Hi Guys
QUICK DISCLAIMER
First off please do your own research before trading/investing, this is not professional advice.
Let's crack on.
CHART OVERVIEW
Here is a weekly chart of the Bitcoin price (BTC/USDT); we are right now at this resting point, in the chart you'll see two Gann boxes placed side by side. The first Gann box extends from the major low to the major high, the second is copied and placed next to the box from the major low and high, creating one massive Gann box.
There are many lines (support and resistance) but Gann expressed the 45 degree angle to be the most important line.
I've placed two purple lines representing the two 45 degree angles, these can act as support and resistance depending on the price action.
Also there are retracement points I have set in green, the .375 and .5 are Gann retracements and the .382 is a Fib. retracement.
ANALYSIS
*The 45 degree angles
According to Gann the 45 degree angle is a perfect balance between price and time, price likes to gravitate towards this area. The further the price is above the ascending 45 degree angle the stronger the uptrend but also less sustainable the further away it climbs, the lower the price drops below 45 degree angle the stronger the downtrend but also less sustainable the lower it drops.
You can see that we are at this "tipping point" caught between these two 45 degree angles, we have touched and pushed above the top ascending 45d. angle on 4 occasions but have failed to convincingly close above it.
*The retracement points
The 0.5 is a significant retracement point and you can see that this has given us major support, in fact in the last 4 week candles we have closed above it. This support will be very hard to break convincingly, we have dropped below but the support has remained firmly intact. The retracement points above (.375 and .382) show strong confluence with previous price action. Judging by past price we can see that once these levels were broken, together with the 45d. angle, the bullish momentum continued.
CONCLUSSION
In my opinion we are in a massive re-accumulation zone or "shakeout zone". These are purposely designed to take the asset away from the public and into the hands of the big players pulling the strings of this specific episode. This current week could be the final major "grab" before the major uptrend continues, I expect one last short shakeout (potentially next week) around 40k before we recontinue the bullish uptrend. This is a very bullish scenario and could very well be incorrect, especially time-wise as this could last a few weeks or even months, however if you believe in the fundamental value of bitcoin then the current price action is a distorted reflection of the true intrinsic value of Bitcoin and therefore must be broken.
Would love to hear your thoughts and comments! Thank you for taking the time to read this!
QUICK DISCLAIMER
First off please do your own research before trading/investing, this is not professional advice.
Let's crack on.
CHART OVERVIEW
Here is a weekly chart of the Bitcoin price (BTC/USDT); we are right now at this resting point, in the chart you'll see two Gann boxes placed side by side. The first Gann box extends from the major low to the major high, the second is copied and placed next to the box from the major low and high, creating one massive Gann box.
There are many lines (support and resistance) but Gann expressed the 45 degree angle to be the most important line.
I've placed two purple lines representing the two 45 degree angles, these can act as support and resistance depending on the price action.
Also there are retracement points I have set in green, the .375 and .5 are Gann retracements and the .382 is a Fib. retracement.
ANALYSIS
*The 45 degree angles
According to Gann the 45 degree angle is a perfect balance between price and time, price likes to gravitate towards this area. The further the price is above the ascending 45 degree angle the stronger the uptrend but also less sustainable the further away it climbs, the lower the price drops below 45 degree angle the stronger the downtrend but also less sustainable the lower it drops.
You can see that we are at this "tipping point" caught between these two 45 degree angles, we have touched and pushed above the top ascending 45d. angle on 4 occasions but have failed to convincingly close above it.
*The retracement points
The 0.5 is a significant retracement point and you can see that this has given us major support, in fact in the last 4 week candles we have closed above it. This support will be very hard to break convincingly, we have dropped below but the support has remained firmly intact. The retracement points above (.375 and .382) show strong confluence with previous price action. Judging by past price we can see that once these levels were broken, together with the 45d. angle, the bullish momentum continued.
CONCLUSSION
In my opinion we are in a massive re-accumulation zone or "shakeout zone". These are purposely designed to take the asset away from the public and into the hands of the big players pulling the strings of this specific episode. This current week could be the final major "grab" before the major uptrend continues, I expect one last short shakeout (potentially next week) around 40k before we recontinue the bullish uptrend. This is a very bullish scenario and could very well be incorrect, especially time-wise as this could last a few weeks or even months, however if you believe in the fundamental value of bitcoin then the current price action is a distorted reflection of the true intrinsic value of Bitcoin and therefore must be broken.
Would love to hear your thoughts and comments! Thank you for taking the time to read this!