BTCUSD 👋 Hey you, yea you! Don't worry just yet! 👀👂

💬 Bitcoin might have taken a bearish turn as big tech dropped today, but don't let the short term price action fool you, Bitcoin is still looking bullish. Let's compare some historical price action during Bitcoin's previous uptrends to see why the top likely isn't in.

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Overview;
Bitcoin tends to have clearly defined blow-off tops followed by clearly defined distribution cycles. The current price action looks more like it will lead to another leg up as long as we can hold above the yellow highlighted range. Typically Bitcoin sees a period of accumulation after a significant rise in price (A), then sees a mix of accumulation and Distribution after another rise in price (B), and then a blow-off top ©. During this period, we see market breadth remain bullish.

The "top" is then followed by a pretty clear pattern of lower blow-off tops and an upward channel, while market breadth turns bearish, before a drop and a new accumulation phase. We currently see that price action has not shown us any of those noted warning signs yet, so we estimate that we are likely in a "B" phase.

Use the guidelines below to understand the chart and write-up above better.


Guidelines:

• Circles: The circles represent previous blow-off tops for Bitcoin
  
  
• Channels: The upwards channels that when deviated from then signal the top being in
  
  
• Colored lines and Letters:
  A = Accumulation after a significant rise in price
  B = Continued Accumulation with some distribution mixed in
  C = Distribution with confirmed blow-off top
  
  
• Horizontal boxes:
  Green = holding here would be best for short term rise
  Yellow = holding here for bulls last hope
  Red = these levels are HODL ranges of interest
  
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  Summary:
  As long as Bitcoin holds above the yellow highlighted range we don't think the top is in yet. If this is the top, we expect a distribution pattern similar to what we have seen before, which means some attempts to get back, a change in market breadth, and another upwards channel.
  
  ✨Drop a comment letting us know what you think?!✨