I took the retracement from $200 to the old ATH, and found two Fibonacci levels that predicted our current ATH and bottom. All levels are scaled for log chart.
1.382 extension matches with today's bottom.
2.382 extension matches with today's ATH.
If we have a full retracement to $20k by the end of 2020, then the 1.382 extension predicts the first sell-off peak at $40k, and the 2.382 extension predicts $200,000 blow-off top by 2022, depending on how far and fast that greed and hype can really take us. Again, my Fibonacci levels are scaled for log charts.
As I watch the market struggle to stay above $6k today, I do expect things to get better with time. Coronavirus and global market sell-offs be damned.
1.382 extension matches with today's bottom.
2.382 extension matches with today's ATH.
If we have a full retracement to $20k by the end of 2020, then the 1.382 extension predicts the first sell-off peak at $40k, and the 2.382 extension predicts $200,000 blow-off top by 2022, depending on how far and fast that greed and hype can really take us. Again, my Fibonacci levels are scaled for log charts.
As I watch the market struggle to stay above $6k today, I do expect things to get better with time. Coronavirus and global market sell-offs be damned.
Comment:
I'll forever remember this weekend as my son's birthday and that bitcoin was almost $10k. Major resistance. Let's assume major players sold the last time we hit 10k. The market only dropped to 8k, or maybe $7k if you didn't blink. We're knocking on the #10k door again and this time we called ahead, texted that we're on our way, turned on our a live location and now we're slowly walking up the stairs.
Comment:
Well well well. Black magic analysis aside, we're definitely riding the hype train. I have folks reaching out to me left and right. Last time this happened, bitcoin was rising past 10k back in 2019 and folks were FOMOing. Hodl strong and be ready to short 10, 20% corrections and get out quick!