This is not a projection, but more of an observation.
I had my eye earlier on the doji printed on the daily 24 March, and was looking to see if BTC would retest this area.
In the chart, the height of that candle is marked in purple, with a red line aligning with general structure.
But investigating further, I start to wonder if this isn't a full correction underway.
I've marked three areas.
Area 1: -26.27% correction.
Area 2: -18.5% correction.
Area 3: Unknown.
Area 2's correction was 70% of that of Area 1.
If Area 3 did a full correction to the 0.786, this would be -12.27%.
-12.27% is 70% of -18.5%.
Combined, Area 1, 2 and 3 in this instance would constitute a staggered correction of -57.47% in total.
The trend line goes back to December 2020. January's correction dipped briefly below it.
If BTC is to reach the 0.786 now, it would also briefly dip below this line, at $52.4k
I had my eye earlier on the doji printed on the daily 24 March, and was looking to see if BTC would retest this area.
In the chart, the height of that candle is marked in purple, with a red line aligning with general structure.
But investigating further, I start to wonder if this isn't a full correction underway.
I've marked three areas.
Area 1: -26.27% correction.
Area 2: -18.5% correction.
Area 3: Unknown.
Area 2's correction was 70% of that of Area 1.
If Area 3 did a full correction to the 0.786, this would be -12.27%.
-12.27% is 70% of -18.5%.
Combined, Area 1, 2 and 3 in this instance would constitute a staggered correction of -57.47% in total.
The trend line goes back to December 2020. January's correction dipped briefly below it.
If BTC is to reach the 0.786 now, it would also briefly dip below this line, at $52.4k
Comment:
05 Apr 2021 17:02:58: Let's see, but as of this moment, I'd lean towards saying that BTC is done with its February/March correction. Onward and upward. Perhaps.
AgitationZone | TA-focused cryptocurrency Discord channel discord.gg/atGcaRzz
