Bitcoin reached its bottom, way lower than my previous calculations but not much room left to go lower, perhaps only a black swan event could push it lower. Target around 193k for this cycle
Please reference my daily candle idea of this chart (I've linked the related idea bellow), no indicator was moved an inch since beginning of April 2021. This is just the current price represented with a 15min candle.
My prior expectation of the direction and time of the price action wasn't accurate... obviously. Nevertheless this entire correction still validates...
So we fell way lower than my expected 51k...
At the moment we have a beautiful support at the bottom of our fibonacci Golden pocket! Im buying massively here, I doubt that we will go much lower.
A long position here is going to pay off! (Keep it low leverage!)
So if you are familiar with my previous idea...
I'm presenting to you the more zoomed out version. Two very significant things happen that makes me more confident in my understanding of this btc cycle.
Those are 4h candles.
1) the btc price started to establish and consolidate above our 0.782 fibonacci level. If we can stay above then my next target would be...
I present to you the history of bitcoin cycles, just by using 5 indicators:
1) vertical lines (purple) - marking each day of the halving
- 29 November 2012
- 9 July 2016
- 11 May 2020
2) horizontal lines (blue) - marking the top of each cycle.
3) trend based fibonacci retracement - for each cycle I used exactly the same principle. I started the indicator from...
