Bitcoin may only drop to 25.6k before 35.5k
Updated
I've been looking at fractals from recent years, and if you look at the different coloured boxes you can see a lot of similarities.
Essentially, price has a tendancy to fall under the Preliminary Support of the previous year's bull run, and rise back up again before falling again.
We can see a 6.618 impulse down at 25629.96 on Coinbase. 6.616 impulses have been working a lot recently:
Wherever price goes, I'm expecting a fake rally to 35.5k nonetheless, as it was 2022's previous supply area which may again get retested.
Essentially, price has a tendancy to fall under the Preliminary Support of the previous year's bull run, and rise back up again before falling again.
We can see a 6.618 impulse down at 25629.96 on Coinbase. 6.616 impulses have been working a lot recently:
Wherever price goes, I'm expecting a fake rally to 35.5k nonetheless, as it was 2022's previous supply area which may again get retested.
Note
Here is your 25.6k level.. looks perfect
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