Bitcoin going to 8800 or 7800
Updated
So!
What we see here is .. some thin vertical lines which is a period projection i put on over 6 months ago and is lining up both with last decembers big rally as well as with this big dip.
I think this is 'the' dip.
Where to?
Projected down from the last hourly head and shoulders, 8800. This also lines up with still quite a bullish trendline drawn in Yellow, if we are on a log scale.
A fibonacci projection from the highs to the first dip, up to the tip of what we now know to have been the bulltrap, says 7826
A less generous projection from the first well-published head-and-shoulders top in december would cast down all the way to 6000.
Now, an interesting thing happens: When taking the chart off of log-scale, the trendline now lines up with this projection.
Let me show you here:
What we see here is .. some thin vertical lines which is a period projection i put on over 6 months ago and is lining up both with last decembers big rally as well as with this big dip.
I think this is 'the' dip.
Where to?
Projected down from the last hourly head and shoulders, 8800. This also lines up with still quite a bullish trendline drawn in Yellow, if we are on a log scale.
A fibonacci projection from the highs to the first dip, up to the tip of what we now know to have been the bulltrap, says 7826
A less generous projection from the first well-published head-and-shoulders top in december would cast down all the way to 6000.
Now, an interesting thing happens: When taking the chart off of log-scale, the trendline now lines up with this projection.
Let me show you here:
Note
For people wondering: Is it over? Was this the drop?If the 0.768 holds, then for now, maybe! otherwise, 10775 next
Note
Neckline projection target reached, but no recovery in sight yet. If it fails to get above 11400, go short. It should. Depending on if you're looking at log scale or not, we've either tested the yellow trendline or far from it.
So far I'm not convinced bitcoin is going up yet. Watch for it to find real support with a proper bottom.
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