Why I think Bitcoin made a macro bottom at 30k...
Hi Guys,
this is a macro perspective and idea that might interest you for long term holders, not really for traders obviously
if we are looking at what we did in the past the structure has been pretty similar each time
we had a nice parabolic run in 2011, then made a correction, and if you would take the fib retracement from that top to bottom of the correction, you would see the 1.618 fib level is where we correct on the 4th wave each time
this has now happened 3 times (well if we do not do something different this time), this has now already happened two times.. now two times is not a trend, but three times would be :)
now I am still expecting another leg up this year in the macro perspective, we still need a higher low on the weekly to really confirm it, so do I expect we pull back another time to the lower 30k range, possible (and very likely)
but the key here is, if we do not break this 30k level and keep closing weekly price above it, it is very likely we will be seeing another wave up, and thus 100k+ would become reality
so if you want to see something bullish.. take a look at this chart :)
-The Dang Oracle
this is a macro perspective and idea that might interest you for long term holders, not really for traders obviously
if we are looking at what we did in the past the structure has been pretty similar each time
we had a nice parabolic run in 2011, then made a correction, and if you would take the fib retracement from that top to bottom of the correction, you would see the 1.618 fib level is where we correct on the 4th wave each time
this has now happened 3 times (well if we do not do something different this time), this has now already happened two times.. now two times is not a trend, but three times would be :)
now I am still expecting another leg up this year in the macro perspective, we still need a higher low on the weekly to really confirm it, so do I expect we pull back another time to the lower 30k range, possible (and very likely)
but the key here is, if we do not break this 30k level and keep closing weekly price above it, it is very likely we will be seeing another wave up, and thus 100k+ would become reality
so if you want to see something bullish.. take a look at this chart :)
-The Dang Oracle