Bitcoin - Breakout 1 vs 2 (current) - Approx. 386,000 USD target
Updated
Breakout 1 took 17 3M bars from start to finish, with an eventual increase of roughly 1600%.
If Breakout 2 does similarly (17 3M bars and eventual roughly 1600% increase), price would also "coincidentally" top out close to Fib level 2.618, which is accompanied by a price of roughly 386,000 USD.
In a few days at December-end, we will start 3M bar 14 of 17.
Finally, 3M RSI should top out above 98 but then close near 98 in 3M bar 17.
I am trying not to get caught up in the weekly or even monthly swings at this point, as both the technicals and fundamentals (long story in itself) support a price near 386,000 USD, and we seemingly have the momentum to reach that approximate level in just a few more quarters.
Cheers
If Breakout 2 does similarly (17 3M bars and eventual roughly 1600% increase), price would also "coincidentally" top out close to Fib level 2.618, which is accompanied by a price of roughly 386,000 USD.
In a few days at December-end, we will start 3M bar 14 of 17.
Finally, 3M RSI should top out above 98 but then close near 98 in 3M bar 17.
I am trying not to get caught up in the weekly or even monthly swings at this point, as both the technicals and fundamentals (long story in itself) support a price near 386,000 USD, and we seemingly have the momentum to reach that approximate level in just a few more quarters.
Cheers
Comment
After posting, I noticed that I extended Breakout 2's price range to future bar 18 instead of 17. Not a big deal, just wanted to point out my error.
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