Bitcoin Liquid Index Gann Square & EW CountHere I made an elliot wave count, this is a complete wave assuming the 5th wave is short like in 2013/2014.
I will look into making an alternate count that shows one more 5th wave to go before a major correction like 2014/2018... Or unlike we've seen in bitcoin history? 60k-1k???
Well no need to get too excited, time will tell which way we're going and it's too soon to say for sure.
Cryptocurrencies
PENDLEUSD Strong Buy Signal. Target $12.Pendle (PENDLEUSD) is on a short-term pull-back after the 1D RSI got overbought above 70.00. This is consistent with all previous times the RSI got that overbought but against common sentiment, which would suggest exhaustion of the bullish trend, that was a signal to buy halfway through the Bullish Leg.
As you can see on the two Legs before, that signal emerged at around 50% of the uptrend. As a result, we expect at least $12.000 before the next consolidation.
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Bearish signs arise Bitcoin has erased nearly 14% in the past five days, falling below $64,000. In the process, it broke below the ascending trendline that connects peaks from January 2023 and March 2023. On top of that, technicals like RSI, MACD, and Stochastic have continued to decline on the daily time frame, which is turning increasingly bearish and could imply that the correction is not over yet. Accordingly, levels to watch out for lay at $64,895, $60,000, and $59,250; the inability of the price to regain ground above $64,895 will be worrisome. Furthermore, a breakout below $60,000 will strongly bolster a bearish case. In our opinion, the current setup presents an attractive short trade entry below the ascending trendline shown in Illustration 1.03 and a tight stop-loss order above it.
Illustration 1.01
Illustration 1.01 shows the daily chart of BTCUSD. The yellow arrow highlights a bearish breakout below the ascending trendline. This trendline is important to watch out for, considering Bitcoin has hovered overextended above it since the start of March 2024.
Illustration 1.02
The picture above displays the daily chart of BTCUSD and simple support/resistance levels derived from past peaks and troughs. The yellow arrow indicates a bearish breakout below support at $64,895 (now acting as a resistance).
Illustration 1.03
Illustration 1.03 shows a short trade entry setup.
Technical analysis gauge
Daily time frame = Bearish
Weekly time frame = Bullish
*The gauge does not necessarily indicate where the market will head. Instead, it reflects the constellation of multiple indicators.
Please feel free to express your ideas and thoughts in the comment section.
DISCLAIMER: This analysis is not intended to encourage any buying or selling of any particular securities. Furthermore, it should not serve as a basis for taking any trade action by an individual investor or any other entity. Your own due diligence is highly advised before entering a trade.
BITCOIN hit a record 7 straight green months! NOT APRIL FOOL'S !Yes it is not April Fool's, Bitcoin (BTCUSD) just closed a record 7 straight months of gains for the first time in history. Since it's inception, there hasn't been an exchange where BTC made more than 6 bullish monthly (1M) candles in a row.
What started in September 2023 as merely a hold and bottom formation on the 1M MA50 (blue trend-line), eventually evolved into a record breaking sequence. In fact, Bitcoin has only had 3 red months in the past 15, which makes the feat even more impressive!
Being the lengthiest such bullish sequence in history, doesn't mean that the rally is over. In fact, we can argue that it has only just begun as based on the 1M RSI, which is trading within the 0.786 - 0.618 Fibonacci Channel range, we are on symmetrical terms relative to past Bull Cycles, where the price was on November 2020, February 2017 and February 2013.
We can see that this is an impressive symmetry, and shows that we are at a point far from the cyclical peak. The previous 3 Cycles topped 12, 10 and 10 months from that RSI position respectively. If this continues, we can expect Bitcoin to rally for at least another 10 months before the Cycle peaks and the RSI approaches the Channel Top where we can gradually start taking profit!
But what do you think? Does this impressive 7-month bullish streak still have at least 10-month fuel in it? Feel free to let us know in the comments section below!
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WAVES/USDT - Waves: BBand Breakout◳◱ On the $WAVES/ CRYPTOCAP:USDT chart, the Bband Breakout pattern suggests an upcoming trend shift. Traders might observe resistance around 4.043 | 4.281 | 4.702 and support near 3.622 | 3.439 | 3.018. Entering trades at 4.066 could be strategic, aiming for the next resistance level.
