BTCUSD
Bitcoin Weekly Chart
After the June low, Bitcoin found support riding up the 1.618 ML-E (Median Line Extension) of the Red fork until mid-August.
It briefly found support on the Yellow ML, until breaking below it a few weeks back.
Price has attempted and failed to make it back above the Yellow ML.
We see two consecutive weekly candles getting forced to wick under the Yellow ML.
This tells me that, price will continue heading lower.
Plotting additional median line sets, additional price targets become visible
All targets are energy points aka intersecting Median Lines (ML), Median Line Parallels (ML-H), and Median Line Extensions (ML-E)
I've noted potential price targets with the sky blue ellipse and circle.
The targets vary from 12.6K to 9.8K
I'm expecting the end of this next down move to become the ultimate low for this cycle.
As of right now, I'm thinking the ellipse will be the more likely target, as the circle is only a few months from the forecasted BTC halving in Feb 2024.
Let's see what happens.
Fat_Fat
Comment:
I forgot to mention, a break below the 2.0 Median Line Extension and June low will serve as confirmation for the move lower.
Comment:
BTC Cycles
Comment:
Here's a less busy version of the chart. I removed the red fork, which I left in the original idea to show the price interactions with the ML extensions.