BTC Deep Charts (Bitcoin Halving + Previous Halving Charts + Analysis + Food For Thought)

Good morning everyone! I hope you are all doing well with cash ready to hit the bank account. It's been a while since we took a look at Bitcoin, the charts are printing multiple possible patterns that we should pay attention to.

Before we begin, thank you for all the support on the 1000 Follower Special! I hope I was able to deliver the information clearly, effeciently, and accurately. We are on our way to the new 5000 Follower goal and I am incredibly grateful for the opportunity to share my charts, research, and analysis to all of you.

There is a possible cup and handle on the Monthly, which I am not sure will play out. The supposed "Bitcoin Halving" is coming up and buyers will need to keep the price above $63,000 for it to play out.

There is a rising wedge on the weekly. This might play out to the downside for more confidence leading into the cup and handle. If we close below $62,410 there is a higher probability of more downside than a reversal upside. Lots of Fibonacci support on the way down, but Bitcoin moves by the thousands so there will need to be strong support to keep it above the price.

Right now Bitcoin is rejecting off the $67,416 Daily Fibonacci level and the bottom of the rising wedge. Buyers will need to step in with volume for more upside, but the same is said for the Weekly.

Bitcoin ran into some buyers at the $67,000 range and rejected upside for now. The $69,618 level was acting as support for a while, but might have turned into resistance here. We will need to retest it and observe if we close above it or below it for more confirmation on the 4 hour.

The same can be said about the Bitcoin 1 hour where the price found buyers, and there are sellers at the $69,000 range. The two 1 hour wicks give me confidence that we might be headed higher, but the buyers will need more volume.

Almost exactly the same analysis for the 5 minute here. We are above the wedge, and there were buyers at the $67,000 range. The price looks like it wants to retest the liquidity up there at the $69,032 level. Buyers will need to take the liquidity out and the liquidity at the $69,300 range as well for more upside on the day.

WatcherGuru predicts that the Bitcoin halving will happen next week or the week after, which is inline with the charts if the rising wedge on the weekly playes out.

According to the "Bitcoin Halving" tracker, this would be the most ideal setup if it plays out. The likely hood I get this right is low, but if we do see a close below the wedge this week or next week, then the week of the halving (within the second week because WatcherGuru says 9 days), then I would be looking for a retest of the wedge and on the third week that create an A- short entry on the 3rd week from the technicals.

In crypto markets, 9 trading days will fall on April 19th. In overall markets, 9 trading days will fall on the 23rd.

April 19th and April 23rd Candles in 2023

April 19th and April 23rd candles in 2022

April 19th and April 23rd candles in 2021

April 19th and April 23rd candles in 2020 (Covid Year Outlier)

April 19th and April 23rd candles in 2019

April 19th and april 23rd candles in 2018

And that's how far I am going to chart the candles as back then crypto markets moved differently than it does leading up to the all time highs or from the all time highs of Bitcoin.

According to CEX.IO, the previous Bitcoin Halvings were November 28th, 2012, July 9th, 2016, and May 11, 2020. Let's take a look at the charts around those ranges.

Remember, Bitcoin moved differently back in 2012. There was almost no support for the idea, minimal media coverage, and there certaintly were no Bitcoin ETF's. That being said, Bitcoin hit an all time high, dropped over the next 103 days leading into the halving, then on the day of the halving, Monday, Bitcoin actually went up.

In fact, Bitcoin went much further to the upside from the first halving.

On the next halving, the candle was bearish. From the highs, Bitcoin started moving lower and 21 days later the halving took place on Saturday.

Bitcoin fell into a slump, but similar to the 2012 halving it lead to an even larger move to the upside 244 days later.

The previous Bitcoin halving occured on another Monday from a higher low and was a bearish candle and happened 319 days after previous move to the upside. However, you should not be suprised what happened after the halving.

Bitcoin casually made an over a $60,000 move to the upside to make yet another all time high.

-The halving almost always occurs after an initial move to the upside.

-Halvings occured after an all time high was made 100% of the time

-Bitcoin halvings occured 100% of the time around the weekend

-Bitcoin halvings 100% of the time lead to the creation of an all time high spanning over 100+ days after the halving.

-The 2/3 halvings took over 300 days for the next larger upside move

November 2012 Chart

July 2016 Chart

May 2020 Chart

-100% of the time, there is a cup and handle forming when the halving occurs

-100% of the time there is some sort of bearish pattern playing out after the the handle (rising wedge)

-2/3 of the halving candles closed bearish

The 2023 charts are notably different than the other halving charts.

-The halving candle will not take place within the formation of a cup and handle

-There is no confirmed cup and handle

-The halving candle will take place within the "handle" of the possible cup and handle

-Bitcoin ETF's are active

-Bitcoin has more media attention than ever before

However, there are similarities

-The halving candle will occur after a move to the all time highs

-The candle will occur around a possible bearish rising wedge

-The candle is projected to occur around the days of the weekend with the exception of April 23rd which is on a Tuesday according to the overall market calendar, not the crypto market calendar.

I hope this post was as informational for you as it is for me haha. Looking at the charts is a key practice everyone should learn how to do, and I am here to help you with it!

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Regardless, thank you for all the support. Since the 1000 Follower celebration, we have gained more than 40 new followers. You guys inspire me to continue to post the charts, my research, and analysis here on MooMoo and I am grateful for the opportunity to do so and to continue growing along with all of you.

I hope you all have a great week in markets, and I will try to get another article out by the end of the trading week. I apologize for the lack of posts, but I will always keep the quality consistent if not improved upon if I have the time to write an article. Thank you!

At the time of writing, Bitcoin is at $68,610