Update on Weekly SpringBoard
Bitcoin always creates bullish divergence on the weekly time frame before a macro shift in momentum , it can take years to build this springboard setup.
If we take a look at the previous setups we can see that it's a very long process which requires a lot of patience from traders since it's normally a time where price will be most boring in the cycle, a lot of sideways consolidation movement followed by a barrage of negative news.
It's the same every cycle during this period , "Bitcoin goes to 0" these articles start coming out like clockwork , the masses are not interested in Bitcoin right now and that's exactly how market sentiment should be for a cycle bottom.
So Bitcoin is setting up like in 2018 , weekly springboard holding and LMACD same level it was in 2018 cycle bottom , it took 413 days to build this springboard , in the 2015 cycle it took 392 days .
It is possible that we might not even get that big relief rally everyone is waiting for this year, higher chance we see this rally play out from December 2022 -June 2023.
If we take a look at the previous setups we can see that it's a very long process which requires a lot of patience from traders since it's normally a time where price will be most boring in the cycle, a lot of sideways consolidation movement followed by a barrage of negative news.
It's the same every cycle during this period , "Bitcoin goes to 0" these articles start coming out like clockwork , the masses are not interested in Bitcoin right now and that's exactly how market sentiment should be for a cycle bottom.
So Bitcoin is setting up like in 2018 , weekly springboard holding and LMACD same level it was in 2018 cycle bottom , it took 413 days to build this springboard , in the 2015 cycle it took 392 days .
It is possible that we might not even get that big relief rally everyone is waiting for this year, higher chance we see this rally play out from December 2022 -June 2023.
Penafian
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