Hi Guys
We have possibly hit the bottom and here's an idea you may find very interesting that could predict a rough route Bitcoin could take to see new ATH's.
THE LONG ROAD AHEAD
First off the chart: KRAKEN; WEEKLY; BTC vs USDT. The red, yellow and green lines represent areas of support and resistance. The pink dotted line represents a 50% price point between the ATH and the recent low (possibly ATL for 2022). Th blue horizontal Line represents the lowest weekly close since 2021. The White lines represent a price projection.
Unless you've been living under a rock, you would of heard about the Wyckoff Approach, which outlines how massive financial machines buy up or sell off assets.
I found an interesting Reaccumulation Schematic. (See Reaccumulation Schematic 2 in the website bellow)
halotrader.medium.co...ematics-c5cb7f0ac221
This schematic shows very similar price movements (so far) with the weekly price action of bitcoin. Not 100% of course but similar enough to compare.
I traced the exact lines onto the chart and came up with this scenario.
I'm 100% confident the exact lines will NOT be followed but COULD be a helpful guide to judge price direction.
Please Like if you agree and comment with your thoughts.
Many thanks,
Casey
DISCLAIMER: NOT PROFESSIONAL ADVICE.
We have possibly hit the bottom and here's an idea you may find very interesting that could predict a rough route Bitcoin could take to see new ATH's.
THE LONG ROAD AHEAD
First off the chart: KRAKEN; WEEKLY; BTC vs USDT. The red, yellow and green lines represent areas of support and resistance. The pink dotted line represents a 50% price point between the ATH and the recent low (possibly ATL for 2022). Th blue horizontal Line represents the lowest weekly close since 2021. The White lines represent a price projection.
Unless you've been living under a rock, you would of heard about the Wyckoff Approach, which outlines how massive financial machines buy up or sell off assets.
I found an interesting Reaccumulation Schematic. (See Reaccumulation Schematic 2 in the website bellow)
halotrader.medium.co...ematics-c5cb7f0ac221
This schematic shows very similar price movements (so far) with the weekly price action of bitcoin. Not 100% of course but similar enough to compare.
I traced the exact lines onto the chart and came up with this scenario.
I'm 100% confident the exact lines will NOT be followed but COULD be a helpful guide to judge price direction.
Please Like if you agree and comment with your thoughts.
Many thanks,
Casey
DISCLAIMER: NOT PROFESSIONAL ADVICE.
Comment:
Bullish bounce is in the making, too early to confirm yet but I will personally be looking for a weekly close above the blue line (31.8k).