Ridgeback32

RETURN OF BITCOIN? Correction and Recovery Curve Fit

Long
BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
As Bitcoin_ moves through the correction and recovery cycle it appears to closely be following an elliptical curve based on a known mathematical equation. Now being past the semi-axis of the curve, it appears as though we have entered the recovery phase.

This chart shows the price of Bitcoin_ encompassed between two elliptical curves of near equal size with a near equal offset from the middle ellipse having the vertex_ located directly on the all-time high all time high of $19,891. If the price advances within the range centered on this curve it will return to the all time high by May of 2019 and would likely end the 16-month recovery cycle into a period of accelerated growth. We shall see to what extent the chart maintains this curvature going forward.

*** Not professional financial advice. Trade at your own risk.

Comments

Beautiful chart. Hope it plays out
+1 Reply
@Mrlbrmn, Thanks!
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Can u update this chart since current price of BTC is 3623.76...Waaaayyyy lower then your chart prediction?
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So corrective down before swing to 8000ish?
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Ridgeback32 GlennTarplett
@GlennTarplett, It's been moving up and has established a bullish reversal in the near term. I am not convinced that $7400 is the top of the move up and think it could test other resistance levels up to the previous high around $8500 (the red resistance curve in my chart). The resistance levels that I see are 7500 (.618 Fib and line crossing that last three major highs), 7800 (200 Day SMA), 7935 (.786 Fib), 8200 (Resistance curve/ellipse), and 8500 (previous high in July). At this point in the cycle I wouldn't go long above $8200 or short below $6200. If there is a clear break above $8500 (not likely right now) we could be on or way to $9880. Don't want to think about a break below $5600 (unlikely).
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Ridgeback32 Ridgeback32
@Ridgeback32, correction: $8500 (previous high in July)
Reply
Thanks for your insight.
Reply
Ridgeback32 Julescape
@Julescape, Glad it was of interest to you!
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