Good Morning traders! Today we bring you a curious post, and maybe a bit controversial, since we are going to propose a future behavior in bitcoin (in relation to past events) with an extremely interesting price target.
To make this post, we will focus on the last large corrections, that is, backward movements that lasted for months or perhaps years. They can be clearly seen in the chart of the post, because the chart is in a logarithmic scale (if you do not know what the logarithmic scale means, leave a comment and we will gladly make an educational post in relation to the different scales in the graph).
We can see great similarities in the corrective movements, and so far the impulsive movements have been respected.
Speaking of corrective movements, we see that both have a depth of approximately 85%, and a duration of between 1100 and 1300 days.
🔸We can see more clearly the corrections in the two charts below:
🔸The target set in both situations is the theoretical target of this type of movements. Of course, the movement after the first correction ended up being abruptly greater than the theoretical. The rise of the previous impulse was +1600%:
Now what we ask ourselves is if the current impulsive movement replicates the previous rise. If so, it would imply a +1600% rise from the breakout, resulting in an approximate target of $340,000.
Interesting, right?
This kind of behavior is common on many cryptocurrencies. We have more examples and cases, so, feel free to comment the cryptocurrency you are inteterested in and we will try to apply this kind of analysis to it!
To make this post, we will focus on the last large corrections, that is, backward movements that lasted for months or perhaps years. They can be clearly seen in the chart of the post, because the chart is in a logarithmic scale (if you do not know what the logarithmic scale means, leave a comment and we will gladly make an educational post in relation to the different scales in the graph).
We can see great similarities in the corrective movements, and so far the impulsive movements have been respected.
Speaking of corrective movements, we see that both have a depth of approximately 85%, and a duration of between 1100 and 1300 days.
🔸We can see more clearly the corrections in the two charts below:
🔸The target set in both situations is the theoretical target of this type of movements. Of course, the movement after the first correction ended up being abruptly greater than the theoretical. The rise of the previous impulse was +1600%:
Now what we ask ourselves is if the current impulsive movement replicates the previous rise. If so, it would imply a +1600% rise from the breakout, resulting in an approximate target of $340,000.
Interesting, right?
This kind of behavior is common on many cryptocurrencies. We have more examples and cases, so, feel free to comment the cryptocurrency you are inteterested in and we will try to apply this kind of analysis to it!