We know that the current cycle can continue until the end of 2025 and in that case the top is likely to occur in November.
We also know that Bitcoin topped out at around 2.36 (2013 and 2017) and 1.618 (2021) fibs in the past. Let's assume it'll reach 1.618 again this time.
Price action is also moving in an ascending channel.
If we put it all together on the chart, we can see that all the lines meet in approximately the same place. Furthermore, the upper line of the channel and the horizontal date line intersect exactly at the psychological resistance level of 200K.
The red triangle shows an area of very strong resistance where the maximum possible point for the top is likely to be. A perfect area to sell all your bags (if you'll still have any) and open short positions!
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We also know that Bitcoin topped out at around 2.36 (2013 and 2017) and 1.618 (2021) fibs in the past. Let's assume it'll reach 1.618 again this time.
Price action is also moving in an ascending channel.
If we put it all together on the chart, we can see that all the lines meet in approximately the same place. Furthermore, the upper line of the channel and the horizontal date line intersect exactly at the psychological resistance level of 200K.
The red triangle shows an area of very strong resistance where the maximum possible point for the top is likely to be. A perfect area to sell all your bags (if you'll still have any) and open short positions!
Like the idea? Press Boost!
Have an opinion? Leave a comment!
Note
Found one more trend line that goes to the same area! Coincidence?!
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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.
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.