Cryspo
Short

Bitcoin's Final Bottom using Fib Circles and a Schiff Pitchfork

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
This is probably not popular opinion but not long now before bitcoin’s descent back to $4.2k before final capitulation. This is evident using a fib circle connecting the swing low for 2015 to the 2017 ATH and a Schiff Pitchfork connecting the 2013 swing high to the 2015 swing low up to the 2017 ATH , to give us the bigger picture. Then for a comparative view of the current bear market, add another fib circle connecting the 2013 swing high to the lows reached just before breaking out of the 1.618 fib circle ring and the break of market structure in 2014, and then another fib circle connecting the 2017 ATH to the lows reached just before breaking out of the 1.618 fib circle ring and the break of market structure in 2018.

Notice how price broke down from the median pitchfork channel support shortly after it broke out of the 2.618 fib circle ring, which resulted in the break of market structure and a 50% capitulation in both 2014 and in 2018, where recently price dropped to our next pitchfork support level at $3200. As you can see bitcoin found support at the same pitchfork support at the end of Jan 2019 before we had the current bull trap rally.

Imo we still have 1 more capitulation to go where we will eventually find the bottom pitchfork channel support.

In 2014, we had a 77% drop from the $680 high, which we reached before breaking market structure, to the 2015 swing low. Then shortly after breaking out of the 4.236 outer fib ring, we had our final bottoming descent.

In 2018, a 77% drop from the $8500 high, which we reached before breaking market structure, gives us a bottom support level of around $2-$2.5k, which lines up nicely with our bottom pitchfork channel support. We have also just broken out of the 4.236 outer fib ring, so I'm expecting our final bottoming descent to begin soon.

Once we have bottomed, I expect sideways consolidation until we break out from the larger 2.618 fib ring circle, where we should enter the next phase of the next bull cycle which will coincide with the 2020 bitcoin halving around May. Expecting a parabolic move to our $50k resistance once we break out of the larger outer 4.236 fib ring around July 2022.

Good luck and happy trading!
Comment: The same applies to the 2011 bull market.The pink fib circle connects the 2011 lows to the Nov 2013 highs. You will see that we entered the final parabolic phase of the bull market once we broke out of the 4.236 outer fib circle ring of the pink circle:

now why does that look so familiar to me?
+3 Reply
Cryspo snookerer
@snookerer, You tell me?
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Cryspo snookerer
@snookerer, you telling me you invented fib circles? interesting lol
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Cryspo Cryspo
@Cryspo, I would love to see where you used the exact fib circles as I have.
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@Cryspo, um sure.. search YouTube for "Date bitcoin will drop 65%!"
+5 Reply
Cryspo snookerer
Nice chart and very similar outcome except completely different fib circles.
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@Cryspo, Why don't you want to admit that you took his work and did a couple of changes to make it look "unique"?
+2 Reply
Cryspo supremetrejdr
@supremetrejdr, because it's not what happened. I spent all of yesterday on that chart.
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@Cryspo, Whatever you say bro. You're not fooling me.
+4 Reply
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