Current situation: early bull market

27 cze 2021

“This content is not a financial advice or a buy/sell signal”. previous cycles consisted of 2 phases, an uptrend period (Bull market) following by a downtrend period (bear market). In addition, the bull market can be divided into an early bull market and a late bull market. In the early bull market, we observe a consolidation phase where the price remains neutral or gradually increases while in the late bull market, we see a megatrend where the price increase drastically. In the current cycle, I believe we are still in the early bull market. However, in the current cycle since the BTC price increased considerably fast and it could not find the chance to get close or touch the 20-week moving average we are now observing a significant correction (many people consider it a bear market) to bring back the price in line. The BTC has almost caught its support line. It is expected that the price consolidation will continue for a month, forming a cup pattern, and we may shortly catch prices below 30,000 USD a couple of times before a bounce toward another ATH. We are just at the start point of another mega triangle.