Before reading this. please see the prior post I did for Ethereum which lead me to look at this for BTC chart
-premise is you look at a range, take the bottom of the bounce to the top, draw a line, and project the same line at the 50% from top to bottom. that gives you a price target area (minimum price run). Did this for Eth on multiple ranges and the projected target was pretty much hit spot on.
for this example i took a couple of structures for BTC. two in white on the right side which project down to the 4600 and 4400 area, which we know it has run that min target.
Here's the kicker, the structure in the yellow tracking the bounce from $5882 to $11777 area. the 50% of that range being $8626, project that line down from 8626 we touch $2968. EXACTLY where
we found support in the September 2017 drop from 5k. Id like to state that I was always skeptical we'd every drop down this low in the crypto market, i was wrong and now im starting to think 3k is a real possibility, if not slightly lower. fingers crossed that's not the case. If you got tons of ammo (cash), you are licking your chops for BTC at that 3k level bc that to me would be the Golden area.
-premise is you look at a range, take the bottom of the bounce to the top, draw a line, and project the same line at the 50% from top to bottom. that gives you a price target area (minimum price run). Did this for Eth on multiple ranges and the projected target was pretty much hit spot on.
for this example i took a couple of structures for BTC. two in white on the right side which project down to the 4600 and 4400 area, which we know it has run that min target.
Here's the kicker, the structure in the yellow tracking the bounce from $5882 to $11777 area. the 50% of that range being $8626, project that line down from 8626 we touch $2968. EXACTLY where
we found support in the September 2017 drop from 5k. Id like to state that I was always skeptical we'd every drop down this low in the crypto market, i was wrong and now im starting to think 3k is a real possibility, if not slightly lower. fingers crossed that's not the case. If you got tons of ammo (cash), you are licking your chops for BTC at that 3k level bc that to me would be the Golden area.