BTC | Bitcoin | Final Gameplan | Overlook and price target
Updated
As its been almost over a year since i posted an analysis on Bitcoin its about time with the current strong uptrend.
In my idea
i compared the two bull markets of 2017/2018 with the one from 2020/2021 and showed how similiar they were.
To quote from my previous analysis (You can find a Link to the original post below)
####
1. We created a top (orange circle)
2. Downtrend and retest of the 50% of the swing
3. Uptrend from the 50% and creating a swing high that takes out a big upper resistance
4. Again going towards 50% but this time no big demand showing up
5. Fall under the 50% - this is where we are now in the current swing
If we continue like in the first swing we should see price falling towards the 23.60% level which interestingly is in confluence with the big resistance level (orange line) that created the 2017/2018 top.
###
The last part happened recently, however i expected a deeper correction.
I still expect a drop to the orange area around the 23.60% Fib level. This also happened before the 2020/2021 bullmarket started.
I marked (arrows) two potenial scenarios that i can see happening. Currently i favor the blue scenario. In both cases the orange area where i look to add further spot BTC and additional leveraged positions.
Both scenarios are also based on another occurance that happened between the 2 previous bullmarkets: A retest and breakdown of the resistance level that stopped the uptrend / bullmarket. (see the 3 green circles)
Target for the next Bullrun
Current target: Around 225 000 USD.
Thoughts why this target:
- The 361.80% Fib extension of 2017/2018 bullmarket was also the ATH of the 2020/2021 bullmarket
- 100 000 USD / Bitcoin seems to be expected by too many people, therefor many might sell there and be surprised by the harsh movement up after. We can see the uptrend of 2020/2021 was the harshest after price passed 30k and 40k - catching many traders offguard.
Good luck
Disclaimer:
- My posts are mostly for my own journaling
- This information does not constitute as financial advice and is only for educational purposes. I am not your financial advisor.
- You trade entirely at your own risk
- Make your own research
- Finance and trading is evil, capitalism is bad, duh ;)
In my idea
i compared the two bull markets of 2017/2018 with the one from 2020/2021 and showed how similiar they were.
To quote from my previous analysis (You can find a Link to the original post below)
####
1. We created a top (orange circle)
2. Downtrend and retest of the 50% of the swing
3. Uptrend from the 50% and creating a swing high that takes out a big upper resistance
4. Again going towards 50% but this time no big demand showing up
5. Fall under the 50% - this is where we are now in the current swing
If we continue like in the first swing we should see price falling towards the 23.60% level which interestingly is in confluence with the big resistance level (orange line) that created the 2017/2018 top.
###
The last part happened recently, however i expected a deeper correction.
I still expect a drop to the orange area around the 23.60% Fib level. This also happened before the 2020/2021 bullmarket started.
I marked (arrows) two potenial scenarios that i can see happening. Currently i favor the blue scenario. In both cases the orange area where i look to add further spot BTC and additional leveraged positions.
Both scenarios are also based on another occurance that happened between the 2 previous bullmarkets: A retest and breakdown of the resistance level that stopped the uptrend / bullmarket. (see the 3 green circles)
Target for the next Bullrun
Current target: Around 225 000 USD.
Thoughts why this target:
- The 361.80% Fib extension of 2017/2018 bullmarket was also the ATH of the 2020/2021 bullmarket
- 100 000 USD / Bitcoin seems to be expected by too many people, therefor many might sell there and be surprised by the harsh movement up after. We can see the uptrend of 2020/2021 was the harshest after price passed 30k and 40k - catching many traders offguard.
Good luck
Disclaimer:
- My posts are mostly for my own journaling
- This information does not constitute as financial advice and is only for educational purposes. I am not your financial advisor.
- You trade entirely at your own risk
- Make your own research
- Finance and trading is evil, capitalism is bad, duh ;)
Note
Estimated Bitcoin halving date: April 18, 2024
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Disclaimer
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