I predicted the drop from 12K to 9.4k perfectly and now I am predicting Bitcoin consolidates and remains choppy in this area ranging from 9.4k-11k the next few weeks or so until we drop to the low 8k’s. This drop could very well happen sooner, but I feel the market cycles are becoming longer and longer as it grows, so I expect something similar to our previous bullrun.
We could potentially have some quick swings that go below into the 7k’s but I expect low 8k’s as a generally safe buy in opportunity for Bitcoin next.
Using the golden ratio multiplier of the 350 DMA on the 1D chart and looking back at previous cycles whenever we first close above the green line (350DMA x2) we have a drop all the way to the gold line which is the 111DMA before moving to new high’s in price.
I predicted the first drop, and I’m very confident in predicting this second drop in the coming month or so. Please see my previous post where I explain my method in more detail and also my first post on TradingView where I perfectly predicted the 9.4k drop. I fully trust this method as it’s using the golden ratio and the price seems to have accurately used these DMA’s as support/resistance for the past decade. There’s no way to be 100% on anything using technical analysis, but this is what I find to be closest to that!
Comment
⋅
Experiencing the choppiness that I expected, huge candle from 9.3k to 10.6k today.
From looking at the weekly RSI from the past few years, thinking this week may just be a small wick upwards and then a much larger drop to at least 8.5k later next week.
Comment
⋅
Still going through the choppiness, it’s hard to say exactly when, but the target is still on site and right now it’s just a matter of getting through this chop. No trade zone for me, too risky.
Comment
⋅
Trade going pretty well, other indicators are pointing to another drop down in the coming month but I’m being cautious with trying to catch the drop since there’s a lot more potential upside longer term.