I am not very good at explanations so will let the chart do the talking. Those blue lines are Fibonacci speed resistance fan lines, that have identified the ATH's and areas of support for the last couple of years running. I am quite confident it is up from here, however, this is a weekly chart so there could be periods of delay through micro trends etc. We also have a green reverse FIbo identifying possible areas of support and resistance towards 100k if we are able to break the current fan trend.
The red area zone is the validation zone, I would expect the price to float around this zone if the market is continue with bearish pressure. This being, looking at the weekly candles, I expect 41k by the end of this weekend for the weekly close, which will help validate the chart patterns shown. Total transparency, I am going heavy exposure equity wise with BTC from here (no leverage so no liquidation).
Published the analysis just to look back and see if I was right or wrong in a couple of years- hodl!
-- @MyNamesZergg
The red area zone is the validation zone, I would expect the price to float around this zone if the market is continue with bearish pressure. This being, looking at the weekly candles, I expect 41k by the end of this weekend for the weekly close, which will help validate the chart patterns shown. Total transparency, I am going heavy exposure equity wise with BTC from here (no leverage so no liquidation).
Published the analysis just to look back and see if I was right or wrong in a couple of years- hodl!
-- @MyNamesZergg