This is a weekly chart
Vertical gold lines: halving dates
Dark red lines: Prior cycle tops (candle wick tops)
Lighter red lines: Prior cycle body closing tops (notice how much tighter this cycle is; small gap between both light & dark lines)
Green Circles: I am pointing out my belief that we are currently right around the January 2017 weekly fractal. Meaning, we're getting up to an area very close to prior ATH, but will not pass it and ultimately have a correction at/near our key 21-weekly SMA.
The 21-weekly SMA is key because: during our prior bull cycle look at all of the candlesticks. During the run up to $20K we stayed above that line. We may have had a candlestick wick below it, but we ultimately closed the week above this SMA. I am expecting the same price action to play out.
This implies once we top here, we should see a correction in the $12k-$13k price range. We'll have to see how the week closes and how the new 21-weekly SMA prints; should print in the mid $12Ks.
Either way, we are VERY close to printing new ATHs in Bitcoin and seeing our first massive Altseason.
As always, unemotional patience.
Vertical gold lines: halving dates
Dark red lines: Prior cycle tops (candle wick tops)
Lighter red lines: Prior cycle body closing tops (notice how much tighter this cycle is; small gap between both light & dark lines)
Green Circles: I am pointing out my belief that we are currently right around the January 2017 weekly fractal. Meaning, we're getting up to an area very close to prior ATH, but will not pass it and ultimately have a correction at/near our key 21-weekly SMA.
The 21-weekly SMA is key because: during our prior bull cycle look at all of the candlesticks. During the run up to $20K we stayed above that line. We may have had a candlestick wick below it, but we ultimately closed the week above this SMA. I am expecting the same price action to play out.
This implies once we top here, we should see a correction in the $12k-$13k price range. We'll have to see how the week closes and how the new 21-weekly SMA prints; should print in the mid $12Ks.
Either way, we are VERY close to printing new ATHs in Bitcoin and seeing our first massive Altseason.
As always, unemotional patience.