As we can see there was a nice trendline in the 1H chart. Now that it got broken we will probably see a backtest to 47K.
If Bitcoin can't hold the 47K we'll see a bigger correction down to 30K like I showed on the previous Chart.
We are at the start of a MEGA cycle so just buy more from the dip and look at your portfolio again by the end of this year ;D
Good Luck y'all!
Contrary to my other DAX chart, the yearly picture looks more bearish.
The last time the yearly stochastic RSI was extremely overbought at 100, was in 1999, the peak of the dotcom bubble.
Now, 19 years later, we're at the same spot again. Will it correct now, as it did in 1999, or will it stay overbought a few more years? In that case it might rise even...
This is just a quick chart to show that the monthly chart shows an interesting pattern in the stochastic RSI.
It is osciallting with a period of 4 years, what a surprise :) the halvings are also every 4 years, could there be any connection? Hmmm..... XD
If the last cycle repeats, I think we might be headed towards lows in 2019, an 87% correction as in 2014-2015...
This one is pretty self-explanatory.
I drew the logarithmic trend channel, and drew a repeat of the 2013 cycle.
If such a thing were to occur, the new target estimates are 50K for the first top, end of december/ beginning of january.
Then bouncing between 10K and 30K for a few months like in summer 2013.
Then the end of this hype cycle at 100-200K.
Then a...
