2023 has been a great year. Lots of profits.
However, seeing how MM spilled his art on the chart, there seems to be a misunderstanding.
When we hit 44.4K somewhere in Nov/Dec, a hint was given.
Are we actually in a 'bull run'? I think so, but there is a caveat.
I have been showing screenshots of this idea in the Crypto chat for a while, but it was private.
Original description:
Side by side BTC 2019 and 2023
2023 = accumulation run?
BTC has resistance of previous bull run ATH (69K) and on the current ATH (44.4K). Current ATH is exacly 0.382 fib of previous ATH as the previous accumulation periods. We could retrace to the 0.5, 0.618, 0.786 and even 0.886 fib levels from the top (44.4K).
---
There are many reasons why there will be a sell off:
- end of year
- miners need to sell every 4 years. They can not wait anymore.
- ETF could be a sell the news event
- we lost a lot of buyers around 20-40K (CME gap, etc.)
- there seems to be a dead zone around 44.K, volume dries up and buyers stop buying
- hard rejection when we get close to the mentioned range
This accumulation phase seems to occur at the beginning of each bull run and follows the elliot wave theory in combination with fibonacci levels. We start of with a good impulse wave 1, e.g. 0.382 fib of previous ATH. And here comes the kicker, people forget that what follows is a wave 2 correction before the super bullish wave 3, the 'bull run' that people always talk about. From what I see, historically BTC retraces to the 0.786 fib from the start of the previous bull run, but this level can be in any retracement fib.
Who knows if the idea will unfold as expected. Only time will tell.
Stay safe!
However, seeing how MM spilled his art on the chart, there seems to be a misunderstanding.
When we hit 44.4K somewhere in Nov/Dec, a hint was given.
Are we actually in a 'bull run'? I think so, but there is a caveat.
I have been showing screenshots of this idea in the Crypto chat for a while, but it was private.
Original description:
Side by side BTC 2019 and 2023
2023 = accumulation run?
BTC has resistance of previous bull run ATH (69K) and on the current ATH (44.4K). Current ATH is exacly 0.382 fib of previous ATH as the previous accumulation periods. We could retrace to the 0.5, 0.618, 0.786 and even 0.886 fib levels from the top (44.4K).
---
There are many reasons why there will be a sell off:
- end of year
- miners need to sell every 4 years. They can not wait anymore.
- ETF could be a sell the news event
- we lost a lot of buyers around 20-40K (CME gap, etc.)
- there seems to be a dead zone around 44.K, volume dries up and buyers stop buying
- hard rejection when we get close to the mentioned range
This accumulation phase seems to occur at the beginning of each bull run and follows the elliot wave theory in combination with fibonacci levels. We start of with a good impulse wave 1, e.g. 0.382 fib of previous ATH. And here comes the kicker, people forget that what follows is a wave 2 correction before the super bullish wave 3, the 'bull run' that people always talk about. From what I see, historically BTC retraces to the 0.786 fib from the start of the previous bull run, but this level can be in any retracement fib.
Who knows if the idea will unfold as expected. Only time will tell.
Stay safe!