The final run of the bull market
Updated
What is happening right now could be the most amazing Bitcoin setup in history taking us to about 175k.
The 8/1 Gann Fan has finally been broken after months and now comes the most important part the retest of the 8/1 , before we can officially call the start of the final run , we need to see Bitcoin come back down to the 0.618 Fib and most importantly to the top of the 8/1 ratio.
Bitcoin doesn't need to come back down to the 8/1 in order to restart the final run , of course we could take off at any moment, but again all the 8/1 ratio breakouts always come down to retest and if we going to 175k this does not look like the setup for me until we see price hovering over 8/1 for about a month.
The orange support line has had many reaction points over the last few months , this support line was created from the march crash of 2020 and is now showing to be a really strong trendline to follow.
This bar pattern is taken from the 8/1 Gann ratio breakout that took place oct 2020 -Feb 2021.
Fibonacci zone date is 20th of May 2022 , this Fib date aligns with other strong dates on the following charts :
ETH
LINK
LINK/BTC
ALT COIN MARKET WITHOUT BTC
Time shall tell if these dates will get any reaction.
The most bullish thing for Bitcoin to do right now in my eyes would be to dump back down to the 0.618 for about a month.
Check out the progress on Bitcoin Roadmap
The 8/1 Gann Fan has finally been broken after months and now comes the most important part the retest of the 8/1 , before we can officially call the start of the final run , we need to see Bitcoin come back down to the 0.618 Fib and most importantly to the top of the 8/1 ratio.
Bitcoin doesn't need to come back down to the 8/1 in order to restart the final run , of course we could take off at any moment, but again all the 8/1 ratio breakouts always come down to retest and if we going to 175k this does not look like the setup for me until we see price hovering over 8/1 for about a month.
The orange support line has had many reaction points over the last few months , this support line was created from the march crash of 2020 and is now showing to be a really strong trendline to follow.
This bar pattern is taken from the 8/1 Gann ratio breakout that took place oct 2020 -Feb 2021.
Fibonacci zone date is 20th of May 2022 , this Fib date aligns with other strong dates on the following charts :
ETH
LINK
LINK/BTC
ALT COIN MARKET WITHOUT BTC
Time shall tell if these dates will get any reaction.
The most bullish thing for Bitcoin to do right now in my eyes would be to dump back down to the 0.618 for about a month.
Check out the progress on Bitcoin Roadmap
Note
Also take a look at this old TA , bar pattern for the final run of 2017 is playing out nearly the same.
t.me/+8CRZJqXrjwU4ODA0 re-launched telegram group , it is free , just place to chillout talk about crypto bull market , will be posting trades live randomly
Related publications
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.