Who could have seen it coming? That the last day in May, 2022 would be the last major market swing top.
Five days before, Bitcoin printed a bottom at $28,000.00 and then like a bottle rocket the market blasted up $4,386.96 to form a top at $32,383.96. That was 465 days ago and Bitcoin has yet to pierce the veil.
The closest approach to that May Day was 57 days ago on the July 13th when price was $521.75 away from conjunction.
Since November of last year BTC has been steadily inching its way up. it was in February, 2023 when price began knocking on higher levels. That's when the market started testing the previous' August high at $25,054.10 on the 16th. It receded and came back up on the 19th and 21st only to be beaten back by bearish pressure.
As you can see in the highlighted circle the day that forces overthrew the bears and price began going up it was only natural. As easy as squaring 13 here on earth.
It's helpful also remembering how support was found along that highlighted horizontal dashed line. Perfect for such a thing.
Since the latter part of winter, Bitcoin found strength to break through the August high. Dipping below and bouncing off of that same high later the market found strength to reach the levels mentioned before, e.g. July, and lost momentum to keep the rally afloat and has since fell toward but not to $25,214.57 and has been consolidating above that price within August 17th's range of $28,751.84 and $25,234.76. Which is only logical.
Are we seeing the evolution of a major bottom formation? Was November 21, 2022 THE BOTTOM? It would only be NATURAL if it were. What do you think? Let me know in the replies.
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