Bitcoin/USD rate (Dec 2021)
3 day chart:
-Rising wedge.
-Crown pattern ideas.
-Potential cycle peak.
-Lower channel in green
-Focus on volume data.
-Overlay previous cycle ideas to attempt to look for similar up/down PA activity, even if the levels will not match this cycle's.
In my opinion, it looks like we just completed a rising wedge (complete with a correction out of the smaller one) inside of a larger rising wedge, which I believe will be followed by another correction once we complete our peak price targets around $75k-$80k.
So regarding patterns, I see all sorts of little variants of head and shoulders but I had a theory that we will experience a large crown pattern, a near copy of the first cycle peak we experienced from January to May 2021. It still looks to be somewhat on track even if alternated in my opinion, so I'm leaving these pattern ideas up for now.
If my patterns perform a crown, I expect the entire pattern print to take a significant amount of time with the center and final top peak of the cycle to be around $75k-$80k around March to May 2022. It could look like its crashing after and make a recovery to $64k around February to March 2023, and then actually fall to bottom ranges even later.
The channel indicated in green trends at the bottom of the chart which trend off the low and peaks of the 2018/2020 fallout could become a price zone possibility in my opinion. I know how insane this sounds, but with fibonacci and trend lines, it seems possible to me as an area to watch closely.
The volume continuously dying the last few months while price has pumped has been an indicator to me to look for a correction and the next one has started/happened, I don't think we go too much lower than the wick of Nov 29th week until after next PEAK is achieved.
To be explicit: I believe peaks and lows that will be achieved from now until mid-2023 are:
Low: $6,580 (+-25%)
High: $75,320 (+-7%)
My current belief is that price can continue to rise even while volume continues to dwindle, and will therefore bring us to $75k-$80k range (by approximately March/April 2022) BEFORE taking a good amount of time to drop to $6k ranges (around February/May 2023.)
I think what we are seeing right now is intense volatility before a final peak to get even more volatile to the downside.
As always, I can be very wrong at any moment as I keep trying to disclaim, just remember that before laughing at me too much. ;)
Previous charts I've built coming to this conclusion:
Thanks for tuning in :) Disclaimer, anyone in the trade needs to do their own due diligence and decide what is right for YOU. My charts can be wrong at any time and it's very important that you have your own strategies and plans in place. I run this channel for my own educational purposes of learning to trade, and I will never be 100% right, so please do not let me confirm any bias for you! (Dangerous to do so, stay safe and remember the basics & rules of risk assessment.) Expect the unexpected and happy trading!
3 day chart:
-Rising wedge.
-Crown pattern ideas.
-Potential cycle peak.
-Lower channel in green
-Focus on volume data.
-Overlay previous cycle ideas to attempt to look for similar up/down PA activity, even if the levels will not match this cycle's.
In my opinion, it looks like we just completed a rising wedge (complete with a correction out of the smaller one) inside of a larger rising wedge, which I believe will be followed by another correction once we complete our peak price targets around $75k-$80k.
So regarding patterns, I see all sorts of little variants of head and shoulders but I had a theory that we will experience a large crown pattern, a near copy of the first cycle peak we experienced from January to May 2021. It still looks to be somewhat on track even if alternated in my opinion, so I'm leaving these pattern ideas up for now.
If my patterns perform a crown, I expect the entire pattern print to take a significant amount of time with the center and final top peak of the cycle to be around $75k-$80k around March to May 2022. It could look like its crashing after and make a recovery to $64k around February to March 2023, and then actually fall to bottom ranges even later.
The channel indicated in green trends at the bottom of the chart which trend off the low and peaks of the 2018/2020 fallout could become a price zone possibility in my opinion. I know how insane this sounds, but with fibonacci and trend lines, it seems possible to me as an area to watch closely.
The volume continuously dying the last few months while price has pumped has been an indicator to me to look for a correction and the next one has started/happened, I don't think we go too much lower than the wick of Nov 29th week until after next PEAK is achieved.
To be explicit: I believe peaks and lows that will be achieved from now until mid-2023 are:
Low: $6,580 (+-25%)
High: $75,320 (+-7%)
My current belief is that price can continue to rise even while volume continues to dwindle, and will therefore bring us to $75k-$80k range (by approximately March/April 2022) BEFORE taking a good amount of time to drop to $6k ranges (around February/May 2023.)
I think what we are seeing right now is intense volatility before a final peak to get even more volatile to the downside.
As always, I can be very wrong at any moment as I keep trying to disclaim, just remember that before laughing at me too much. ;)
Previous charts I've built coming to this conclusion:
Thanks for tuning in :) Disclaimer, anyone in the trade needs to do their own due diligence and decide what is right for YOU. My charts can be wrong at any time and it's very important that you have your own strategies and plans in place. I run this channel for my own educational purposes of learning to trade, and I will never be 100% right, so please do not let me confirm any bias for you! (Dangerous to do so, stay safe and remember the basics & rules of risk assessment.) Expect the unexpected and happy trading!
