BITCOIN ANALYSIS - WHEN WILL THE CORRECTION END?
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From the Chart Above we have The 360 Daily Moving Average(Blue) along with some horizontal support zones and a logarithmic growth curve.
Taking a look at the 360 MA, after each bullrun, the moment price closed below it, we retraced at least 50% from the breaking point. Important to note we only closed below the 360MA when the bullrun ended and had touched resistance of the logarithmic curve. Also note that we didn't cross back above till price touched the support region of the logarithmic curve.
However, we didn't touch resistance this time but closed below the 360 MA already, tho we got close enough imo. If we were to have a 50%+ retracement from the breaking point, we have a target in the region of $24-20k per bitcoin for a bottom scenario.
From the Date ranges in the chart, we can also expect the bottom around April Onwards.
Zooming in to current Price Action, Bitcoin managed to break the $40,000 level however, still not convincing enough. Watch for a break of the White Horizontal line and close above @$40750 before flipping bias.
If you agree pls share your thoughts in the comments and leave a like.
Feedback is appreciated.
Taking a look at the 360 MA, after each bullrun, the moment price closed below it, we retraced at least 50% from the breaking point. Important to note we only closed below the 360MA when the bullrun ended and had touched resistance of the logarithmic curve. Also note that we didn't cross back above till price touched the support region of the logarithmic curve.
However, we didn't touch resistance this time but closed below the 360 MA already, tho we got close enough imo. If we were to have a 50%+ retracement from the breaking point, we have a target in the region of $24-20k per bitcoin for a bottom scenario.
From the Date ranges in the chart, we can also expect the bottom around April Onwards.
Zooming in to current Price Action, Bitcoin managed to break the $40,000 level however, still not convincing enough. Watch for a break of the White Horizontal line and close above @$40750 before flipping bias.
If you agree pls share your thoughts in the comments and leave a like.
Feedback is appreciated.
ノート
Correction, watch for a break and close above $41,336 before flipping bias
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