So, I'm biased bullish on BTC. Short and Long-Term. So charting this out has been a bit upsetting.
Apologies for the spider web, but I've tried to include major trendlines on this chart that I saw as pertinent as well as highlight clearly the latest RSI trend and support and resistance there. And then I was curious and threw in some Fibonacci Time Zones ... they lined up crazily, so they stayed too.
I've captured most my notes in the chart, but last comment: I've found that the price seems magnetically drawn to points where multiple macro trendlines converge. So that thought seems to bolster further the fib time zones callouts of the potential bottom and top coming in our futures.
Again. I hated what this analysis resulted in. My bias is strong. However, the chart is the chart. We'll see how well it holds. Thanks.
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I should have dropped a circle up top as well.
500k !!! August of 2020!!!
Now THAT at least goes with my bias ;-)
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Also - apologies on the bleeding and cut off text. Still reads ok... just looks stupid.
Bitcoin has never dropped to its previous ath after getting this far above it. That would be unprecedented and would be very bad for bitcoin imo
deci8el
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@mwilson87, Yeah.... looking at that now .... it hasn't. That touch I've circled there is built around the fib time zones, and the logic behind those (that I've drawn), is completely flawed. All it really shows is a strong tie to equal lengths of time between peaks and valleys. The blue "5" line is just the next in that series, but I didn't even play with it tight enough to find any correlations beyond the first 3... which again, are simply equal lengths of time. So, given all that, it seems we can hope for a new ATH in December. Still feels very optimistic.
deci8el
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@deci8el, It's all it is though... hope... the chart is telling me we see 28k and sideways through the end of the year...
Mihai_Iacob
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Nice and clear
deci8el
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@OptimoomFX, Thanks for the support!
abhishekkj27
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Pi cycle indicated the end of bull run although according to the log scale the bull run is incomplete. I think the situation is similar to 2013 wherein we saw two legs to the bull run. What may happen, is that bitcoin may fall further , consolidate till december end and then start the next leg of the bull run. I am waiting for the prices to reach around 24k before investng.
deci8el
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@abhishekkj27, Thanks. And yeah, I'm hoping it's incomplete. Just having trouble coming to a satisfactory conclusion on the length of this consolidation.
deci8el
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So yeah... based on the RSI alone... I'd expect another week or two of rise followed by a descent to the 22k area for the RSI to then bounce up to head north. Slowly. Until end of year. God, I hope for something much sooner... this chart really pissed me off.
deci8el
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Would absolutely LOVE to hear thoughts/comments - especially if they invalidate this short term sideways move...