I present my comparative analysis of BTC. I analyzed the price behavior using exclusively technical analysis, with particular emphasis on the following assumptions and elements:
- history repeats itself;
- Wyckoff methodology;
- Elliott's theory.
I determined the uptrend line(logarithmic scale) based on the peak of June 8, 2011, the automatic reaction low in April 2013 and the test preceding the breakout in August 2015. The test is also the first point from which I determined the Fibo retracement - the end point is the high in December 2017 (blue retracement). I did the same with the next test and the peak - the extremes of March 2020 and November 2021 (light blue retracement). I described the turning points that were important in my opinion using the Wyckoff method. I analyzed the range of dates between the March 2020 test and the November 2021 peak, and transferred the relationships of significant extremes to the future chart, obtaining the proposed dates of future turning points. I did the same with the relationships obtained from Fibo retracements - the level of 0.236 is analogous to the spring. Level 1.618 for preliminary support and automatic reaction as well as level 3.618 for the top which allowed me to get proposed prices for new highs and new higher lows.
I assume that according to Elliott's theory, two of the three impulse waves are more or less equal to each other and only one is larger, obtaining the potential price level of the next impulse.
- history repeats itself;
- Wyckoff methodology;
- Elliott's theory.
I determined the uptrend line(logarithmic scale) based on the peak of June 8, 2011, the automatic reaction low in April 2013 and the test preceding the breakout in August 2015. The test is also the first point from which I determined the Fibo retracement - the end point is the high in December 2017 (blue retracement). I did the same with the next test and the peak - the extremes of March 2020 and November 2021 (light blue retracement). I described the turning points that were important in my opinion using the Wyckoff method. I analyzed the range of dates between the March 2020 test and the November 2021 peak, and transferred the relationships of significant extremes to the future chart, obtaining the proposed dates of future turning points. I did the same with the relationships obtained from Fibo retracements - the level of 0.236 is analogous to the spring. Level 1.618 for preliminary support and automatic reaction as well as level 3.618 for the top which allowed me to get proposed prices for new highs and new higher lows.
I assume that according to Elliott's theory, two of the three impulse waves are more or less equal to each other and only one is larger, obtaining the potential price level of the next impulse.