Top of the Mornin' !
We had a really nice run lately on our Discord - we predicted:
✔ local top at 69k
✔ retracement to 53-54k
✔ bounce up to 59k
So far so good. Now we focus on seeing where the price might be headed. For that I'm using past cycles as a reference to see what BTC likes to do in a bull run. And here are my conclusions:
- BTC always respects Weekly trendline supports - which in a heated bull run convert to parabolic supports - so if it breaks at any time - bear market/consolidation time.
- After we break-out the main Weekly Resistance - it means we are in a parabolic move and getting close to the final TOP
- We had two situations influencing the markets - COVID and Elon Musk Tweets which drove as out of our trajectory. If it wouldn't be because of that, Jan 2021 would be the first top and now we would be in a 5 Elliot wave to the top
- 2013 double top ended on the extend line of last highs - this time looks like it is respecting the same pattern
My top for 2021 cycle is $120K - 31 Dec.
If we don't hit that trend line this month - I would expect an extended bull-run period for the next months - possibly even to March.
Cheers!
We had a really nice run lately on our Discord - we predicted:
✔ local top at 69k
✔ retracement to 53-54k
✔ bounce up to 59k
So far so good. Now we focus on seeing where the price might be headed. For that I'm using past cycles as a reference to see what BTC likes to do in a bull run. And here are my conclusions:
- BTC always respects Weekly trendline supports - which in a heated bull run convert to parabolic supports - so if it breaks at any time - bear market/consolidation time.
- After we break-out the main Weekly Resistance - it means we are in a parabolic move and getting close to the final TOP
- We had two situations influencing the markets - COVID and Elon Musk Tweets which drove as out of our trajectory. If it wouldn't be because of that, Jan 2021 would be the first top and now we would be in a 5 Elliot wave to the top
- 2013 double top ended on the extend line of last highs - this time looks like it is respecting the same pattern
My top for 2021 cycle is $120K - 31 Dec.
If we don't hit that trend line this month - I would expect an extended bull-run period for the next months - possibly even to March.
Cheers!
