TradingShot

BITCOIN The astonishing symmetry with 2014/15 shows $49k in Nov

Long
CRYPTO:BTCUSD   Bitcoin
On today's analysis we look into Bitcoin (BTCUSD) on the 1W time-frame and compare the current Cycle with that of 2014 - 2017. As you see there is so far an astonishing symmetry between the two, with the price currently consolidating after almost hitting the 0.5 Fibonacci retracement level three weeks ago. For the Fibonacci calculations we have used the price top and bottom as suggested by the 1W RSI, which is the backbone of the analysis. This indicates that the Cycle Top (on RSI terms) was on the week of April 12 2021 (and not Nov 08 2021) while the Cycle Bottom was on the week of June 13 2022 (and not in November 2022, which was in the aftermath of the FTX crash).

So far the three Phases have lasted almost the same time. If Phase 3 (yellow) ends this week on a 46 week duration such as November 30 2015, then on the next 1W candle we will start Phase 4 (green), which in 2016 lasted for 28 weeks and on its end hit the 0.786 Fibonacci level. As a result, this is a highly probable target, with the 0.786 Fib being at $49000 and the 28 week span ends on November 13 2023.

With the 1W RSI pulling back after hitting the 70.00 overbought level in April, do you think BTC will start a strong Phase 4 next week towards 49K ? Feel free to let us know in the comments section below!

-------------------------------------------------------------------------------

** Please LIKE πŸ‘, FOLLOW βœ…, SHARE πŸ™Œ and COMMENT ✍ if you enjoy this idea! Also share your ideas and charts in the comments section below! **

-------------------------------------------------------------------------------

πŸ’ΈπŸ’ΈπŸ’ΈπŸ’ΈπŸ’ΈπŸ’Έ
πŸ‘‡ πŸ‘‡ πŸ‘‡ πŸ‘‡ πŸ‘‡ πŸ‘‡

πŸ‘‘Best Signals (Forex/Crypto+70% accuracy) & Account Management (+20% profit/month on 10k accounts)

πŸ’°Free Channel t.me/tradingshotglobal
🀡Contact info@tradingshot.com t.me/tradingshot

πŸ”₯New service: next X100 crypto GEMS!
Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.