BTCUSD, Are we going to face 35% Correction ?!
Updated
If we take a look at previous 2 notable cycles we easily notice similarities.
From these 2, 2022-2024 looks more similar to 2016-2017, as long as we had -
What we didn't experience is correction after these 3 moves.
In 2016 it was around 40% (Tested reaccumulation zone)
In 2019 it was around 53% (Tested major support / resistance zone).
As long as current market structure somewhat repeats 2016 move, have possibility to retest top of after trend line breakout reaccumulation zone, which sits around 33-32k.
Percentage wise it's around 35% from ETF top and 23% from current price.
What you think ?
From these 2, 2022-2024 looks more similar to 2016-2017, as long as we had -
- Breakout of downtrend line. ✅
- Reaccumulation zone. ✅
- Testing major bear market impulse (Which in all cases became strong resistance). ✅
What we didn't experience is correction after these 3 moves.
In 2016 it was around 40% (Tested reaccumulation zone)
In 2019 it was around 53% (Tested major support / resistance zone).
As long as current market structure somewhat repeats 2016 move, have possibility to retest top of after trend line breakout reaccumulation zone, which sits around 33-32k.
Percentage wise it's around 35% from ETF top and 23% from current price.
What you think ?
Note
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