Welcome community members in this post, I’ll be going through BITCOIN’S 3 DAY long term chart analysis.
I recommend you all must read the description of this Chart to understand the more clear picture of BITCOIN’S upcoming possible scenario.
This chart is totally based on the past price action followed by BITCOIN, to know the upcoming scenario.
DISCLAIMER: This is not financial or investment advice. This is for education and to understand the market sentiment purpose only. I am not responsible for the profits out of loss you generate from your investments. Trade and invest at your own risk.
BTC's next move ina long-term prediction on the basis of past price action analysis.
DESCRIPTION -
- CASE STUDY: 01 At the price level of $11800, BTC was in accumulation face for 84days with a support level of $9803 price level. After an accumulation of 84 days, BTC pumped from $11200 to $19300 price level which was 70%.
- CASE STUDY: 02 At the price level of $19900 to $16221, BTC was in reaccumulation face with a support level of $17700. After a reaccumulation, BTC pumped almost 118% from the $19900 price level and touched the $41900 mark within 24day which was quite fast.
- CASE STUDY: 03 After reaching the $41900 price level BTC again printed some corrections and moved into a reaccumulation face from $36700 to $28800 price level with a support level of $30400. After a reaccumulation for 24 days, BTC touched the $28800 level and bounced almost 116% within 48 days. Where BTC continued to form higher highs and lower highs, in which a rising wedge pattern was created.
This could also be seen as an ending diagonal from the perspective of Elliott wave theories. We saw a new all-time high formation at 64.8k.
- CASE STUDY: 04 After reaching the 64.8k on 13th April 2021. BTC rejected from that level and dropped down to 29.2k in 96 days. During the bottoming range, we had a phase of reaccumulation, from the perspective of a Wyckoff theory, which was between the $32252 to $37517 price range.
From 15th July 2021 to 18th July 2021 BTC again lossed some % which was almost 10% from the $37517 price level to 29.2k which is also a strong support level.
- CASE STUDY: 05 On 21st July 2021 BTC bounced from the lower strong support level till 6th NOV 2021. Which was almost 140% upward move continued forming higher highs and higher Lows, in which a rising wedge pattern was also created and that could be also seen as an ending diagonal from the perspective of ELLIOTT WAVE THEORY again just like before at the case study - 03.
- CASE STUDY: 06 On 8th Nov 2021 BTC was rejected from the upper trend line at the price level of $69000 by following the Elliot wave theory. After rejection, BTC dumped almost 48% in just 71 days.
In the current scenario, BTC again moves towards the previous bottom range and shows a reaccumulation from the perspective of a Wyckoff theory. Current reaccumulation was between $37000 to $44700 for 99 days which is the longest accumulation face to date.
After analyzing the past price action BTC can move down again towards the $29300 which is the longest strong support area for BTC and it also gets a fib level of 0.618 mark at this price level. After reaching the lower support we can expect on the basis of past price action that if BTC holds the lowest support then we can see a new ATH in the upcoming long run.
CONCLUSION : 1. ACCUMULATE 31.5K TO 35K 2. ONCE BTC TOUCHES THE LOWER TRENDLINE A MEGA RALLY IS EXPECTED THROUGHOUT THE MARKET. 3. LOOK AT THE LONG-TERM PERSPECTIVE.
NOTE: I am not an Elliot wave expert yet and am still learning. My wave counts could be wrong but I’ve tried to give you the best possible info from a longer-term perspective. Hope you’ll appreciate that.
THANK YOU.
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#BTC/USD DAILY UPDATE
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As I predicted in my above-mentioned BTC update BTC will dump towards the 30k till now it moved perfectly.
Till now BTC dumped 52% from its all-time high and more than 10%-15% yet to go down towards 30k
Keep up the good Work!