You can see that Bitcoin is moving in a huge ascending channel that has been active since March 2013. I was able to determine the important points with the help of the fib canal. So we see that the green accumulation zone is from about 0-0.236 Fib level, that is, where Bitcoin is beeing bought and usually finds strong support. In contrast, we have the distribution zone from the 0.786 Fib-1 Fib level. This is where the bitcoins are sold, making this area the resistance zone. Bitcoin has stayed in the accumulation zone for a long time and is now trying to break out, whereby the 0.382 Fib level acts as (currently) a great resistance (I don't want to draw in the smaller movements right now, but I assume that BTC will gradually work off the Fib resistances and convert them to support). I determined the approximate peak time using the Fib time zones, with the result being August 1, 2022. This in turn means that the target of the bull run could be at around $ 440,000, with $ 600,000 as the maximum target. This may sound absurd, but with all the new BIG investors and the institutional money and all the investors who are going to come in, this seems all the more realistic. I also assume that a weaker dollar will serve as a Bitcoin catalyst. With that said, I think the big picture is very positive, although we are still at the very beginning of the journey.
However, it should be noted that this is just the big picture. That means we could still fall in the small picture.
--In the case of a corrction--
However, I assume that in the event of a strong correction, Btc could find support at around 26k, which is the top line of the accumulation channel. If this does not hold, we could fall to the middle line of the accumulation channel, which is currently almost the same as the old ATH (at around 20k)
Sincerely yours, Captain Rex
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! Constructive criticism is always welcome!
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! Important disclaimer!
Not an investment advice, just my personal opinion/idea
However, it should be noted that this is just the big picture. That means we could still fall in the small picture.
--In the case of a corrction--
However, I assume that in the event of a strong correction, Btc could find support at around 26k, which is the top line of the accumulation channel. If this does not hold, we could fall to the middle line of the accumulation channel, which is currently almost the same as the old ATH (at around 20k)
Sincerely yours, Captain Rex
--------------------------------------------------------------
! Constructive criticism is always welcome!
-------------------------------------------------------------
! Important disclaimer!
Not an investment advice, just my personal opinion/idea