Bullish overall on BTC for the next year or two.
I posted a video a while back stating that I thought BTC was going to fly, but that it would dip first.
In the video, although I didn't state how far I thought the dip was going to be, I pointed it out at the levels of 2018 and 2019, as a support line. Well, I think I was wrong. Very wrong, and here's why.
Here is a pattern from just before now.
In the attached chart, you can see a green boxed section. This green section seems to be equivalent to a timeframe from 2015, namely this. In a former chart I called the "kangaroo pattern", this is a kangaroo :D Sadly it was removed from view because I added a bitty address. My fault, as I didn't realise it was wrong to do so, so I kept it to myself and didn't repost it. Anyway, here's the other chart :
If you can see this one, I have numbered each section that matter (the general shape) with numbers. Please note that these are not Elliot Waves, but just numbers to mark key events. If they fall on Elliot waves, that's just confirmation even more so, but I'm not highlighting that, nor looking at them at this stage.
But anyway, showing this, it seems to be indicative of what is to happen. No chart is identical, but they can be similar. So here's what the next increments look like:
Firstly, here is the chart as of today:
You will notice it shows many support lines, and that at first glance, it appears I'm expecting a bearish drop to the support line there, making a double top. While that is possible still, there are bullish overtones that almost passed me by. If it wasn't for chatting, I'd have missed that we are not at the peak, and it isn't time to visit the support line there. The support line seems to be visited at the end of the cycle, and this is not the end of the cycle. The cycle ends (IMO) at a bowl after a specific pattern, and we are currently at the other side of the pattern. Therefore, I believe the double top will fail.
This is an analysis taking the bullish sentiment into consideration, and plotting where we are on the chart according to this updated information. Of course, it could still be wrong, but it seems the most likely scenario to me for now. Here's a copy of the 2015 chart:
You'll see a little bit of a difference, but again, key areas can be highlighted.
Based on this, take note of what happens next on the 2015 chart:
That is a Fibonacci retracement. It shows the support resting on the 0.618 level, where the swing high is on zero, and the swing low is on 1. So we can now transpose this to our current chart. Let's do that:
You can see that I aligned the swing low and the 0.618, giving a height for the 1.
If this chart is correct, it means that we may indeed see BTC worth $117624 USD within two years time.
In the video, although I didn't state how far I thought the dip was going to be, I pointed it out at the levels of 2018 and 2019, as a support line. Well, I think I was wrong. Very wrong, and here's why.
Here is a pattern from just before now.
In the attached chart, you can see a green boxed section. This green section seems to be equivalent to a timeframe from 2015, namely this. In a former chart I called the "kangaroo pattern", this is a kangaroo :D Sadly it was removed from view because I added a bitty address. My fault, as I didn't realise it was wrong to do so, so I kept it to myself and didn't repost it. Anyway, here's the other chart :
If you can see this one, I have numbered each section that matter (the general shape) with numbers. Please note that these are not Elliot Waves, but just numbers to mark key events. If they fall on Elliot waves, that's just confirmation even more so, but I'm not highlighting that, nor looking at them at this stage.
But anyway, showing this, it seems to be indicative of what is to happen. No chart is identical, but they can be similar. So here's what the next increments look like:
Firstly, here is the chart as of today:
You will notice it shows many support lines, and that at first glance, it appears I'm expecting a bearish drop to the support line there, making a double top. While that is possible still, there are bullish overtones that almost passed me by. If it wasn't for chatting, I'd have missed that we are not at the peak, and it isn't time to visit the support line there. The support line seems to be visited at the end of the cycle, and this is not the end of the cycle. The cycle ends (IMO) at a bowl after a specific pattern, and we are currently at the other side of the pattern. Therefore, I believe the double top will fail.
This is an analysis taking the bullish sentiment into consideration, and plotting where we are on the chart according to this updated information. Of course, it could still be wrong, but it seems the most likely scenario to me for now. Here's a copy of the 2015 chart:
You'll see a little bit of a difference, but again, key areas can be highlighted.
Based on this, take note of what happens next on the 2015 chart:
That is a Fibonacci retracement. It shows the support resting on the 0.618 level, where the swing high is on zero, and the swing low is on 1. So we can now transpose this to our current chart. Let's do that:
You can see that I aligned the swing low and the 0.618, giving a height for the 1.
If this chart is correct, it means that we may indeed see BTC worth $117624 USD within two years time.
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