Extrapolating 2014 Correction: Could $6,500 Be The Low For Bitcoin?
Source: TradingView, December 12th 2019. Screenshot: Mach 9th 2020.
Sometimes the simplest extrapolations are best. No indicators on this chart, this is a pure extrapolation of the 2014-2015 correction and accumulation phase, that although is not in proportion by time or price, has notable similarities with the current fractal in play. Could $6,500 be the new swing low? Absolutely. This would imply an accumulation zone between $6.5-$8.3K for approximately 40 weeks, with the current correction lasting a reasonable 1 Year. This current extrapolation points to a breakout in price above $14K in July 2020, followed by a new all time high 6 months later in February 2021.
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Two & Four Year MA's Claim It's Time To Accumulate Bitcoin, December 2019
Bitcoin Is Repeating History? TA Series On Repeating Past Patterns, September-October 2019
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