All, I previously posted a projection of price action compared to the previous run to the ATH from a past ATH to "guesstimate" where we would bounce. (Linked below)
I may not chart the same as everyone else, but hopefully you guys can make sense of it.
We had what appears to be an ABC correction, followed by a double bottom pattern, followed by an inverse head and shoulder pattern. All of these patterns also appear to coincide with the purple support extrapolated out from the previous major bull runs (See previous chart). Currently, we appear to be confirming a breakout around the 35k range. If this holds, I expect a retest of ATH and to make it above it to around the 70k range. Then a pull back before the last big push. It might be wishful thinking, but most every way I look at the chart I'm expecting 300k range before the major correction unless something drastic unfolds. There is no way of knowing for sure, but atm we appear to be following the same old patterns. Unfortunately, if 35k doesn't hold, we could find ourselves plummeting to retest purple support again.
Also, looking at past trends, if we bust above 40k again and hit 70k range (more or less follow earlier chart), we will have the major correction after the 300k range and plummet back down to 40k range before bouncing off the long term main support. Point being, our current prices may be some of the cheapest you will ever see BTC again if this projection ends up being accurate. That being said, the plus side is you will likely be able to buy back at around these prices in the future, just it may be a year or two down the road.
Disclaimer: I am not a professional. I am merely sharing what I believe may unfold and why. Trade at your own risk.
Thanks for checking my ideas out.
I may not chart the same as everyone else, but hopefully you guys can make sense of it.
We had what appears to be an ABC correction, followed by a double bottom pattern, followed by an inverse head and shoulder pattern. All of these patterns also appear to coincide with the purple support extrapolated out from the previous major bull runs (See previous chart). Currently, we appear to be confirming a breakout around the 35k range. If this holds, I expect a retest of ATH and to make it above it to around the 70k range. Then a pull back before the last big push. It might be wishful thinking, but most every way I look at the chart I'm expecting 300k range before the major correction unless something drastic unfolds. There is no way of knowing for sure, but atm we appear to be following the same old patterns. Unfortunately, if 35k doesn't hold, we could find ourselves plummeting to retest purple support again.
Also, looking at past trends, if we bust above 40k again and hit 70k range (more or less follow earlier chart), we will have the major correction after the 300k range and plummet back down to 40k range before bouncing off the long term main support. Point being, our current prices may be some of the cheapest you will ever see BTC again if this projection ends up being accurate. That being said, the plus side is you will likely be able to buy back at around these prices in the future, just it may be a year or two down the road.
Disclaimer: I am not a professional. I am merely sharing what I believe may unfold and why. Trade at your own risk.
Thanks for checking my ideas out.
Comment:
I forgot to mention, Note the MACD around the double bottom and also note the cross and where we are in the trend currently. Looks ready to go to the upside and head to ATH retest if we don't fall below this last resistance/support (white line)
Comment:
Actually it is more like $34,600 to be more specific than "35k"
Comment:
Pay attention to this candle 4H Chart
Comment:
2H Chart Looks like battling currently