◰◲ General info :
▣ Name: Waves
▣ Rank: 206
▣ Exchanges: Binance, Kucoin, Bybit, Huobipro, Gateio, Mexc
▣ Category/Sector: Infrastructure - Smart Contract Platforms
▣ Overview: Waves is a public blockchain network that enables users to create and access decentralized applications. It features on-chain governance, Formal Verification for smart contracts, and a variation of Proof-of-Stake (PoS) called Leased PoS to ensure network consensus.
◰◲ Technical Metrics :
▣ Mrkt Price: 4.066 ₮
▣ 24HVol: 38,279,131.066 ₮
▣ 24H Chng: 7.226%
▣ 7-Days Chng: 2.76%
▣ 1-Month Chng: 35.84%
▣ 3-Months Chng: 37.23%
◲◰ Pivot Points - Levels :
◥ Resistance: 4.043 | 4.281 | 4.702
◢ Support: 3.622 | 3.439 | 3.018
◱◳ Indicators recommendation :
▣ Oscillators: BUY
▣ Moving Averages: STRONG_BUY
◰◲ Technical Indicators Summary : STRONG_BUY
◲◰ Sharpe Ratios :
▣ Last 30D: 3.34
▣ Last 90D: 1.77
▣ Last 1-Y: 0.94
▣ Last 3-Y: 0.32
◲◰ Volatility :
▣ Last 30D: 1.41
▣ Last 90D: 1.00
▣ Last 1-Y: 0.98
▣ Last 3-Y: 1.36
◳◰ Market Sentiment Index :
▣ News sentiment score is N/A
▣ Twitter sentiment score is 0.67 - Bullish
▣ Reddit sentiment score is 0.66 - Bullish
▣ In-depth WAVESUSDT technical analysis on Tradingview TA page
▣ What do you think of this analysis? Share your insights and let's discuss in the comments below. Your like, follow and support would be greatly appreciated!
◲ Disclaimer
Please note that the information and publications provided are for informational purposes only and should not be construed as financial, investment, trading, or any other type of advice or recommendation. We encourage you to conduct your own research and consult with a qualified professional before making any financial decisions. The use of the information provided is solely at your own risk.
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APT/USDT - Aptos: BBand Breakout◳◱ On the $APT/ CRYPTOCAP:USDT chart, the Bband Breakout pattern suggests an upcoming trend shift. Traders might observe resistance around 19.0383 | 21.0016 | 24.6 and support near 15.4399 | 13.8048 | 10.2064. Entering trades at 17.698 could be strategic, aiming for the next resistance level.
◰◲ General info :
▣ Name: Aptos
▣ Rank: 26
▣ Exchanges: Binance, Kucoin, Bybit, Huobipro, Gateio, Mexc
▣ Category/Sector: Infrastructure - Smart Contract Platforms
▣ Overview: None
◰◲ Technical Metrics :
▣ Mrkt Price: 17.698 ₮
▣ 24HVol: 113,614,573.098 ₮
▣ 24H Chng: 7.795%
▣ 7-Days Chng: 1.89%
▣ 1-Month Chng: 45.47%
▣ 3-Months Chng: 72.23%
◲◰ Pivot Points - Levels :
◥ Resistance: 19.0383 | 21.0016 | 24.6
◢ Support: 15.4399 | 13.8048 | 10.2064
◱◳ Indicators recommendation :
▣ Oscillators: BUY
▣ Moving Averages: STRONG_BUY
◰◲ Technical Indicators Summary : BUY
◲◰ Sharpe Ratios :
▣ Last 30D: 4.89
▣ Last 90D: 2.68
▣ Last 1-Y: 0.82
▣ Last 3-Y: 0.81
◲◰ Volatility :
▣ Last 30D: 0.92
▣ Last 90D: 1.03
▣ Last 1-Y: 0.83
▣ Last 3-Y: 1.17
◳◰ Market Sentiment Index :
▣ News sentiment score is N/A
▣ Twitter sentiment score is N/A
▣ Reddit sentiment score is 0.68 - Bullish
▣ In-depth APTUSDT technical analysis on Tradingview TA page
▣ What do you think of this analysis? Share your insights and let's discuss in the comments below. Your like, follow and support would be greatly appreciated!
◲ Disclaimer
Please note that the information and publications provided are for informational purposes only and should not be construed as financial, investment, trading, or any other type of advice or recommendation. We encourage you to conduct your own research and consult with a qualified professional before making any financial decisions. The use of the information provided is solely at your own risk.
