BTCUSD - We all love fractals so here's another one
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Not the first time I show up this one,
So, we're still following this mega structure but with tinier scales
- Green ellipse : We can start this fractal from the approval of the BTC ETF that happened the 10th January
then BTC went ~20% down, followed by a ~100% move till the 10th March, 2 months ride
The same happened end august 2020, btc went ~20% down, followed by a ~600% move till early April
We are comparing, 100% and 600% moves, this is why we won't go super low this time (but we can still go 10% lower)
- Orange and blue ellipses : next for the fractal is the double top with a long time range between the top and the blue ellipse resistance, with very similar moves, if you want more details on it check this idea :
even tho the paths and targets are wrong in it, the explanation remain the same, I just thought BTC wouldn't follow the whole pattern
- Red ellipse: this is where we are and its almost the end, at the very end of this part in 2020 BTC made 2 dips. 1 above the red circle and 1 below. the second dip is because of FTX but was technically forecastable, meaning that with or without this "news" BTC could have go there
We are now sitting above the purple circle, so 2 scenarios :
- we are not going for another dip and we go up from now
- we make another dip, below the purple circle and that would bring us to ~50k - 0.382 fib (My guess is on that one)
then target 100k :))
So, we're still following this mega structure but with tinier scales
- Green ellipse : We can start this fractal from the approval of the BTC ETF that happened the 10th January
then BTC went ~20% down, followed by a ~100% move till the 10th March, 2 months ride
The same happened end august 2020, btc went ~20% down, followed by a ~600% move till early April
We are comparing, 100% and 600% moves, this is why we won't go super low this time (but we can still go 10% lower)
- Orange and blue ellipses : next for the fractal is the double top with a long time range between the top and the blue ellipse resistance, with very similar moves, if you want more details on it check this idea :
- Red ellipse: this is where we are and its almost the end, at the very end of this part in 2020 BTC made 2 dips. 1 above the red circle and 1 below. the second dip is because of FTX but was technically forecastable, meaning that with or without this "news" BTC could have go there
We are now sitting above the purple circle, so 2 scenarios :
- we are not going for another dip and we go up from now
- we make another dip, below the purple circle and that would bring us to ~50k - 0.382 fib (My guess is on that one)
then target 100k :))
Nota
I will consider this downward trend finished when we reach the previous low,in that case for now, above 58k5 is bullish again
Nota
59k got rejected, as mentioned as before if we can't pass this it can be another -10% for BTCNota
We have still some times in spare for big troubles but some alts are now starting to act like the storm is overa lot of good news around also
FOMO'ed this a bit and re entered :c
Comfort would be we go above 60k
X
Nota
Apparently did goodUnder 56k would surprise me a lot now
gonna wait for 100k see you around
Nota
got surprised by this crash but filled up here,
nothing change for me
Nota
officially out of this downtrend movement
1 year of altcoin season ?
next goal now is to guess the top
in my opinion there will be an other big correction in April, but not as big as the last year
cheers
Nota
BTC is now sitting at 0.786 fib extension, next stop would be 80K after breakout
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