Bitcoin breaks down in smaller channel, just part of larger pattern. Fibonacci drawn from $3700 low to high shows 2 support areas, 50% at roughly 35k and 61.8% at 28k. A shorter term Fibonacci sequence can see support at 32k also. Downward channel can trend towards late March.
I don't foresee Head and Shoulders pattern actually playing out, as this would drop us well below current lowest value according to Metcalfes Law around 26k-27k. This can happen however, it would not last long, like previous, sudden dips prior.
My equation shows this cycle peaking around late 2023 - early 2024, possible BTC price of 200k. Price likely skewed by 50% + or -, as no one should be able to predict markets. I created a free web-app (for now) using python, still needs work on mobile - but look for app.trillpanda.com to show Peak on 2nd chart (bottom), as well as color coded buy/sell areas on top chart. Hope this helps.
I don't foresee Head and Shoulders pattern actually playing out, as this would drop us well below current lowest value according to Metcalfes Law around 26k-27k. This can happen however, it would not last long, like previous, sudden dips prior.
My equation shows this cycle peaking around late 2023 - early 2024, possible BTC price of 200k. Price likely skewed by 50% + or -, as no one should be able to predict markets. I created a free web-app (for now) using python, still needs work on mobile - but look for app.trillpanda.com to show Peak on 2nd chart (bottom), as well as color coded buy/sell areas on top chart. Hope this helps.
