With the world economies weakening, interest rates rising, equities tumbling, and inflation running rampant; I have been forced to generate a few panic support levels for BTC.
The chart above illustrates a ratio analysis study of the major corrections from the 2013 and 2017 Bitcoin highs.
By extending the ratio's of the former corrections we are able to generate two major support zones.
Target zone 2 could become relevant because in addition to the world's worsening economic situation, many argue that Bitcoin's rate of growth is based upon a curve rather than a linear path.
If this theory holds and equities continue to tumble, then I would not rule out a sub-10k wick in the future.
Though less relevant, I also conducted a simple time study above in hopes that if crypto goes into a major correction, it could be over by the end of June.
The chart above illustrates a ratio analysis study of the major corrections from the 2013 and 2017 Bitcoin highs.
By extending the ratio's of the former corrections we are able to generate two major support zones.
- Panic Zone 1: 20k-23k
- Panic Zone 2: 9.5k-12.5k
Target zone 2 could become relevant because in addition to the world's worsening economic situation, many argue that Bitcoin's rate of growth is based upon a curve rather than a linear path.
If this theory holds and equities continue to tumble, then I would not rule out a sub-10k wick in the future.
Though less relevant, I also conducted a simple time study above in hopes that if crypto goes into a major correction, it could be over by the end of June.
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Historically, Bitcoin has always bounced after a 70% retracement from the top.
Will be testing the support of Panic Zone 1.
Will be testing the support of Panic Zone 1.
Creator of DepthHouse Indicators on TradingView!
↣ depthhouse.com/
↣ depthhouse.com/
