Bitcoin / US Dollar Perpetual Inverse Swap ContractBitMEX
Description
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The market appears to be in an extended ABC pattern. Price has recently touched the 1.5 horizontal extension from $1,000 to $20,000 (yellow), as well as the 1.33 and -1 diagonal extensions (blue) - indicating a potential top.
White bar pattern represents the correction from $20,000 to $3,333 (white box). This was placed with the high at the current price and the low at $1,000 in 10 years. $1,000 was decided as this was the phase 1 horizontal resistance before the breakout into the 2017 hyperwave. A correction to this level is expected as the phase 2 trendline of the hyperwave was broken. 10 years was decided as this marks the end of the predicted period of deflation (see related chart: the 20 year depression)