DAILY CHART (LONG TERM BULL ANALYSIS)
It was only a few days ago that BTC hit that $42k โtopโ. In this analysis I will present the bull case in this scenario.
Bitcoins price has been consolidating as shown by the converging trend lines. The trend lines converge right around the end of January. This consolidation is building pressure and bringing us to a very important point. Was this dip a correction, proceeded by a reversal? Or was that the top, and weโll see the downtrend continue? This is the bull scenario, so weโre going to the realistic moon here ๐
The fib levels I have drawn are extremely accurate and start at the beginning of the rally in March 2020, ending at the $42k top. NOTE: THE DIP ALREADY TOUCHED THE โGOLDEN ZONEโ BETWEEN THE 0.618 LEVEL AND THE 0.786 LEVEL! Many people bought this up very quickly.
The middle point of the convergence is also a key level, which I believe supports my theory. BTC could also fly up breaking the wedge as early as next week around January 23rd. But if the price continues consolidating, watch the price action at the KEY LEVEL around $36k.
Catalysts: Monthlies and YoY options expiring end of January. Big big money for will be moving around the end of January. Biden stimulus cheques and money printer going BRRRRR mean people will seek to protect from further inflation.
TLDR; the bull case is this โcorrectionโ will end by the start of February with a breakout from the wedge to the upside. Bulls are targeting the next fib level (1.618) at $65,566.01 ๐๐๐๐๐๐๐๐๐
Follow for PART 2 where I will present the bull case for the level ABOVE 1.618, and I think you all know where that level is... ๐๐
It was only a few days ago that BTC hit that $42k โtopโ. In this analysis I will present the bull case in this scenario.
Bitcoins price has been consolidating as shown by the converging trend lines. The trend lines converge right around the end of January. This consolidation is building pressure and bringing us to a very important point. Was this dip a correction, proceeded by a reversal? Or was that the top, and weโll see the downtrend continue? This is the bull scenario, so weโre going to the realistic moon here ๐
The fib levels I have drawn are extremely accurate and start at the beginning of the rally in March 2020, ending at the $42k top. NOTE: THE DIP ALREADY TOUCHED THE โGOLDEN ZONEโ BETWEEN THE 0.618 LEVEL AND THE 0.786 LEVEL! Many people bought this up very quickly.
The middle point of the convergence is also a key level, which I believe supports my theory. BTC could also fly up breaking the wedge as early as next week around January 23rd. But if the price continues consolidating, watch the price action at the KEY LEVEL around $36k.
Catalysts: Monthlies and YoY options expiring end of January. Big big money for will be moving around the end of January. Biden stimulus cheques and money printer going BRRRRR mean people will seek to protect from further inflation.
TLDR; the bull case is this โcorrectionโ will end by the start of February with a breakout from the wedge to the upside. Bulls are targeting the next fib level (1.618) at $65,566.01 ๐๐๐๐๐๐๐๐๐
Follow for PART 2 where I will present the bull case for the level ABOVE 1.618, and I think you all know where that level is... ๐๐