Welcome for another grand update on Bitcoin part of THE BEAR MARKET CONTINUES PART VII
Final Target = 1443.63 USD
Potential bottom = 1011.66 USD
Hidden GAP 1319.47 - 1814.76 USD
Right Fibonacci Retracement wave (b)
Left Fibonacci Retracement wave (a)
On RSI you see a red horizontal line at 53.34. She was a support throughout the bull run in 2016-2017. Whenever the price fell below WMA 21, the RSI also fell below the red line.
Hidden GAP is a zone that the price just flew through and never tested.
This is a projection of Expanded or Irregular FLAT. In this correction, wave (b) must not return more than 138.2% of wave (a). That is still fulfilled. Wave (c) should return at least 138.2% of wave (b) (FINAL TARGET). As a potential bottom we can consider 161.8% of wave (a).
We can see the uptrend channel here. At the bottom of this channel there could be the bottom of the wave (c).
Despite such a huge fall, which would be around 95%, we would get to only 0.236 of the whole supercycle.
Final Target = 1443.63 USD
Potential bottom = 1011.66 USD
Hidden GAP 1319.47 - 1814.76 USD
Right Fibonacci Retracement wave (b)
Left Fibonacci Retracement wave (a)
On RSI you see a red horizontal line at 53.34. She was a support throughout the bull run in 2016-2017. Whenever the price fell below WMA 21, the RSI also fell below the red line.
Hidden GAP is a zone that the price just flew through and never tested.
This is a projection of Expanded or Irregular FLAT. In this correction, wave (b) must not return more than 138.2% of wave (a). That is still fulfilled. Wave (c) should return at least 138.2% of wave (b) (FINAL TARGET). As a potential bottom we can consider 161.8% of wave (a).
We can see the uptrend channel here. At the bottom of this channel there could be the bottom of the wave (c).
Despite such a huge fall, which would be around 95%, we would get to only 0.236 of the whole supercycle.
Comment:
Nice target in terms of Volume Profile.