roaken

BTC exit strategy. A Bearish approach

Long
BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
With the massive plunge recently, BTC pushed through its main support line that was keeping it "parabolic". This being said, BTC must find a new support line for this next wave, and there's no clear contenders. 2015-2017 shows a line that BTC continually beat on.

BTC's last recovery followed the Gann Fan tool quite well. I've looked for similarities between the 2 market cycles and applied the Fan appropriately. Here's how I see BTC crawling out of this bear market. Looks like we'll have a couple years to accumulate, and this scenario is on the more bullish side of my analysis's.
Comment: nailed it
Comment: Notice how accurately BTC is following the ascending diagonal line. I think all the charters are going to be looking at this line once we get a double confirmation at these new levels
Comment: Chart still on track!
• If we replicate the previous cycle, once hitting wave 1,BTC will retrace to wave 2 using the grey line as general support and timing.
• The yellow line is ultimate support, but BTC doesn't need to touch it as seen in the previous cycle.

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