Schiff Pitchfork/bitcoin bearish gartley going down to 2700$
I've been posting about monthly bearish divergence on the bitcoin RSI.
I talked about the reasons i thought 65k was the top. Now lets look at how far down it could drop and when it might happen.
This is a schiff pitchfork. It's fibonacci on crack. It's a double fib channel, basically. It separates the top and bottom of the parallel channel into their own fib channel. The top being a bull market, the bottom being a bear market. We've been in a bull market for since October of 2013 for bitcoin. Each "bear market" we've experienced were only really bear trends. You all have not seen a real bear market. The real bear market is when we are in the bottom half of that schiff pitchfork.
I used daily candle closes to make this going back 10 years. As you can see... bitcoin during the current bullrun peak is inside that upper channel.
As you can see... our bounce at 28K a few months ago? It was on that 2nd from the top line. Exactly on that line. That means this line is valid. That means this schiff channel is real.
I believe it's quite possible we bounce on that trendline again and do a daily candle close at say 32.5k around october 31st/November 1st... and bounce up to make the D of a gartley around 57/59k. It makes a lot of sense to do this.
See the arrow pointing at march 2022 in the middle of the screen? That's where I think this first crash goes to. The vertical line is middle of march. The center line (the white dashed line) in the pitchfork. X marks the spot. You can't see it on the line chart... but it is monthly support too. Kind of crazy that it's monthly support.
After this crash I think we do a .618 retrace up from 2700$. Guess what a .618 retrace up from 2700$ is? It's EXACTLY 19,800$. Isn't that incredible? It's 19,800$ exactly. Like to the dollar exactly. This was our old top in 2017.
Guess what that would be? A right shoulder of a 6 year long head and shoulders. Do you know what that means?
Seriously. Guess what that means. After 20k in summer 2022... we go down below 2700$. Or you could think of it like a giant bear flag that is about to do round 2 of crashing a second time.
100-150$ bitcoin happens in fall of 2022. This is the great depression. At least, I think so.
1 million dollar bitcoin in 2030. At least, I think so.
____
____
I'm open to criticism but I really think this is happening.
I talked about the reasons i thought 65k was the top. Now lets look at how far down it could drop and when it might happen.
This is a schiff pitchfork. It's fibonacci on crack. It's a double fib channel, basically. It separates the top and bottom of the parallel channel into their own fib channel. The top being a bull market, the bottom being a bear market. We've been in a bull market for since October of 2013 for bitcoin. Each "bear market" we've experienced were only really bear trends. You all have not seen a real bear market. The real bear market is when we are in the bottom half of that schiff pitchfork.
I used daily candle closes to make this going back 10 years. As you can see... bitcoin during the current bullrun peak is inside that upper channel.
As you can see... our bounce at 28K a few months ago? It was on that 2nd from the top line. Exactly on that line. That means this line is valid. That means this schiff channel is real.
I believe it's quite possible we bounce on that trendline again and do a daily candle close at say 32.5k around october 31st/November 1st... and bounce up to make the D of a gartley around 57/59k. It makes a lot of sense to do this.
See the arrow pointing at march 2022 in the middle of the screen? That's where I think this first crash goes to. The vertical line is middle of march. The center line (the white dashed line) in the pitchfork. X marks the spot. You can't see it on the line chart... but it is monthly support too. Kind of crazy that it's monthly support.
After this crash I think we do a .618 retrace up from 2700$. Guess what a .618 retrace up from 2700$ is? It's EXACTLY 19,800$. Isn't that incredible? It's 19,800$ exactly. Like to the dollar exactly. This was our old top in 2017.
Guess what that would be? A right shoulder of a 6 year long head and shoulders. Do you know what that means?
Seriously. Guess what that means. After 20k in summer 2022... we go down below 2700$. Or you could think of it like a giant bear flag that is about to do round 2 of crashing a second time.
100-150$ bitcoin happens in fall of 2022. This is the great depression. At least, I think so.
1 million dollar bitcoin in 2030. At least, I think so.
____
____
I'm open to criticism but I really think this is happening.