Here's a BTC chart that captures everything from the 2013 top around $1200 and the low of $170. The points to watch are the following:
1. If we map a fib from the top to the bottom of these two prices ($1200 to $170), the 618 fib (golden ratio) is respected and rejected by price in June 2016 at approximately $800
2. The rejection at $800 forced price to retrace by -39%
3. Price came back to the same 618 fib level around December 2016 (6 months later)
4. After breaking past the 618 fib in December 2016, price went from $800 to $20k - a +2000% gain
5.The run from $800 to $20k had 5 different occasions where price dropped more than 30% all the way to the top of the 2017 bull market
**Where we are today in 2019**
1. If we map a fib from the top to the bottom of these two prices ($20k to $3100), the 618 fib (golden ratio) is respected and rejected by price in June 2019 at approximately $13.9k
2. The rejection at $13.9k is now forcing a similar retrace to the June 2016 style rejection which could bring prices close to $8500 which is about a -39% drop
3. I expect price came back to the same 618 fib level around the next 6 months at most
4. Then I expect price to keep moving up past the 618 fib of $13.9k and head toward $20k easily
5. I expect at least 5 occasions just like 2016/2017 to play out similarly 2019/2020 where price may drop 30-40%
If we mark a reasonable target of 200% which is 10x LESS than the 2015 to 2017 top run of 2000%, we then expect a price target of $40k approximately, at the very least!
1. If we map a fib from the top to the bottom of these two prices ($1200 to $170), the 618 fib (golden ratio) is respected and rejected by price in June 2016 at approximately $800
2. The rejection at $800 forced price to retrace by -39%
3. Price came back to the same 618 fib level around December 2016 (6 months later)
4. After breaking past the 618 fib in December 2016, price went from $800 to $20k - a +2000% gain
5.The run from $800 to $20k had 5 different occasions where price dropped more than 30% all the way to the top of the 2017 bull market
**Where we are today in 2019**
1. If we map a fib from the top to the bottom of these two prices ($20k to $3100), the 618 fib (golden ratio) is respected and rejected by price in June 2019 at approximately $13.9k
2. The rejection at $13.9k is now forcing a similar retrace to the June 2016 style rejection which could bring prices close to $8500 which is about a -39% drop
3. I expect price came back to the same 618 fib level around the next 6 months at most
4. Then I expect price to keep moving up past the 618 fib of $13.9k and head toward $20k easily
5. I expect at least 5 occasions just like 2016/2017 to play out similarly 2019/2020 where price may drop 30-40%
If we mark a reasonable target of 200% which is 10x LESS than the 2015 to 2017 top run of 2000%, we then expect a price target of $40k approximately, at the very least!
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