I posted a similar chart with this pattern back in July 2021 before Bitcoin ran up to hit the 1.13 eventually before a major correction.
Ive been posting a smaller version of the dragon but since ive seen how the rest of the market is playing out, ive updated some targets.
Of course 28k will be a major zone of resistance, but a common retracement to the .618 would take us up just under 40k.
If it plays out the same way it did that July, i think the .786 would be on the table around 50k, with the 1.13 around 80K (not a prediction)
I think the 786 is reasonable but ill still be playing these levels by level. I say that because BTC usually follows DOW retracements and new highs.
Should the Dow jones exceed the 786, or even make new highs, id say thats a pretty strong confirmation that BTC will do the same.
Not a prediction by any means, just outline this pattern, as it could end up being relevant.
Ive been posting a smaller version of the dragon but since ive seen how the rest of the market is playing out, ive updated some targets.
Of course 28k will be a major zone of resistance, but a common retracement to the .618 would take us up just under 40k.
If it plays out the same way it did that July, i think the .786 would be on the table around 50k, with the 1.13 around 80K (not a prediction)
I think the 786 is reasonable but ill still be playing these levels by level. I say that because BTC usually follows DOW retracements and new highs.
Should the Dow jones exceed the 786, or even make new highs, id say thats a pretty strong confirmation that BTC will do the same.
Not a prediction by any means, just outline this pattern, as it could end up being relevant.
Comment:
For those curious, there is an example of this pattern on BTC lower time frames recently as well.