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AVAX/BTC - Avalanche: Falling Wedge◳◱ On the $AVAX/ CRYPTOCAP:BTC chart, the Falling Wedge pattern suggests a pause in volatility, potentially gearing up for a breakout. Traders might observe resistance around 0.0008353 | 0.0009121 | 0.0010296 and support near 0.0007178 | 0.0006771 | 0.0005596. Entering trades at 0.0007576 could be strategic, aiming for the next resistance level.
◰◲ General info :
▣ Name: Avalanche
▣ Rank: 12
▣ Exchanges: Binance, Kucoin, Huobipro, Hitbtc
▣ Category/Sector: Infrastructure - Smart Contract Platforms
▣ Overview: Avalanche is an open-source platform for launching decentralized finance applications and enterprise blockchain deployments in one interoperable, scalable ecosystem. Developers who build on Avalanche can create applications and custom blockchain networks with complex rulesets or build on existing private or public subnets.
◰◲ Technical Metrics :
▣ Mrkt Price: 0.0007576 ₿
▣ 24HVol: 53.740 ₿
▣ 24H Chng: -0.864%
▣ 7-Days Chng: -8.80%
▣ 1-Month Chng: 18.66%
▣ 3-Months Chng: 29.70%
◲◰ Pivot Points - Levels :
◥ Resistance: 0.0008353 | 0.0009121 | 0.0010296
◢ Support: 0.0007178 | 0.0006771 | 0.0005596
◱◳ Indicators recommendation :
▣ Oscillators: BUY
▣ Moving Averages: STRONG_SELL
◰◲ Technical Indicators Summary : SELL
◲◰ Sharpe Ratios :
▣ Last 30D: 3.20
▣ Last 90D: 1.75
▣ Last 1-Y: 1.67
▣ Last 3-Y: 0.74
◲◰ Volatility :
▣ Last 30D: 1.14
▣ Last 90D: 0.96
▣ Last 1-Y: 0.83
▣ Last 3-Y: 1.16
◳◰ Market Sentiment Index :
▣ News sentiment score is N/A
▣ Twitter sentiment score is 0.58 - Bullish
▣ Reddit sentiment score is 0.88 - V. Bullish
▣ In-depth AVAXBTC technical analysis on Tradingview TA page
▣ What do you think of this analysis? Share your insights and let's discuss in the comments below. Your like, follow and support would be greatly appreciated!
◲ Disclaimer
Please note that the information and publications provided are for informational purposes only and should not be construed as financial, investment, trading, or any other type of advice or recommendation. We encourage you to conduct your own research and consult with a qualified professional before making any financial decisions. The use of the information provided is solely at your own risk.
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ANKR/BTC - Ankr Network: BBand Breakout Super-Trend◳◱ On the $ANKR/ CRYPTOCAP:BTC chart, the Bband Breakout Super-Trend pattern suggests an upcoming trend shift. Traders might observe resistance around 0.00000096 | 0.00000108 | 0.00000135 and support near 0.00000069 | 0.00000054 | 0.00000027. Entering trades at 0.00000091 could be strategic, aiming for the next resistance level.
◰◲ General info :
▣ Name: Ankr Network
▣ Rank: 162
▣ Exchanges: Binance, Kucoin, Huobipro, Mexc, Kraken, Hitbtc
▣ Category/Sector: Services - Shared Compute
▣ Overview: A shared cloud economy driven by idle processing power
◰◲ Technical Metrics :
▣ Mrkt Price: 0.00000091 ₿
▣ 24HVol: 47.947 ₿
▣ 24H Chng: 3.409%
▣ 7-Days Chng: 24.94%
▣ 1-Month Chng: 57.56%
▣ 3-Months Chng: 115.63%
◲◰ Pivot Points - Levels :
◥ Resistance: 0.00000096 | 0.00000108 | 0.00000135
◢ Support: 0.00000069 | 0.00000054 | 0.00000027
◱◳ Indicators recommendation :
▣ Oscillators: NEUTRAL
▣ Moving Averages: STRONG_BUY
◰◲ Technical Indicators Summary : BUY
◲◰ Sharpe Ratios :
▣ Last 30D: 4.94
▣ Last 90D: 3.40
▣ Last 1-Y: 0.89
▣ Last 3-Y: 0.17
◲◰ Volatility :
▣ Last 30D: 1.42
▣ Last 90D: 1.03
▣ Last 1-Y: 0.77
▣ Last 3-Y: 1.12
◳◰ Market Sentiment Index :
▣ News sentiment score is N/A
▣ Twitter sentiment score is 0.63 - Bullish
▣ Reddit sentiment score is 0.89 - V. Bullish
▣ In-depth ANKRBTC technical analysis on Tradingview TA page
▣ What do you think of this analysis? Share your insights and let's discuss in the comments below. Your like, follow and support would be greatly appreciated!
