based on identified patterns in ranges of time for price movement on previous low to highs, high to lows and high to highs.
The predictions are created using the previous ranges of time and the Fibonacci golden ratio on retracements and extensions
to get an estimate on the possible next areas, also considering the basic Waves patterns in impulse and corrective waves for likely direction after the areas are encountered.
If the study's prediction is accurate
- the Bitcoin price should hold support near 43.5k with a max potential drop of 30% to 40 .5k within this week / early next week,
- it would expect a move upwards all the way to a new resistance near 75k within 24 days after it begins,
- where we expect a corrective wave with the first leg dropping another ~25 - 30% where it could find resistance around 55k with a max 30% drop to 51.5k
- with a next potential bounce off to 63.5k range and potentially dropping another ~30% to the 43.5k support
News around Bitcoin are huge, crazy and unpredictable so attempting to call out moves further in time is more unlikely to be accurate,
but based off the historic March drop, we could expect sideways movement for a while before continuing its glorious rise.
Recharge your laser eyes and polish those diamond hands, we're going to the moon!
So far the Bitcoin price action has been following the path projected on previous idea.
At this very moment it appears to be reaching the end of the second leg inside our main leg down towards the ~40k area forming a head and shoulders pattern.
This is projected to be reaching the max bottom by Monday - Tuesday at which point it will be blast off to the moon until mid April-ish.
I expect my price targets on BTC related stocks to hit before bottom and plan to take action before the 44k area to ensure my entries.
I'm looking to average down in MARA entry levels near 20 and ARBKF 2.5.
If this does happen it will also be a great time to buy April / June call options at an incredible price.
These resistance levels and waves are good guides but the actual events are unpredictable,
so make sure to average in your positions and take advantage of these delicious dips!
Small stop back to earth then blastoff to the moon, see you there!