Given the similarity of both market cycles, I was wondering what a possible bullish set-up for Bitshares would be. The previous market cycle reached its all-time-high at 2.272 fib level. When we would apply the same calculations on the current market cycle, it would drive up the price to approximately $2.20!
Just like the previous market cycle, the black trendline functions as heavy resistance, which is exactly where it got rejected yesterday as well. It will most likely retrace from here to gather enough strength to push through resistance. Let's see how it evolves.
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Bearish divergence on 4h timeframe. This could be the retrace I was talking about!