Market Symmetry show BTC dipping before pumping to 34kNOTE: Following is interesting stuff but don't take this seriously as this is just for fun.
I love market symmetry and use it to make models that predict what certain assets may do next, it works as long as model and symmetry remains intact.
Chart is self-explanatory, but still there is a lot going on so let me break it down.
This story began on 12th September as you can see on the left most part of the chart. That is when the current uptrend began and BTC started moving symmetrically on several parameters which are described below.
1. Time spent at the lows before making move that breaks Market structure:
From 12th September lows to the present lows at 26500 the time BTC
consolidated at the lows kept on increasing but in a symmetrical fashion.
As you can see in the chart on the 12th September lows it spent 7 bars , on the
24th September lows it spent 16 bars and on the 11th October Lows it spent 23
bars. So, we can deduce a pattern here. 7, 16 , 23 , the next number in the
series should be 29. Each number in this series is derived by adding a number
from another series 9,7,5,3 ....
2. Time taken from the previous lows to the next highs is constant, that is approx.
30 bars.
3. Percentage move between each low and the next high is also increasing in
symmetrical fashion:
First move was 6% highlighted in yellow vertical bars, second move was 10%, 3rd
Move was 16% , so logically the next number in the series is 24. Each number in this
series is derived by adding a number from another series 4,6,8,10 ....
Notice the curve shown in cyan color which I have fitted as close as possible to the highs and the lows.
So based on this data, we should get out next low on or around 25th Oct and we should spend around 4days consolidating there, then btc should give us an explosive PUMP to 33500 area which is 24% from the anticipated low at 27K on 25th Oct.
We can also make following conclusion based on information presented by above parameters:
Volatility on BTC has been expanding gradually over time, which is giving us bigger pumps, but we also notice that the time between each high and low remains constant while time spent at the lows increases every time, this tells us that each time the time it will take to pump to new highs will reduce hence giving us increasingly explosive pumps.
The target 33500 is also in confluence with the Cyan Curve in the main chart. It is also the measured move of the following large Diamond BTC has been trading in for a long time.
