DrDovetail

A possible 280-300k bull market top in May

Long
BNC:BLX   BraveNewCoin Liquid Index for Bitcoin
Looking at the monthly log chart on bitcoin I have pieced together a bit channel that has on the monthly alone over 13 significant touches rom price action. Based on Plan B’s prediction of 280k or so this bull run plus many of tech dev’s charts that suggest we could reach a target of somewhere between 270-300k, I used my own knowledge of basic TA, to assume that we could reach a bull market top by hitting this .5 Fib line (in green) around May at a price of around 280-290k. This lines up perfectly with the measured move from the current bull flag price action is in on the monthly here, however I’m much more confident in the measured move technique on a linear chart instead of a log chart. I have seen many patterns on log reach the same type of measured move that a linear chart would offer so I think it is definitely very probable we see a breakout that hits this target. Of course we could hit this target even and somehow still not be finished with the bull run but I have a feeling i we go this high in may it probably will be the top. I will also be paying close attention to the daily pi cycle top indicator, as well as the RVI, RSI , Stoch RSI , NVT , and MACD on the 2 week. I believe all of these indicators in aggregate should give us a fairly clear idea of when the bull market is over. I initially thought the next fib line above the green one i currently have the bulls eye placed on would be where we topped out at but now believe its more likely to be the .5 green fib here as topping out at the one above it will lead to a end of bull market price of over 400k and that seems a little too extreme for this bull market. Of course crazier things have happened but for now I think a top at the .5 green fib is more probable. *not financial advice*
Comment: *Fib Channel* (not bit channel)
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