BTC - Nearing 2.702 Support. Looking for potential bottom

2022년 1월 22일

tradingview.com/chart/wpjh3KYi/

First, know that I am an amateur technical analyst.

This is not financial advice. You should always do your own research. Consider this post as entertainment. I'm simply sharing what I see in the charts and always welcome collaboration and feedback.

Following up on my Jan 21st post. BTC timeframe has compressed the May ’21 fractal it is running on. Because of this I’ve looked for a similar pattern and from that pattern any potential rebound.

We are nearing completion of the short formed "M" pattern, which for the non-TA's is a bearish reversal in trend, from where I believe we would then spring upwards towards the .702. Coming out of the M pattern, it looks like we will form an Inverse Head & Shoulders pattern on the local .236 fib, giving the market the push it needs to get up to the .702 fib.

I’m still waiting for the pattern to complete, taking us down likely with wicks to the 2.702 fib. We may find the continued drop down and sideways pattern may get further compressed – time will tell. I’m also looking for other structures which might see us go beyond the .702 fib retracement – known for a bearish BTC cycle and bullish ALT season.

We came close light night but didn't reach the 2.702 yet., which I feel is needed to complete this mark down move. 2.702 @ 33,478, with a possible wick down to 32,616.57 - NFA

Again, don't trade on this analysis. I'm just sharing the world as I see it today.

2022년 1월 22일

노트

Adjusting bottom target for a possible wick down to 32,193, which if hit will be 9.02% fib on bitcoin logarithmic growth curve.

2022년 1월 23일

노트

Adjusting bottom target for possible wick down to 32,216, which if hit will be 9.02% fib on bitcoin logarithmic growth curve

BTC fell shy of the anticipated drop yesterday. It just missed tapping the 0.702 fib on the local structure. So far, on today's larger structure today, BTC tapped and found resistance at the 2.5 fib perfectly. It's going to need to break the 2.5 fib soon if we have any hope of a major relief rally today.

Still waiting for it to hit the 2.702 fib, with a possible wick down to 32,216 ( updated for today), before this major mark down correction is over.

2022년 1월 23일

노트

I've noticed that when BTC historically misses a major move on a preceding day, it sometimes catches up on that move the next day (today). Not saying it will, or won't, just saying I've seen it do this before and something to watch for.

2022년 1월 24일

노트

IMHO, we are getting close to BTC finding a bottom. The pattern has lengthened by two days. We entered the 2.702 target zone earlier today. I'm looking for a possible wick down on today's daily candle, to 31.737.60, to complete the harmonic pattern I'm tracking with a perfect 1.618 X-D length.