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During my Free time, I like to look at bitcoin chart and compare the current situation to the past, I sometimes stumble upon some very interesting similarities, some make sense, some don't , but they all are worth sharing.
These similarities tend to work more often than not , for example, back in Dec 2018 , i made this thread
ichimoku cloud says 3100$ is the cheapest bitcoin will ever be
a while later I made another one
Bitcoin bottom could be around the corner ! interesting chart !
Since those were not satisfying enough , I went ahead and dug a little deeper , and came up with this.
Bitcoin Bottomed out ? TA analysis
Recently , I started this thread
The king is about to wake up.
Explaining how were we suppose to test the 20SMA weekly , well sadly the prediction of that movement was terrible, it went way too far than what I initially thought it would go, this goes out to show that nothing is 100% accurate, but as mentioned before, happens more often than not!.
This time , i zoomed out a little, used the monthly chart, and used only fibonacci retracement since we are in a "supposedly" a correction wave, it makes sense to understand how low can we go ,and what's next !
Since the start of Bitcoin market,we had only 2 major bull trends (nearly 2 years long) and 2 bear markets (nearly a year long)
In this chart I am interested in how does each bull trend starts, assuming ofcourse that we are now in the 3rd bull move which suppose to last about 2 years , we are nearly a year in now.
by drawing the Fib from the bottom to the top of each bull market, we get some interesting facts.
1-A correction all the way down below that 0.786 (blue) > Done
2-A rejection from the 0.618 > Skipped
3-A rejection from the 0.382 (14k) > Done
4-A retest of the 0.618 at around 7700$ > still confirming.... Done
5-A retest of the 0.5 level (9900$) >unknown but must happen this month Done
6-A steady move toATL ATH in 5 months > unknown
This is how I think the market is going to play out for the a few coming months , but notice that this is only the real big picture of the market and not suitable for short term plans/trades.
My short term analysis can be found here , not recommended to moon and lambo boys with soft hearts.
Good luck.
These similarities tend to work more often than not , for example, back in Dec 2018 , i made this thread
ichimoku cloud says 3100$ is the cheapest bitcoin will ever be
a while later I made another one
Bitcoin bottom could be around the corner ! interesting chart !
Since those were not satisfying enough , I went ahead and dug a little deeper , and came up with this.
Bitcoin Bottomed out ? TA analysis
Recently , I started this thread
The king is about to wake up.
Explaining how were we suppose to test the 20SMA weekly , well sadly the prediction of that movement was terrible, it went way too far than what I initially thought it would go, this goes out to show that nothing is 100% accurate, but as mentioned before, happens more often than not!.
This time , i zoomed out a little, used the monthly chart, and used only fibonacci retracement since we are in a "supposedly" a correction wave, it makes sense to understand how low can we go ,and what's next !
Since the start of Bitcoin market,we had only 2 major bull trends (nearly 2 years long) and 2 bear markets (nearly a year long)
In this chart I am interested in how does each bull trend starts, assuming ofcourse that we are now in the 3rd bull move which suppose to last about 2 years , we are nearly a year in now.
by drawing the Fib from the bottom to the top of each bull market, we get some interesting facts.
1-A correction all the way down below that 0.786 (blue) > Done
2-A rejection from the 0.618 > Skipped
3-A rejection from the 0.382 (14k) > Done
4-A retest of the 0.618 at around 7700$ >
5-A retest of the 0.5 level (9900$) >
6-A steady move to
This is how I think the market is going to play out for the a few coming months , but notice that this is only the real big picture of the market and not suitable for short term plans/trades.
My short term analysis can be found here , not recommended to moon and lambo boys with soft hearts.
Good luck.