So yea looking at this fib circle tool, I just draw from all time high to market bottom, 0 - 1. I assume this is how you use the tool but I could be wrong.
Starting at ATH ~20k we drop off to the circle 1 at about 10k, retrace to the 78.6% horizontal fib and then fall to the horizontal fib support below 10k at the 38.2%, then we retest the 50% and fail and fall all the way to the 23.6% horizontal fib level and time allows us to enter the 78.6% fib circle and retest the previous high, then that fails and we drop again to the 23.6% and now enter into the 61.8% fib circle bounce up and get rejected by the 38.2% horizontal fib, and make another test below the 23.6 horizontal fib around 6k to finally enter the 38.6% fib circle and make our high as we enter the 23.6% fib circle at 8400 for another lower high. Once again we retest the 6k level and make one last attempt to pump to 7400 in the center of the 23.6% fib circle. Time gets the better of the market and finally capitulation follows after it bottoms at the 23.6% fib circle and drops through the circles, and tries to bounce at the 50% and 78.6% fib circles but fails to bottom at 3100 and the 100% fib circle, and ever since then we have been following that curve.
If this is indeed correct then we have some idea when this move could possibly end which appears to be around June 8th or 9500.
At that point we may get a correction, which could be 40% based on the fact that parabolic moves often end in big drops as much as 75% and also looking at the stochastic RSI on the weekly which is way overbought and needs to be reset and usually results in a 40% move down.
I'm currently waiting to start bidding on bitcoin after this overdue correction begins.
Starting at ATH ~20k we drop off to the circle 1 at about 10k, retrace to the 78.6% horizontal fib and then fall to the horizontal fib support below 10k at the 38.2%, then we retest the 50% and fail and fall all the way to the 23.6% horizontal fib level and time allows us to enter the 78.6% fib circle and retest the previous high, then that fails and we drop again to the 23.6% and now enter into the 61.8% fib circle bounce up and get rejected by the 38.2% horizontal fib, and make another test below the 23.6 horizontal fib around 6k to finally enter the 38.6% fib circle and make our high as we enter the 23.6% fib circle at 8400 for another lower high. Once again we retest the 6k level and make one last attempt to pump to 7400 in the center of the 23.6% fib circle. Time gets the better of the market and finally capitulation follows after it bottoms at the 23.6% fib circle and drops through the circles, and tries to bounce at the 50% and 78.6% fib circles but fails to bottom at 3100 and the 100% fib circle, and ever since then we have been following that curve.
If this is indeed correct then we have some idea when this move could possibly end which appears to be around June 8th or 9500.
At that point we may get a correction, which could be 40% based on the fact that parabolic moves often end in big drops as much as 75% and also looking at the stochastic RSI on the weekly which is way overbought and needs to be reset and usually results in a 40% move down.
I'm currently waiting to start bidding on bitcoin after this overdue correction begins.
Comment:
Could bring that circle in one week closer to the edge being around June 3rd