Just an idea, but if you use the long form Fibonacci sequence of numbers as extensions of bitcoin's very first bull run in 2011, you get some interesting results. This provides key levels of support and resistance, which were projected way back in 2011.
It almost seems as if we are climbing the long form sequence, with important targets having been reached at these levels. Take a look at 610 for instance, this was our recent ATH in 2017, just as the 8 and 34 levels were the peaks in 2013. There are also various structural levels of support and resistance using this sequence as extension numbers.
Each market cycle plays out over a longer time frame. There were 911 days (2.5 years) between the 2011 and 2013 highs, 1477 days (4 years) between the 2013 high and the 2017 ATH, and I suspect this cycle will take about 5 years between the 2017 ATH and the next ATH in 2022.
I believe that we still have 2 levels of support below us, and we will find a bottom sometime in the second half of 2019 around the 55 fib ext level, which is $1750, and is sitting right at our weekly SMA350 support, which I believe will be the bottom level of support for 2019.
There was a 58474% rise from the November 2011 low to the November 2013 high, and a 11960% rise from the January 2015 lows to December 2017 ATH. The second cycle had 20% of the first cycle's % gains, so if we maintained that ratio leading into the next bull run, then 20% of 1160% is 2446% gains.
A 2446% rise from the 55 fib ext level / weekly SMA350, gives us a target of $50900 for the next bull run, which I suspect we will reach sometime at the end of 2022. This level also coincides with the 1597 ext, which is a Fibonacci number and should be the next bull run's ATH.
The halving event dates have been added to demonstrate the increasingly parabolic rise that usually takes place after halving dates, and how this becomes more gradual with each cycle. Next halving is in May 2020, so expecting the next bull run to escalate once we break $7430 (233 fib ext) sometime in 2021.
Good luck and happy trading!
It almost seems as if we are climbing the long form sequence, with important targets having been reached at these levels. Take a look at 610 for instance, this was our recent ATH in 2017, just as the 8 and 34 levels were the peaks in 2013. There are also various structural levels of support and resistance using this sequence as extension numbers.
Each market cycle plays out over a longer time frame. There were 911 days (2.5 years) between the 2011 and 2013 highs, 1477 days (4 years) between the 2013 high and the 2017 ATH, and I suspect this cycle will take about 5 years between the 2017 ATH and the next ATH in 2022.
I believe that we still have 2 levels of support below us, and we will find a bottom sometime in the second half of 2019 around the 55 fib ext level, which is $1750, and is sitting right at our weekly SMA350 support, which I believe will be the bottom level of support for 2019.
There was a 58474% rise from the November 2011 low to the November 2013 high, and a 11960% rise from the January 2015 lows to December 2017 ATH. The second cycle had 20% of the first cycle's % gains, so if we maintained that ratio leading into the next bull run, then 20% of 1160% is 2446% gains.
A 2446% rise from the 55 fib ext level / weekly SMA350, gives us a target of $50900 for the next bull run, which I suspect we will reach sometime at the end of 2022. This level also coincides with the 1597 ext, which is a Fibonacci number and should be the next bull run's ATH.
The halving event dates have been added to demonstrate the increasingly parabolic rise that usually takes place after halving dates, and how this becomes more gradual with each cycle. Next halving is in May 2020, so expecting the next bull run to escalate once we break $7430 (233 fib ext) sometime in 2021.
Good luck and happy trading!
Comment:
**Edit: "2013 swing high second bull run" should be "2015 bottom support"
