I hope you're all doing fine and having a wonderful Easter.
Sadly my last prediction didn't work out further as we broke the major support line and plummeted into the abyss. We had followed that for quite some time, but it did no longer when the major support broke.
Ok, downtrend. But what now? But what could be bitcoins next move?
I have a new theory:
I noticed some traders comparing the 2014 downtrend to our downtrend now. And as many of fractals repeat I think that's actually not a bad idea.
One thing that I noticed during research of fractals is that many shapes repeat, but they distort over time, because a market starts to move faster or slower. In mutiple market cycles I found similiar shapes, just distorted/deformed. I believe that right now we move MUCH faster than back in 2014.
If we roughly follow the 2014 linked with our market speed now. The bottom should be around 2.9k in Spring/Summer followed up by an accumulation phase that lasts from mid may to mid august. Where the average of the price lies around 4.5k.
The bull market could start from September.
Personnaly I don't think we are heading into a long crypto winter and here is why:
- There is a super large channel active that's here since the top of 2014. And as price moves between channels: We bumped the top of the super channel in December and are now heading to the bottom of the channel. I'd like you to take a look at how the bottom matches with the lower part of the super channel.
- I noticed that the 2014 fits onto our downtrend. But I had to speed it up. Weirdly it looks like we are correcting MUCH faster than back in 2014.
I hope you liked this analysis. Happy Trading.