In May 2022, the major structure at 29K was broken and a 1 month trading range formed at the support level until it was finally broken to the downside.
By measuring the distance from the all-time high (ATH) to 29K and applying it to the downwards target, we can calculate a potential target of around 12K.
Using the Fibonacci retracement tool from the start of the bull market to the end of it also gives us a target of $11651 (Fib. 0.618), which aligns with the previous calculation.
Currently, we have lost the ATH from 2017 at around 20K as support and are trading at $16600.
The next interesting area to watch for is the ATH from 2019 at $13870.
Given the current global circumstances, it is likely that the bear market will continue in 2023, providing ample time for DCA.
By measuring the distance from the all-time high (ATH) to 29K and applying it to the downwards target, we can calculate a potential target of around 12K.
Using the Fibonacci retracement tool from the start of the bull market to the end of it also gives us a target of $11651 (Fib. 0.618), which aligns with the previous calculation.
Currently, we have lost the ATH from 2017 at around 20K as support and are trading at $16600.
The next interesting area to watch for is the ATH from 2019 at $13870.
Given the current global circumstances, it is likely that the bear market will continue in 2023, providing ample time for DCA.