This cycle has started to differ from normal 4 year cycle theory. Therefore, TA might not be as important as institutions siphoning up the BTC Supply. But if normal TA is to play out from the current point in this market cycle this is what we could expect for price to do.
The timeframe is hard to dictate, if this scenario will happen before or after the halving, but right now it looks as if BTC could be forming a massive Cup & Handle pattern. Of course, if the ATH is broken soon then this scenario will most likely be invalidated.
If this is the case, price should see an initial pullback to our 0.786 which is located at $57.4k.
Also, the RSI is reaching our red zone of overextension so some kind of substantial pullback would not be out of the ordinary.
Then, If we are gracious enough to retrace all the way back to the 0.618 (to flip old resistance into new support) the $48-50k would be the final buying opportunity before the ATH is broken in my opinion. I would also look to front run this level as that is what institutions will be doing, so once you see a major wick close to that level it will likely be the low if in fact we do get close to those levels.
A couple other gold nuggets we have included in this chart. The 1.618 around $102k will be a very important level this cycle. Makes sense as well with $100k being very psychological.
Also based on Viaquant's quantitative data. Somewhere around the $83.8k level will become very important. It is a secret level that will become clear in the future, but want to present this data to the market way in advance to prove how extraordinary Viaquant is from any other fund/institution.
The timeframe is hard to dictate, if this scenario will happen before or after the halving, but right now it looks as if BTC could be forming a massive Cup & Handle pattern. Of course, if the ATH is broken soon then this scenario will most likely be invalidated.
If this is the case, price should see an initial pullback to our 0.786 which is located at $57.4k.
Also, the RSI is reaching our red zone of overextension so some kind of substantial pullback would not be out of the ordinary.
Then, If we are gracious enough to retrace all the way back to the 0.618 (to flip old resistance into new support) the $48-50k would be the final buying opportunity before the ATH is broken in my opinion. I would also look to front run this level as that is what institutions will be doing, so once you see a major wick close to that level it will likely be the low if in fact we do get close to those levels.
A couple other gold nuggets we have included in this chart. The 1.618 around $102k will be a very important level this cycle. Makes sense as well with $100k being very psychological.
Also based on Viaquant's quantitative data. Somewhere around the $83.8k level will become very important. It is a secret level that will become clear in the future, but want to present this data to the market way in advance to prove how extraordinary Viaquant is from any other fund/institution.