BTC bull run
Could history repeat itself? Well, I hope so :)
Looking at the beginning of the current bull run, which started end of Jul 2021, the price was @ 29K, shooting to 52K in 45 days. To blow some steam price pulled back to 50% FIB level, which is also a recent support level, which is also a 200 EMA dynamic support. Once reached this strong level, it bounced back to upside to reach its ALL-TIME HIGH, which is also a FIB level of 168%. If we map the same price action to the current situation, we might expect the price to keep pushing downwards in this bullish channel, to reach a support level @ 52K, which is around 50% FIB too. I would anticipate that it would be touching the 200 EMA as well. Do you think it can repeat the same behavior of the last run, and reach 168% FIB @ 84K USD by Dec? Wishful thinking :D
Looking at the beginning of the current bull run, which started end of Jul 2021, the price was @ 29K, shooting to 52K in 45 days. To blow some steam price pulled back to 50% FIB level, which is also a recent support level, which is also a 200 EMA dynamic support. Once reached this strong level, it bounced back to upside to reach its ALL-TIME HIGH, which is also a FIB level of 168%. If we map the same price action to the current situation, we might expect the price to keep pushing downwards in this bullish channel, to reach a support level @ 52K, which is around 50% FIB too. I would anticipate that it would be touching the 200 EMA as well. Do you think it can repeat the same behavior of the last run, and reach 168% FIB @ 84K USD by Dec? Wishful thinking :D
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