Based on 2018-2020 data, 0.786 is a common retracement area for BTC after a bull run.
Near EOY of 2017, when BTC rose to around $19,700, we saw a retracement to $3,100. This area is under 0.786 Retracement of $4330. In July 2019, when BTC rose to around $13,900 from $3,100, we saw a retracement to $3,850. This area is under 0.786 Retracement of $5420. Near EOY of 2021, when BTC rose to ATM of $69,000, we are now seeing a retracement under 0.786 Retracement of $17,800.
What does this mean?
As many know, we are currently not in a bull market.
We have seen an over 75% drop from ATH of $69,000, which may indicate a reversal for the market in the very near future.
The shift from a bear to a bull market is coming soon.
History suggests that now is a great time to accumulate crypto for discount prices while others are hesitant.
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Taken some profits, looking to enter after pullback
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Will look to reenter under 15k
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Ranging 25k - 31700
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Needs to Break 32.5k to see more upside
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Very nice to see how our plan has played out! From 16k to 35k!
If, in the hope of your analysis..., those who were waiting for 13500 to buy, would have been destroyed