be forming this same pattern we saw around the 6000 area, a fractal repition that could lead us to a final capitulation and a possible return to mean.
Aside the recent manipulations within this area, the purpose of which was to liquidate both longs and shorts at diffrent intervals ( we saw this happen many times around the 6000 area before finally breaking down), the bulls appears to be pushing up strong.
The 3950-4000 area appears to be a strong resistance, but I see the bulls pushing price further to the long term downtrend line resistance at the 4200 area again. It's a common thing for a resistance area to finally succumb after too much pressure, and we have seen price challenge this area many times, a final attempt could break through it.
However, a breakout at this point will mean a fake out and a possible bull trap. But this fake out may definitely appear on the chart, as the market must give a higher high to complete the wave 4 of the overall market trend (wave 4 often comes with complex consolidation) before heading down on wave 5 IMO.
With price moving up towards this area again, we may see a bottoming of this bear market come April/May, and in the worst situation June this year. I do not see this bear market extending beyond June with what I am presently seeing on the chart. This is my personal opinion anyways.
A holistic view of the bitcoin's chart on the weekly time frame shows that price action may be forming this same pattern we saw around the 6000 area, a fractal repition that could lead us to a final capitulation and a possible return to mean.
Aside the recent manipulations within this area, the purpose of which was to liquidate both longs and shorts at diffrent intervals ( we saw this happen many times around the 6000 area before finally breaking down), the bulls appears to be pushing up strong.
The 3950-4000 area appears to be a strong resistance, but I see the bulls pushing price further to the long term downtrend line resistance at the 4200 area again. It's a common thing for a resistance area to finally succumb after too much pressure, and we have seen price challenge this area many times, a final attempt could break through it.
However, a breakout at this point will mean a fake out and a possible bull trap. But this fake out may definitely appear on the chart, as the market must give a higher high to complete the wave 4 of the overall market trend (wave 4 often comes with complex consolidation) before heading down on wave 5 IMO.
With price moving up towards this area again, we may see a bottoming of this bear market come April/May, and in the worst situation June this year. I do not see this bear market extending beyond June with what I am presently seeing on the chart. This is my personal opinion anyways.
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