We know this is just a correction, but how long will it last? How deep will it be?
Of course we can never make an accurate prediction, but we can get a general idea of what most likely happen. This week has been a puzzle for me, this is my first BTC bull market, and this is only my third price correction, so I have been studying and thinking hard trying to get some insight for myself, and I think that I found something interesting and would love your feedback.
Here it is:
- Yellow line: BTC's general trend line
- Green lines: local trend lines for each ATH (before correction)
- Orange lines: I subscribe to Willy Woo's Substack (the gold pot of on-chain analysis!), in the previous correction he said the floor was at $29k, and oh, boy! was he right! It even touched $29k with a wick right before going up again. This time, on February 13th, before the accumulation phase that led to the last ATH, he said the floor was at $34,400 and rising $600 per day, that is our second orange line.
-Using the Bars Pattern tool I copied last correction onto the new ATH, it is not going to repeat exactly the same, nobody would expect that, but there is a rithm, a cadence, that may give us some light into what to expect for the rest of the week.
My two Satoshis:
BTC will be ranging between $46k - $58k until the floor catches up to price forcing us up around March 5th.
Keep in mind this is just my wild thought for today :-)
Tell me, what do you think?
How long before bulls rage again?
How deep will we dip?
Of course we can never make an accurate prediction, but we can get a general idea of what most likely happen. This week has been a puzzle for me, this is my first BTC bull market, and this is only my third price correction, so I have been studying and thinking hard trying to get some insight for myself, and I think that I found something interesting and would love your feedback.
Here it is:
- Yellow line: BTC's general trend line
- Green lines: local trend lines for each ATH (before correction)
- Orange lines: I subscribe to Willy Woo's Substack (the gold pot of on-chain analysis!), in the previous correction he said the floor was at $29k, and oh, boy! was he right! It even touched $29k with a wick right before going up again. This time, on February 13th, before the accumulation phase that led to the last ATH, he said the floor was at $34,400 and rising $600 per day, that is our second orange line.
-Using the Bars Pattern tool I copied last correction onto the new ATH, it is not going to repeat exactly the same, nobody would expect that, but there is a rithm, a cadence, that may give us some light into what to expect for the rest of the week.
My two Satoshis:
BTC will be ranging between $46k - $58k until the floor catches up to price forcing us up around March 5th.
Keep in mind this is just my wild thought for today :-)
Tell me, what do you think?
How long before bulls rage again?
How deep will we dip?