BITCOIN (BTC/USD): The Eiffel Tower pattern. $20k approaching?
Living in Paris and seeing this absolutely stunning creation of Gustave Eiffel almost everyday, and being a huge fan of sacred geometry makes it really easy for you to differentiate some patterns looking at graphical illustrations of various securities.
Taking a look at the Monthly timeframe chart of Bitcoin, we can notice that the massive bullish run that took place from October 2020 to April 2021 perfectly lines up with the left curve of the Eiffel Tower. The top of the tower, the place where you have all the souvenir shops and people posing for Instagram nicely captures the longs wicks that are spiking to the upside but being unable to break above. At the very moment, we can see how nicely the current bearish wave corresponds to the right curve of the tower. Although we believe that there is a potential for the price to drop even deeper down, we are setting our initial target at the Monthly zone of support of $20k, which in fact perfectly aligns with the reverse "U" curve of the Eiffel Tower.
Disclaimer: The purpose of this post is neither advertising Paris and nor offering a financial advice. Use this idea both for educational and entertainment purposes!
Happy trading, dear wizards!
Taking a look at the Monthly timeframe chart of Bitcoin, we can notice that the massive bullish run that took place from October 2020 to April 2021 perfectly lines up with the left curve of the Eiffel Tower. The top of the tower, the place where you have all the souvenir shops and people posing for Instagram nicely captures the longs wicks that are spiking to the upside but being unable to break above. At the very moment, we can see how nicely the current bearish wave corresponds to the right curve of the tower. Although we believe that there is a potential for the price to drop even deeper down, we are setting our initial target at the Monthly zone of support of $20k, which in fact perfectly aligns with the reverse "U" curve of the Eiffel Tower.
Disclaimer: The purpose of this post is neither advertising Paris and nor offering a financial advice. Use this idea both for educational and entertainment purposes!
Happy trading, dear wizards!