◲ Disclaimer
Please note that the information and publications provided are for informational purposes only and should not be construed as financial, investment, trading, or any other type of advice or recommendation. We encourage you to conduct your own research and consult with a qualified professional before making any financial decisions. The use of the information provided is solely at your own risk.
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BNB/BTC - BNB: Trend Reversal◳◱ On the $BNB/ CRYPTOCAP:BTC chart, the Trend Reversal pattern suggests indications that the trend may be gaining or losing strength. Traders might observe resistance around 0.008869 | 0.009226 | 0.009943 and support near 0.008152 | 0.007792 | 0.007075. Entering trades at 0.008422 could be strategic, aiming for the next resistance level.
◰◲ General info :
▣ Name: BNB
▣ Rank: 5
▣ Exchanges: Binance, Kucoin, Gateio, Hitbtc
▣ Category/Sector: Financial - Smart Contract Platforms
▣ Overview: Binance Coin is digital asset native to the Binance blockchain and launched by the Binance online exchange.
◰◲ Technical Metrics :
▣ Mrkt Price: 0.008422 ₿
▣ 24HVol: 346.613 ₿
▣ 24H Chng: -1.933%
▣ 7-Days Chng: -0.14%
▣ 1-Month Chng: 42.62%
▣ 3-Months Chng: 87.78%
◲◰ Pivot Points - Levels :
◥ Resistance: 0.008869 | 0.009226 | 0.009943
◢ Support: 0.008152 | 0.007792 | 0.007075
◱◳ Indicators recommendation :
▣ Oscillators: SELL
▣ Moving Averages: SELL
◰◲ Technical Indicators Summary : SELL
◲◰ Sharpe Ratios :
▣ Last 30D: 5.16
▣ Last 90D: 4.00
▣ Last 1-Y: 1.36
▣ Last 3-Y: 0.66
◲◰ Volatility :
▣ Last 30D: 1.03
▣ Last 90D: 0.71
▣ Last 1-Y: 0.52
▣ Last 3-Y: 0.79
◳◰ Market Sentiment Index :
▣ News sentiment score is N/A
▣ Twitter sentiment score is 0.58 - Bullish
▣ Reddit sentiment score is 0.95 - V. Bullish
▣ In-depth BNBBTC technical analysis on Tradingview TA page
▣ What do you think of this analysis? Share your insights and let's discuss in the comments below. Your like, follow and support would be greatly appreciated!
◲ Disclaimer
Please note that the information and publications provided are for informational purposes only and should not be construed as financial, investment, trading, or any other type of advice or recommendation. We encourage you to conduct your own research and consult with a qualified professional before making any financial decisions. The use of the information provided is solely at your own risk.
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SOLANA Will it hit $155 or $310 first?Solana (SOLUSD) is trading within a Triangle pattern within a longer term Channel Up on the 1D time-frame. The 1D MA50 (blue trend-line) has been basically supporting since late September 2023 (it only broke once for 4 days in late January 2024) when the previous similar Channel Up started.
That Channel Up also formed a Triangle half-way through and when the price broke to the upside, it peaked on its 1.5 Fibonacci extension. As a result, we will buy in case a similar bullish break-out takes place and target $310. If the Triangle breaks to the downside first though, we will short and target the 1D MA50 at $155.
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ETHEREUM Can $9000 be a minimum target?We haven't looked at Ethereum (ETHUSD) since the start of the year (January 09, see chart below) but it did give us an excellent symmetrical buy opportunity and easily hit our $3000 Target:
We now move out to the 1W time-frame in order to understand where the current 2-week pull-back is positioned relative to the previous Cycle. As you can see, ETH is past a 1W MA50/ 100 Bullish Cross, as well as the first consolidation at the start of the green Channel Up, which during 2020/21 took it to its All Time High (ATH) of $4900.
