Attempting to predict the honey badger
The thin red line is the curve charted from $400 BTC from 2016. It fits all times BTC has corrected since then. Will this time be the same? I am not usually bearish on BTC long term, but we are at a crucial point for it to make a decision, two of which could mean entering a potentially long bearish cycle if it breaks/pierces the parabolic trend.
Ways I think it can play out (tagged in the chart):
Option #1: The rally to break the pink trend breaks out of the symmetric triangle as FOMO moves funds from the alts back into BTC. Bullish rally to ATHs.
Option #2: The rally isn't as strong and continues within the symmetric triangle, correcting down to touch the parabolic line and then up. Then bullish rally to ATHs.
Option #3: BTC pierces and breaks the parabolic trend line, causing FUD and a bearish cycle (correcting back to 10K/8K or even 5K).
Option #4: BTC can't even break the pink trend, breaks out of the bottom of the symmetric triangle, causing FUD, and therefore breaks through the parabolic trend line. Bearish cycle afterwards (correcting back to 10K/8K or even 5K).
Comments, criticism, ideas very much welcome.
Ways I think it can play out (tagged in the chart):
Option #1: The rally to break the pink trend breaks out of the symmetric triangle as FOMO moves funds from the alts back into BTC. Bullish rally to ATHs.
Option #2: The rally isn't as strong and continues within the symmetric triangle, correcting down to touch the parabolic line and then up. Then bullish rally to ATHs.
Option #3: BTC pierces and breaks the parabolic trend line, causing FUD and a bearish cycle (correcting back to 10K/8K or even 5K).
Option #4: BTC can't even break the pink trend, breaks out of the bottom of the symmetric triangle, causing FUD, and therefore breaks through the parabolic trend line. Bearish cycle afterwards (correcting back to 10K/8K or even 5K).
Comments, criticism, ideas very much welcome.