This is pretty simple, I saw there’s an obvious horizontal support line since the second leg of the bull run started out of the wyckoff accumulation.
I noticed both movements up corresponded to a touch point on the horizontal support. That’d mean $51,441 would be the bottom for this current retracement.
I also noticed both touch points then caused a 38-39% move to the upside. That’d equate to $71,705 being the next local top.
There’s another obvious another route this could take with forming (another) gigantic head and shoulders pattern, where we break below $50,000 and have a bull trap of sorts into major downside.
I think with the recent golden cross, the LTH supply accumulation, Taproot, and a major Q1 news cycle featuring Apple, Google, Walmart, Amazon, and countless others, this could be a gigantic parabolic move.
The big thing I also think there actually has been no top or ATH since 2017. If you look at BTC/M1, we actually haven’t conquered the ATH there. I do think this bull run could possibly extend through March or even October.
Options market looks fairly bearish, and we’re certainly over leveraged. I am really inclined to think this next touchpoint is going to be a great long.
I noticed both movements up corresponded to a touch point on the horizontal support. That’d mean $51,441 would be the bottom for this current retracement.
I also noticed both touch points then caused a 38-39% move to the upside. That’d equate to $71,705 being the next local top.
There’s another obvious another route this could take with forming (another) gigantic head and shoulders pattern, where we break below $50,000 and have a bull trap of sorts into major downside.
I think with the recent golden cross, the LTH supply accumulation, Taproot, and a major Q1 news cycle featuring Apple, Google, Walmart, Amazon, and countless others, this could be a gigantic parabolic move.
The big thing I also think there actually has been no top or ATH since 2017. If you look at BTC/M1, we actually haven’t conquered the ATH there. I do think this bull run could possibly extend through March or even October.
Options market looks fairly bearish, and we’re certainly over leveraged. I am really inclined to think this next touchpoint is going to be a great long.