If we take a look at previous 2 notable cycles we easily notice similarities.
From these 2, 2022-2024 looks more similar to 2016-2017, as long as we had -
What we didn't experience is correction after these 3 moves.
In 2016 it was around 40% (Tested reaccumulation zone)
In 2019 it was around 53% (Tested major support / resistance zone).
As long as current market structure somewhat repeats 2016 move, have possibility to retest top of after trend line breakout reaccumulation zone, which sits around 33-32k.
Percentage wise it's around 35% from ETF top and 23% from current price.
What you think ?
From these 2, 2022-2024 looks more similar to 2016-2017, as long as we had -
- Breakout of downtrend line. ✅
- Reaccumulation zone. ✅
- Testing major bear market impulse (Which in all cases became strong resistance). ✅
What we didn't experience is correction after these 3 moves.
In 2016 it was around 40% (Tested reaccumulation zone)
In 2019 it was around 53% (Tested major support / resistance zone).
As long as current market structure somewhat repeats 2016 move, have possibility to retest top of after trend line breakout reaccumulation zone, which sits around 33-32k.
Percentage wise it's around 35% from ETF top and 23% from current price.
What you think ?
Note
Trade closed manually
Been a while since last update.So what we have here. Bitcoin didn't follow our plan which left 28-31k FVG still open.
Hence Huge gap between 42 - 59k was 50% closed. But 28-31k still on the table. If we reach Cup & Handle top around 120-125k for BTC and during bear market we experience same drawdown as we did in 2021 (77.68%) our target is 28-30k range.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.