My thoughts about BTC bottoming

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Last several years I've been using many tools to analyze, and try to take advantage of opportunities in terms of long-term market structure on BTC.

One of the main tools I really like to use and came with the most reward so to speak, is a specific Fib level. It proved to read with a very good probability the potential bottom of BTC ( especially BTC ) on the higher timeframes.
As you can see on the chart, each cycle has a corresponding fib plotted which starts at the H and goes to the L of that particular cycle. The fib levels presented are only 2, with the green one being the "default", and the gray one being a secondary, only touched once, after a crisis-like moment in 2011. I believe this year we will be seeing it again, so the chart plots both levels and my expectation is that the bottom would be somewhere inside the range of $8K to 13K by end of Q3 2023. The projection coincides with a potential additional drop of the stock market this year, and the overall macroeconomic conditions we are living through.

We will see how things play out, but I am building confidence on the usefulness of these levels.


Penafian

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