Bitcoin – Where Do We go from Here?
My basic premise is that Bitcoin’s uptrend is over.
The question I am asking myself is what the plan is going forward.
My premises are:
1. History repeats or rhymes. Meaning past PA is a clue for future PA. IMO, this is especially true if the past PA occurred in parallel time. Meaning the same months.
2. The uptrend will resume close to the Bitcoin halving.
Current Timeline:
1. Currently we are in August 2023.
2. Bitcoin had a vicious move down.
3. The RSI is oversold. Current RSI value is 20.
Parallel Timeline:
Bitcoin’s PA in the month of June 2022 had the same characteristics.
Fractal analysis:
I copied the June 2022 fractal to Bitcoins chart, and it fits. Look for yourself!
What We Can Expect:
If this same pattern repeats or rhymes, we can expect:
1. A retest of the 25K support level at least once
2. A relief rally.
3. Failure to reclaim the upward sloping trendline.
4. Slow downward chop until the beginning of 2024, close to the halving.
5. A new uptrend, which will hopefully be a true bull market.
6. My target for the peak of the bearish phase is 20K.
The question I am asking myself is what the plan is going forward.
My premises are:
1. History repeats or rhymes. Meaning past PA is a clue for future PA. IMO, this is especially true if the past PA occurred in parallel time. Meaning the same months.
2. The uptrend will resume close to the Bitcoin halving.
Current Timeline:
1. Currently we are in August 2023.
2. Bitcoin had a vicious move down.
3. The RSI is oversold. Current RSI value is 20.
Parallel Timeline:
Bitcoin’s PA in the month of June 2022 had the same characteristics.
Fractal analysis:
I copied the June 2022 fractal to Bitcoins chart, and it fits. Look for yourself!
What We Can Expect:
If this same pattern repeats or rhymes, we can expect:
1. A retest of the 25K support level at least once
2. A relief rally.
3. Failure to reclaim the upward sloping trendline.
4. Slow downward chop until the beginning of 2024, close to the halving.
5. A new uptrend, which will hopefully be a true bull market.
6. My target for the peak of the bearish phase is 20K.
