Before I start I would like to point out that this post ignores fundamental and sentimental analysis. Because of that I understand this scenario is unlikely to unfold exactly as it has in the past but I still thought it was interesting enough to share.
As you can tell this is the one week chart for Bitcoin extending all the way back to the crash of 2014. Let's begin by covering what happened back then; we made an ATH at 1175 before an "A" correction wave brought us back down to 345. From there we saw a bounce to 690 before creating a bottom at 170.
Fast forward to today and we are in the middle of our "A" correction wave. Using proportions I was able to scale the crash of 2014 to present day values; 5830, 11660, and 2870 respectively. Therefore, over the next few days/weeks I expect us to continue our downtrend until we make a temporary bottom at 5830 (check out my last idea where I called for 5900).
Please note that I called it a temporary bottom. Regardless of any reversal I truly believe we are going to see sub 4k levels before we see a return to 20k. I am very long on Bitcoin but in order to return to 20k we must shake out ALL loose hands. It is only then that we can form a solid base to launch our next rocket ship off of :)
As a side note take a look at the volume profile on the sidebar. Our next major support area is right where we would complete our "C" correction wave. Coincidence? You be the judge.
As you can tell this is the one week chart for Bitcoin extending all the way back to the crash of 2014. Let's begin by covering what happened back then; we made an ATH at 1175 before an "A" correction wave brought us back down to 345. From there we saw a bounce to 690 before creating a bottom at 170.
Fast forward to today and we are in the middle of our "A" correction wave. Using proportions I was able to scale the crash of 2014 to present day values; 5830, 11660, and 2870 respectively. Therefore, over the next few days/weeks I expect us to continue our downtrend until we make a temporary bottom at 5830 (check out my last idea where I called for 5900).
Please note that I called it a temporary bottom. Regardless of any reversal I truly believe we are going to see sub 4k levels before we see a return to 20k. I am very long on Bitcoin but in order to return to 20k we must shake out ALL loose hands. It is only then that we can form a solid base to launch our next rocket ship off of :)
As a side note take a look at the volume profile on the sidebar. Our next major support area is right where we would complete our "C" correction wave. Coincidence? You be the judge.
Comment:
*As always this information is not a recommendation to buy or sell. It is to be used for educational purposes only.*