Presented without further comment than the charting shown. An extrapolation from my previous BTC chart, which played out almost perfectly. Let's see how far off this is.
A break past 71.4k on this current move, and up to at least 76.6k would cause me to raise my re-entry higher than where it is currently set (approx. 55.5k to 57.7k), but I don't think we get that far into the 70Ks without a retrace.
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Started deviating in mid-November. Has broken down below my floor (53k to 54K), which is now acting as resistance. Monthly time frame is not encouraging, but could go either way. I doubt very much this goes below 41K to 42K, but if it does, we could be in for a crypto winter.
Best guess: we still make a run at 100k, but on an extended timeline. Might be best to wait for a pump, cut this, and reassess.
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Now flirting with my former breakout level, we need to hodl here or risk a break deep into the 30Ks. If this breaks, I think we get at least one bounce on our way down to the low 30Ks, at which time I'd look for another bounce again.
If 30K holds, we could see another run to 65K. If 30K breaks, we are likely in store for Crypto Winter.
I think we're closing Dec above 100k. Also, 68k is fibbo 1.618. I too think there'll be a correction around there but it'll be much faster.
doctordrew77
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@SimColm, anything is possible, but there are enough frames of reference to allow for more than one 1.618. The chart will have to accelerate from its pace in the last month-plus to close over 100K before EOY, but again, anything is possible.
SimColm
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@doctordrew77, true, I have 3 fibbos within each impulse in lower and lower time-frames to find posible correlations or heavy resistances. So far, 68k, 75-77k, 88k... Those might be hard to pass.