Price retraced to the 50%-66% golden zone, ranged for several months, then blasted out. The coming months will be full of fear over inflation and recession and the market is going to crank higher and higher.
Looking at dropping volume and an extended run. Anticipate a retracement to the classic golden zone, supported by the volume profile. Expecting an ABCD pattern or two-leg follow on, whatever you want to call it. Threw this together for fun. Don't get offended and leave dipsh!t comments.
Bear markets generally have a three legged move. Would appear the second leg may have bottomed out. Looking for the 50% rally followed by the third leg down. First two legs looking to be roughly 100 days and 3500 points. Can assume third leg would follow suit
BTC Perp on the 4 hour. Looks like it could return to that smaller breakout, then eventually breakout of larger range and return to breakdown candle on a rally.
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Top chart shows last run up with Fib 0 at COVID dump and Fib 100 at attempted breakout. Also included is H&S support with possible long entry. Bottom chart shows Fib 0 at COVID dump and Fib 100 at current price point. BTC high sitting at golden ratio 1.68. Possible correlation between the two time Fib time frames. Or maybe its all complete nonsense.
Possible Fan in play. A and B channel complete. Would expect a breakout in C channel, followed by a range then correction back down to low 30s. Once C is done, we break out of the fan and continue moving back up the right side. This would line up nicely with the log uptrend support.
Log uptrend still intact. Should be self evident. The rest of this is simply filler b/c TradingView wants more words. And what TradingView wants, TradingView gets.
My kid walked into my office and told me what to draw (a head-n-shoulders without knowing it). Just publishing so we can come back later to check his prediction.
It's a pretty simple, textbook rising wedge. I believe it's forming a cup and handle. Should see retrace to ~10.5k and subsequent bullish move upward toward end of Jan.