It appears that we are on the symmetrical pull-back (blue Cup) after the Accumulation Phase's Resistance (Aug - Oct 2020). This can be even more efficiently observed on the 1W RSI, as we see the first strong pull-back within the overbought territory.
The previous Cycle peaked just above the 1.382 Fibonacci extension from the previous ATH. That gives us a Target of $9000 and that's the minimum in our opinion during this new Bull Cycle. The maximum is on the 2.236 Fib extension, measured from the Cycle bottom to the current High. In 2021 it fell practically on the same level as the 1.382 Fib. This time though it is considerably higher at $25000 and that gives us a maximum Target for this Cycle. What this means for us as investors is that, the majority of our ETH will be converted at 9k and we will leave just a few in case we see that 25k extreme.
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AGIXUSD 2nd phase of the Bullish Leg begins.SingularityNET (AGIXUSD) is having a tremendous rally since the start of the year and after a 2-week pause with red candles, it appears to be resuming the uptrend sequence. That is 2nd the Bullish Leg within the dominant Channel Up pattern that started after the July 11 2022 market bottom.
The 1st Bullish Leg posted a +1965% rise and was rejected exactly on the previous All Time High (ATH). We expect a similar rally, so our target is $3.2500.
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BCHUSD Strong rally but needs to break this historic ResistanceBitcoin Cash (BCHUSD) is posting a very aggressive 2-week rally but short-term buyers should get too comfortable as it is approaching a landmark Resistance. That is the Lower Highs trend-line that started on the December 2017 All Time High (ATH). The previous Bull Cycle got rejected on that trend-line, guided by a Channel Up, below the 0.786 Fibonacci retracement level.
As a result, we can only issue a buy signal above that trend-line, until then we will be looking for a buy entry close to the 1W MA50 (blue trend-line). In both cases (break-out and pull-back buy) our Target will be 1625 (Resistance 1 and previous Cycle's High).
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BITCOIN Can it hit $200k on this Cycle?Bitcoin (BTCUSD) continues to see enormous grow, despite the recent 2-week consolidation (blue circle) after breaking the previous All Time High (ATH). BTC is no stranger to such a consolidation as it also took it 3 weeks trading sideways when it hit the ATH during the previous Cycle in November 2020.
What followed after that was an aggressive rally marginally above the 1.618 Fibonacci extension and after a pull-back to the 1W MA50 (blue trend-line), it rebounded for a "Double Top" Cycle peak marginally above the 1.618 Fib one.
The two sequences are identical, and the similarities on the 1W CCI even are striking. Symmetry is at its best and it may be attributed to the fact that the dominant pattern for Bitcoin in the past 7 years (since July 2017), has been a Channel Up. The Fibonacci retracement levels offer an excellent display of the price movements and symmetry of the trends.
As a result, we are expecting a parabolic rally to break-out soon, with a first Target on the 1.618 Fib at $180000. If the same "Double Top" formation is followed, we can even see a Blow-off Top as high as $200000. Both of those targets are restrained below the 0.786 Fib level of the Channel Up. It BTC follows the standard Higher High pattern on Channel Ups, we may even see prices as high as $300k but best to take the more conservative route.
But what do you think? Can we reach $200k during this Cycle? Feel free to let us know in the comments section below!
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Alikze »» FTT | Completing the last corrective legIn the daily and weekly time, after a deep correction, it recovered a full movement cycle and then corrected the previous wave in the form of a double correction of 0.23 fibo. It is currently completing the microwaves, wave 2 of 3.
🔰 Therefore, I expect that no new floor will be created in the first phase.
🔰 In the second phase, this movement can continue its growth at least up to the range of 4.74. If it can break the first target, this ascending wave 3 or C will have the ability to reach the resistance targets specified on the chart.
However, moving up to Fibo 1.618 can move the important supply area and the beginning of a deep correction.
⚠️ In addition, if it penetrates and stabilizes below Fibo 0.23, this movement scenario will be invalid.
🟩Sup:1.50
⛳️Tp1 : 4.74
⛳️Tp2 : 9.16
⛳️Tp3 : 20.84
⛳️Tp4 : 29.52
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MPCUSDT Strong BUY on this RSI Bullish Divergence!Partisia Blockchain's capped-supply native token, the MPCUSDT, has attracted significant attention lately and since its listing last week, it has already started to develop key technical patterns that offer strong trading opportunities, while at the same time expanding fundamentally.
