this idea is built on the idea that the price will go x amount above the EMA and then eventually an equal and opposite amount below the EMA. Since its a log chart you need visual aid like rektangles, you cant use fibs, or numbers afaik. You need to draw a rektangle that is the same size as the one you draw above and then you use the bottom line of the bottom rektangle to find the potential worst case scenario target.
Since BTC has hit $60k it may seem outrageous that it will hit $8k. But a low of $8k is still 100% higher than the low in 2020. And i wish i could find it, but there is a gold chart showing the price of gold in weimar money during the weimar repbulic which is infamous for its hyperinflation where they were moving cash around in wheelbarrows just to buy bread. But the price on gold basically went from 1 to 100 and then back to 1 and then up to 300 so on so forth, massive oscillations so why wouldn't Bitcoin do the same vs the dollar which could be in a similar situation. So there is a bit of a narrative to go along with the $8k prediction as well. But lets see.
If you are wondering why i am using the 672 EMA its something i started doing on the 15 minute timeframe, its basically how many 15 minutes candles in a week on BTC. Stocks and forex have less 15 min candles in a week since they are closed on weekends. But that 672 EMA seem to work well on large timeframes as well so its my go to EMA atm.
If you are wondering why the scale is on the left its because i want my eyes to travel over the historic bars when looking at price.
Vol * VWAP indicator shows volume in USD in this case
Since BTC has hit $60k it may seem outrageous that it will hit $8k. But a low of $8k is still 100% higher than the low in 2020. And i wish i could find it, but there is a gold chart showing the price of gold in weimar money during the weimar repbulic which is infamous for its hyperinflation where they were moving cash around in wheelbarrows just to buy bread. But the price on gold basically went from 1 to 100 and then back to 1 and then up to 300 so on so forth, massive oscillations so why wouldn't Bitcoin do the same vs the dollar which could be in a similar situation. So there is a bit of a narrative to go along with the $8k prediction as well. But lets see.
If you are wondering why i am using the 672 EMA its something i started doing on the 15 minute timeframe, its basically how many 15 minutes candles in a week on BTC. Stocks and forex have less 15 min candles in a week since they are closed on weekends. But that 672 EMA seem to work well on large timeframes as well so its my go to EMA atm.
If you are wondering why the scale is on the left its because i want my eyes to travel over the historic bars when looking at price.
Vol * VWAP indicator shows volume in USD in this case