After recovering from March 2020 low bitcoin moved above EMA10 signaling the start of the bull-market.
In this bull-market, the first time that bitcoin dropped below EMA10 it happened in May 2021 after the $64,862 All-Time High.
This signaled the start of the bear-market with a 55% drop.
A dead cat-bounce followed which ended in a double-top in November 2021... Guess what?
Bitcoin moved below EMA10 on the weekly timeframe... Signaling the start of the 1 year+ correction.
Only slightly in March/April did bitcoin managed to move back above EMA10 but a rejection soon followed and the bear market resumed.
Now, for the first time since April 2020, bitcoin is moving above EMA10 to the upside on the weekly timeframe, signaling the potential switching from the bears (red) to the bulls (green).
Here let's take into consideration the best possible scenario for the next target:
Fib. extension gives us two major resistance levels (targets):
1) $35,928 2) $48,557
Trend-based Fib. extension gives us the following two:
1) $40,356 2) $55,721
So instead of looking at the worst case scenario, let's look at the best case scenario possible.
These are the potential target for a recovery/relief rally in 2023.
My new Idea matched your fib target of 30,800. On my chart I say its a greedy target 23k to 25k seems doable
AlanSantana
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@BlackBirdTrading, Great my friend. It is a great idea and I fully agree.
I left you a comment there.
Thanks for sharing.
BlackBirdTrading
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@AlanSantana, Saw that its always lovely to see you on my ideas
DipBuyer83
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I remember when BTC went below the EMA10, and I was so hyped with all the positive news going around that it's going to 100k before 2022!! 😆 That it didn't even seem possible to crash
AlanSantana
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@DipBuyer83, Yes... I can remember clearly as well... We have the inverse scenario now.