Hello, this is my first post!
As you can see, Bitcoin is evolving within a descending channel, having touched support, both on the lower line of the channel and the green 6400-6500 area.
The first two significant upward correction had a price increase of about 35%. The main downward movement, as well as November's, caused a 37% fall, followed by a RSI divergence and fractal.
On 24 of October, as result of the previous fall, finding support around 7400-7500 and the RSI pattern,the price surged 42%.
If the same rule applies this time, until the end of the year, Bitcoin could reach 8700-8800,touching the upper line of the channel.
If the price fails to break above 0.618 and 0.382 fibonacci and the butterfly has no validity, it will most likely retouch the channel's support at 5900-6000.
Note: I have accidentally put the last price range too far, it should have been near the butterfly and fibonacci.
As you can see, Bitcoin is evolving within a descending channel, having touched support, both on the lower line of the channel and the green 6400-6500 area.
The first two significant upward correction had a price increase of about 35%. The main downward movement, as well as November's, caused a 37% fall, followed by a RSI divergence and fractal.
On 24 of October, as result of the previous fall, finding support around 7400-7500 and the RSI pattern,the price surged 42%.
If the same rule applies this time, until the end of the year, Bitcoin could reach 8700-8800,touching the upper line of the channel.
If the price fails to break above 0.618 and 0.382 fibonacci and the butterfly has no validity, it will most likely retouch the channel's support at 5900-6000.
Note: I have accidentally put the last price range too far, it should have been near the butterfly and fibonacci.