nicholasilechie

BITCOIN - POINT OF NO RETURN

Long
BITMEX:XBT   Bitcoin / U.S. Dollar Index
Hey traders, hope you all doing well,
In this chart we compared our current chart 2020-2021 with that of 2016-2017 and seeing noticeable trend rally pattern, separated the rally into two phases for better analysis.

Bitcoin after hitting $42,000 took a 28% price correction to $30,000 followed by a 4-D TF retracement to $39,000.
currently we find price ranging between $38,000 and $35,000 which i believe will be the case for the next two days.
ATM the market is a little bit indecisive as the possibilities for a further 10% correction down to $30-32k is still very much present.
not until we break above $44,000 and at $46,000 i would consider bitcoin a point of no return.
From which we will see more stable and steady growth over the next months and at $60-80k we most likely will be hit with heavy euphoria.

Do share your thoughts and let me know what you think.

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