People are beginning to accept the 4 year cycle based on the halvening. 3 years of bullish action, 1 year of bearish correction.
If the top trend line remains valid into the next bull run, there is a case for a 240k coin. This would land the price action somewhere between the 2.618 and 3.618 fib extension.
This would also give us another touch on the top trend line.
Send it.
Am I crazy? You decide, in the comments of course.
Not financial advice.
Novice trader here.
Do your own DD!
Comment and let me know how bad this idea is!
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In this chart we can see the 20sma has been acting as support since the bear phase has ended.
@JoeChampion, thanks for the comment and the words of encouragement!
LaPiovra
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Many thanks for for sharing this joyfull thought to go into the weekend :-).
'People are beginning to accept the 4 year cycle based on the halvening' is what keeps me busy. That is to say, look what happened with the Bitcoin conference in the past. Though yearly, the first couple of times it drove the market and than suddenly a next time it didn't do that mutch. Would be an unexpected scenario at this halving a lot of ritch manupulating people could profit from.
Any thoughts about such please?
BallsOfSteel32
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@LaPiovra, It seems like the major players in the market initiate a stop hunt to shakeout weak positions before the major push up to ATH happens. I added a chart to show what happened before the halvening in the previous cycle before 69k. In march of '20 there was a major sell off before the halvening. I expect something similar to happen before april of 2024. In march of 2020, the price wicked below the rising support, but closed above. This bottom trendline has yet to fail, and seems to be the place the coin has to test before more growth.
LaPiovra
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👍
rbower
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50SMA resistance must be overcome.
BallsOfSteel32
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@rbower, seems to be using the 20sma as a support too
rbower
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@BallsOfSteel32, Not sure. I only see the 50,100,200 on this chart.
BallsOfSteel32
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@rbower, I added the chart with the 20sma on the weekly