Long-term charts tell the truth. Especially on Bitcoin they tend to be particularly accurate. Its historic long-term patterns on the logarithmic scale have never been invalidated to this day and show that each cycle shares more characteristics than not with the previous ones.
The big thing about those long-term charts is that they manage to keep investors and traders on track when the market appears to be losing direction. The latest good example is the recent -40% sell-off from the November All Time High. Today’s analysis contains BTC’s three Cycles. As you see, this was most likely part of the “Last shake-out” phase that BTC historically makes before the final most aggressive rally of the Parabolic Bull Phase.
This typically takes place at the top of the Cycle (1.0 Fibonacci line). The final rally makes the Blow-off top just below the 1.5 Fibonacci extension (orange line) of the Channel and the 2.382 Fibonacci extension (blue line) on the horizontal. This repetitive pattern has never failed to deliver. Will it now? Time will tell. But if not, we can see BTCUSD near $200 – $250k by mid 2022. The key currently is for the price to keep closing above the 1W MA50 (bold blue trend-line).
Share your thoughts on these projects at:
- Global Telegram channel: https://web.telegram.org/z/#-1794200056
- Vietnamese Telegram channel: https://web.telegram.org/z/#-1611126448
- Facebook: https://www.facebook.com/CryptoryNetwork
- Twitter: @CryptoryNetwork
DISCLAIMER: The article is not calling for investment. Every decision is yours to decide.