This is Bitcoinโs chart in the monthly timeframe(Log scale). I want to talk about movements that can be similar, and I tried to find the bottom price of bitcoin through these movements.
I analyzed each significant movement and correction that Bitcoin had from the first.
Bitcoin was able to make a new All-Time High (ATH) after each significant movement.
๐In terms of time: Each major correction of Bitcoin has taken about 12-13 months since All-Time High (ATH).
๐In terms of price: Every major price correction of Bitcoin follows Fibonacci levels (23.6%_38.2%), and these corrections have deepened each time. Also, the price reduction percentage from the previous ATH was 86%, and 84%.
If Bitcoin wants to follow the previous corrections, we can find the bottom of Bitcoin through these movements.
โฐWhen can the end of the current correction of Bitcoinโโฐ
According to the above details, the end of the current correction of Bitcoin can be around โฐNov & Dec 2022โฐ.
๐Where can the end of the current correction of Bitcoinโ๐
According to the above details, the end of the current correction of Bitcoin can be ๐14800$_13000$๐ (The price retracement of every major move seems to follow Fibonacci numbers. And each time these returns increase. It is expected considering that the efficiency of the first move was 23.6% and the efficiency of the second move was 38.2%. This movement will experience a return of about 50%.)
๐In addition, each time that Bitcoin was able to penetrate the space of EMA 200 ( Exponential Moving Average/Weekly Timeframe ) and SMA 200 ( Simple Moving Average/Weekly Timeframe ), some months later, Bitcoin started to rise.
๐ขRecommendation๐ข: If you want to verify the end of correction, it is better to wait for a monthly candle that closes over EMA 200 ( Exponential Moving Average ).
In the comments, tell me your thoughts about BTCโs future scenarios and probabilities. Thanks in advance.
Do not forget to put Stop loss for your positions (For every position that you want to open).
Please follow your strategy, this is just my idea, and I will be glad to see your ideas in this post.
Please do not forget the โ ' like'โ button ๐๐ & Share it with your friends; thanks, and Trade safe
I analyzed each significant movement and correction that Bitcoin had from the first.
Bitcoin was able to make a new All-Time High (ATH) after each significant movement.
๐In terms of time: Each major correction of Bitcoin has taken about 12-13 months since All-Time High (ATH).
๐In terms of price: Every major price correction of Bitcoin follows Fibonacci levels (23.6%_38.2%), and these corrections have deepened each time. Also, the price reduction percentage from the previous ATH was 86%, and 84%.
If Bitcoin wants to follow the previous corrections, we can find the bottom of Bitcoin through these movements.
โฐWhen can the end of the current correction of Bitcoinโโฐ
According to the above details, the end of the current correction of Bitcoin can be around โฐNov & Dec 2022โฐ.
๐Where can the end of the current correction of Bitcoinโ๐
According to the above details, the end of the current correction of Bitcoin can be ๐14800$_13000$๐ (The price retracement of every major move seems to follow Fibonacci numbers. And each time these returns increase. It is expected considering that the efficiency of the first move was 23.6% and the efficiency of the second move was 38.2%. This movement will experience a return of about 50%.)
๐In addition, each time that Bitcoin was able to penetrate the space of EMA 200 ( Exponential Moving Average/Weekly Timeframe ) and SMA 200 ( Simple Moving Average/Weekly Timeframe ), some months later, Bitcoin started to rise.
๐ขRecommendation๐ข: If you want to verify the end of correction, it is better to wait for a monthly candle that closes over EMA 200 ( Exponential Moving Average ).
In the comments, tell me your thoughts about BTCโs future scenarios and probabilities. Thanks in advance.
Do not forget to put Stop loss for your positions (For every position that you want to open).
Please follow your strategy, this is just my idea, and I will be glad to see your ideas in this post.
Please do not forget the โ ' like'โ button ๐๐ & Share it with your friends; thanks, and Trade safe
๐Free & VIP Signals: t.me/ProTrader_365
๐if you want to learn Technical Analysis = Please Contact me
๐if you want to learn Technical Analysis = Please Contact me
