Hello Traders, Investors and Friends, happy holidays!
today I want to talk to you about BTC, I made a few conclusions about it.
today I want to talk to you about BTC, I made a few conclusions about it.
- Long-term
As you can see the declines have some regular in history bear market cycle of Bitcoin.
2014 Bear Cycle: -89.96%
2018 Bear Cycle: -84.22%
So, I think the decline of 2022 bear cycle should be similar to the previous two cycles.
And, I think $11254.72 is a extremely strong support level because it's also fibonacci 0.886 level.
I set up my final target at $11254.72 level which mean I think the fibonacci 0.886 level is the historical bottom of Bitcoin.
Then, when the halving is come in 2024, I think Bitcoin will start a big pump and break any resistance level and continue raising.
And I think Bitcoin will lead the whole crypto market up and ignore FUDs until it reach the top of the channel.
So I set up 100K as the my second final target of Bitcoin's next bull cycle.
- Short-term
Recently the price tested resistance level and local high and failed,
Currently Bitcoin bounced from local high to support zone $15888.36-$16466.06 (fib 0.618-0.66) and bounced up.
At the moment the price broke the 4-wave level (orange line) and pulled back, and now it trades near resistance level $16911 (fib 0.382).
So I expect that price can make a small correction to resistance level (fib 0.382).
And, I think price will fall down from resistance level (fib 0.382) and go lower.
I set up my first target at previous low and support level $15754.26 (orange line).
Then, I set up second target at previous low $15588 level.
Personally, I think $15754-$15588 is a extremely strong support area because it tested so many times and it still wasn't broken.
Then, I expect such a scenario like like Wyckoff Accumulation Model happen.
So, I think $15754-$15588 might be a best opportunity to buy/long.
This is my last article, please watch it.
- At last
This is my opinion, I really hope it will be useful for you.
This is an article not financial advice, always do your own research.
And please don't forget to support this idea with your like and comment, It means a lot to me, thanks.
Be prepared and save your money. Make big profits!
Happy trading!
