There is a lot going on in this chart, following is the breakdown:
1. During every macro bear market cycle in bitcoin's history, bottom was
somewhere between 0.786 and 0.886 fib retracement of the whole price range during that cycle.
2. The bottom was formed in roughly 55 to 58 weeks from the start of bear market.
3. Once the hash ribbon indicator had turned blue the price was never visited again in the history of bitcoin except once in 2021, I have highlighted that place with an arrow. All the yellow lines indicate when the indicator turned blue.
Right now, the hash ribbons indicator has turned blue coinciding with the 55 to 58 Weeks period when of the bear market and the price has rallied here from an area under 0.786 fib retracement.
We have a lot of signs statistically telling us that the bottom is in for bitcoin. We may go revisit the price around the 16 K - 18 K area but we will rally again from there.
1. During every macro bear market cycle in bitcoin's history, bottom was
somewhere between 0.786 and 0.886 fib retracement of the whole price range during that cycle.
2. The bottom was formed in roughly 55 to 58 weeks from the start of bear market.
3. Once the hash ribbon indicator had turned blue the price was never visited again in the history of bitcoin except once in 2021, I have highlighted that place with an arrow. All the yellow lines indicate when the indicator turned blue.
Right now, the hash ribbons indicator has turned blue coinciding with the 55 to 58 Weeks period when of the bear market and the price has rallied here from an area under 0.786 fib retracement.
We have a lot of signs statistically telling us that the bottom is in for bitcoin. We may go revisit the price around the 16 K - 18 K area but we will rally again from there.
