With the massive plunge recently, BTC pushed through its main support line that was keeping it "parabolic". This being said, BTC must find a new support line for this next wave, and there's no clear contenders. 2015-2017 shows a line that BTC continually beat on.
BTC's last recovery followed the Gann Fan tool quite well. I've looked for similarities between the 2 market cycles and applied the Fan appropriately. Here's how I see BTC crawling out of this bear market. Looks like we'll have a couple years to accumulate, and this scenario is on the more bullish side of my analysis's.
BTC's last recovery followed the Gann Fan tool quite well. I've looked for similarities between the 2 market cycles and applied the Fan appropriately. Here's how I see BTC crawling out of this bear market. Looks like we'll have a couple years to accumulate, and this scenario is on the more bullish side of my analysis's.
Note
nailed itNote
Notice how accurately BTC is following the ascending diagonal line. I think all the charters are going to be looking at this line once we get a double confirmation at these new levelsNote
Chart still on track!• If we replicate the previous cycle, once hitting wave 1,BTC will retrace to wave 2 using the grey line as general support and timing.
• The yellow line is ultimate support, but BTC doesn't need to touch it as seen in the previous cycle.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.