The final run of the bull market (Part 2)
Updated
Bitcoin has had an amazing run so far by blasting through the 8/1 Gann Fan but I still think one large pullback is left before we start the final run, it's hard to say we are following the 2017 pattern very closely. Check out this TA .
If we do follow through with the previous pattern then the cycle top would be in december 2021 but can it really be that easy? same pattern as last time? I highly doubt it will play out like that.
Fib Time Zone Dates
As I went over in my previous TA (Link Below), there are alot of fib times stacking up together late may 2022 to June 2022 not only on the BTC chart but in many others.
Fib Dates
May 16 2022
May 30 2022
June 14 2022
May 30 (Yellow Fib date) is a wild shot in the dark here the weekly candle hasn't closed yet but if we take a look at the 0.618 Fib Fan we can see that Bitcoin has failed to break this resistance , from Aug 2nd to Aug 30th there are 5 failed attempts over one month and as I write this TA it seems we have been rejected of the 0.168 Fib Fan and It's looking like we are creating a channel now with the orange dotted trendline that was created March 2020 , I go over this in my previous TA about how this trendline now is one of the most important lines to be watching this bull run ,a break of this trendline would be really bad.
The trajectory of this channel leads us to 175k Bitcoin sometime end of May/June 2022 at the 4.618 , I don't think we see a 100k Bitcoin this year but anything is possible in the market. Bitcoin tends to float back to the 0.168 before going higher so if the price does come back down to 50k that would be the perfect setup for next year , giving us the confirmation we need to say the Bull market is back on.
Check out Bitcoin Roadmap
Financial freedom is close , hodl.
If we do follow through with the previous pattern then the cycle top would be in december 2021 but can it really be that easy? same pattern as last time? I highly doubt it will play out like that.
Fib Time Zone Dates
As I went over in my previous TA (Link Below), there are alot of fib times stacking up together late may 2022 to June 2022 not only on the BTC chart but in many others.
Fib Dates
May 16 2022
May 30 2022
June 14 2022
May 30 (Yellow Fib date) is a wild shot in the dark here the weekly candle hasn't closed yet but if we take a look at the 0.618 Fib Fan we can see that Bitcoin has failed to break this resistance , from Aug 2nd to Aug 30th there are 5 failed attempts over one month and as I write this TA it seems we have been rejected of the 0.168 Fib Fan and It's looking like we are creating a channel now with the orange dotted trendline that was created March 2020 , I go over this in my previous TA about how this trendline now is one of the most important lines to be watching this bull run ,a break of this trendline would be really bad.
The trajectory of this channel leads us to 175k Bitcoin sometime end of May/June 2022 at the 4.618 , I don't think we see a 100k Bitcoin this year but anything is possible in the market. Bitcoin tends to float back to the 0.168 before going higher so if the price does come back down to 50k that would be the perfect setup for next year , giving us the confirmation we need to say the Bull market is back on.
Check out Bitcoin Roadmap
Financial freedom is close , hodl.
Note
guys check out tradingshots TA lines up perfectly with mine amazing stuff!
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