BTC Bull Flag Breakout or Re-Test of Cycle Lows?

26 февр. 2023 г.

This monthly chart of Bitcoin shows we're either setting up for a Bull-Flag breakout, or potential breakdown to re-test the 15k-$16.5 lows.

Either way, I think the bottom is in or almost in.

The big questions is whether we see the re-test like in the 2015-2016 bottom, or push through and never look back like in 2019.

If we push higher here and have a daily close above $25,300 then it's likely a quick push higher to the 30k zone, where we'll see profit taking and a pull back to the new higher support.

Our proprietary ERI indicator (Green Arrow) is showing that the bottom is in (which also signaled Green in all 3 prior market cycle bottoms).

So we're waiting to see what happens in the coming weeks.

Our TSI indicator has also turned Green and heading higher. The confirmation will be the break above the 20% line on the monthly chart.

The third confirmation will be our Signal line turning from Red to Green, and crossing the mid-line (Olive).

These have been accurate in all prior market cycle bottoms, but as we all know, 'this time could be different'..

That being said, I trust our indicators and analysis... So we'll see.

Also waiting for the monthly MACD to break above the center line and turn Green.

Thoughts, comments, feedback? Please share below.