Bitcoin (BTCUSD) broken parabola and the road to September
This can happen fast landing us a bottom by September or it can happen slowly winding it's way down to a November bottom. If you can take a break from the idiot youtube influencers humping legs for likes for just a second you will see that one thing is for certain and it's that bitcoin is very bearish right now. In 2018 we rallied to roughly 14k and had to pull back to the .618 and covid took it even lower but without covid I assume we would have bottomed at the .618 and chopped. That said I think we have two areas to focus on and that's the .5 fib and the .618 fib. The .5 fib comes in around 44787 and the .618 comes in around 37899. These will be solid areas people will load up on for the remainder of this cycle if it's even in tact anymore. If traditional markets crash during this time period you can kiss the bitcoin rally and 4 yr cycle good bye.
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.