BITCOIN This sequence reveals it may rebound at $58000.

After hitting the important $65000 benchmark, BTC has been naturally pulling back on a combination of profit-taking and overbought technical exhaustion. I found a sequence that is quite interesting and may indicate where this pull-back may bottom out.

** The -8% less progression **
First of all, as you see it is standing since the January 08 High so essentially it has been in effect for the whole 2021 so far. That makes it technically reliable.

- As you see the January 08 correction (1st) bottomed on Jan 22 at around $28800. That was roughly a -31.50% correction.
- The February 21 correction (2nd) bottomed on Feb 28 around $42900. That was roughly a -26.50% correction. Approximately 8% less than the previous correction.
- The March 13 correction (3rd) bottomed on March 25 around $50300. That was roughly a -18.50% correction. Approximately 8% less than the previous correction.

Based on that progression, the (current) April 14 correction (4th) should bottom at 8% less than the previous (-18.50%), hence that's approximately around -10.50%. That is roughly at $58000.

** The 4H MA300/ MA200 taking turns **
That estimated bottom is in line with another interesting sequence. As you see on the chart (4H time-frame), the 1st correction (Jan 08) hit exactly the 4H MA300 (red trend-line) before it starting rising again. The 2nd correction (Feb 21) hit the 4H MA200 (orange trend-line). Then the 3rd correction hit again the 4H MA300 before it started rising. It would appear that the bottoms take turns between the MA300 and MA200 on the 4H chart. Based on that, then the current (4th) correction could bottom on the 4H MA200. That matches exactly the projected -10.50% drop according to the -8% less progression.


What do you think? Are those progression that accurated to be trusted and if so, will Bitcoin hit $58000 and rebound? Feel free to share your work and let me know in the comments section!

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