Yo Crypto people! I wanted to share this idea about potential reversal targets for the current and upcoming BTC market cycles. Using RSI, trend lines Fibonacci extensions and retracements, we can start to reveal major confluences on the monthly chart. Do you think historical BTC price action will still be valid considering large institutions are more heavily involved?
Purple - Uptrend support established by the high-volume lows in January 2015 and March 2020.
White - Fib-Ext. shows the impulse move finding resistance and consolidating around 50%.
Yellow - Fib-Ext. shows a possible reversal target for our current bull run near 50% extension around 120K.
Red - Fib-Retracement shows if the current bull run reaches the 120K target, a 50% retracement aligns with our uptrend support line.
Orange – RSI 14 close is showing possible bearish divergence forming with price making higher highs and RSI making lower highs. RSI has shown bearish divergence several times in the past, each coincides with a correction in price and causes RSI to pull back to mid-line. Look for RSI to find resistance near the previous high of 91.73.
Blue – Could this be the top of the next bull run? 100% extension from both white and yellow Fib-Ext’s. align around 480K.
Thank you for looking, I appreciate any critiques or comments. Not financial advise!
@santana2331, I think so, I would say this analysis is negated if price breaks down and closes below 30K, creating a lower low on the monthly TF.
yozr23361
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One of best technical i've seen so far. thanks
StonklyGainz
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@ali_1673, wow THANK YOU! I really appreciate you saying that..
suvny21
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great chart!
StonklyGainz
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@santana2331, Thanks I appreciate your feedback!
etcopo
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Hitting the 200 week average is my preferred indicator for finding bottom/full reset.
I keep wondering when this 4 year cycle pattern will end and we enter a new world. Which I believe will see even more mind boggling gains. That world is centered around wide spread earth shattering uses for cryptocurrency that do not exist today but the groundwork is being laid for,
StonklyGainz
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@etcopo, Thanks for your reply! Yeah the 200 week looks like a prime spot for bottoms, def going to keep an eye on that one!
I think there are still very few people who actually realize how powerful this tech will become. My mind loves a good boggling, I seriously can't wait to see what is in store for us all in the near future! GLHF!
suvny21
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@StonklyGainz be care about what he wrote in description for buying deep