** Technical Analysis **
MPC has been trading within a Channel Down pattern since March 20 with the 1H MA50 (blue trend-line) - 1H MA100 (green trend-line) range as its Resistance Zone. Technically we would expect this trend to continue but the 1H RSI has formed Higher Lows while the price is on Lower Lows, which is an underlying Bullish Divergence.
As a result, we expect the price to break above the Channel Down soon and target initially the 2.0 Fibonacci extension at 0.5750. The absolute confirmation signal would be a candle closing above the 1H MA100, which gave the last two significant rejections.
Beyond that, if the price breaks above Resistance 1 (0.5915), we will buy again and target a continuation on Resistance 2 (0.6900).
** Fundamental Analysis **
The token's exciting future isn't limited to just the technical part. Partisia Blockchain’s most significant contribution to blockchain technology is secure multiparty computation (MPC). MPC protects data not only when it’s stored or communicated but even when it is processed. This security allows individuals and organizations to control their private data while allowing others to use it for specific purposes.
Since last week, we are getting very important announcements and developments from the team in Partisia's attempts to reshape Web3 with MPC technology and se new standards for blockchain security. Key partnerships, incredible milestones, competitions and listings on multiple exchanges gives us extra reasons to be so bullish on this true gem!
We are buying it now that it is still early!
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ICPUSD targeting $55.00Internet Computer (ICPUSD) is on the 2nd straight green 1W candle following the Higher Low pricing at the bottom of the September 2023 Channel Up. As the 1W MACD posted a Bearish Cross into Bullish Cross, we treat this as the start of the Channel's new Bullish Leg.
The previous Bullish Leg recorded +470% gains. Assuming a similar rise from the Higher Low, we are turning long again on ICP, targeting the 0.618 Fibonacci retracement level at $55.00.
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Basic Attention Token (BAT)Basic Attention Token is an advertisement-based reward platform on which users can watch ads through the Brave Browser and receive BAT rewards in return. Anyway, BAT's start was not like most crypto projects, which went downtrend immediately, though later BAT entered a downtrend move anyway. Recently, BAT broke the downtrend line, made a double bottom as well as a harmonic pattern, and seems to have started an upward wave too. Let's see what happens.
BITCOIN Brace for the strongest rally of the Bull Cycle.Bitcoin (BTCUSD) is about to enter the most aggressive part of the Bull Cycle, the Parabolic Rally. That is the final bullish sequence at the end of which leads to the All Time High (ATH) and new peak of the Cycle. What makes it the most aggressive part is its Higher Highs angle, which historically has been the greater on each and every Cycle.
More specifically, the Parabolic Rally tends to start after BTC breaks above its previous ATH (blue circle). Until then, the angle degree (°) of the Higher Highs is low, with the current Cycle being 31°, the previous one of 2019/20 at 18° and the one before of 2015/16 at 26° (2019/20 Cycle was taken as such in order to filter out both the Libra euphoria and the COVID crash). This trend-line starts at the same time the 'Accumulation Triangle' starts, which leads to the ATH rally test.
The Parabolic Rally in the last 2 Cycles has been 71° and 66° respectively. Each Cycle's ° degrees of the 2 Higher Highs trend-lines give a sum of 89° - 92°. Since the current Cycle has the first Higher Highs trend-line on a 31° angle, the Parabolic Higher Highs should be a minimum of 58°. This suggests that by June we may have hit the 100k psychological benchmark and by September even extend to $150000.
But what do you think? Have we entered the most aggressive part of the Bull Cycle and if yes, are such targets realistic that soon? Feel free to let us know in the comments section below!
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Bitcoin(BTC/USD) Daily Chart Analysis For Week of March 22, 2024Technical Analysis and Outlook:
Bitcoin has dropped significantly from a Mean Sup of 65900 to a Mean Sup of 61300, where it is currently gyrating. The upcoming retest of the Mean Sup of 68400 will be crucial for continuing the bull run. However, before the bull run takes place, the coin might retest Mean Sup 61300 and, in the process, complete Outer Coin Dip 57200.
GALAUSD Strong long-term Buy.Gala (GALAUSD) has hit both targets (0.06200 being the last) since our last call (October 26 2023, see chart below) and has established itself above the 0.382 Fibonacci retracement level:
All MA periods have turned into Support levels, obviously the 1D MA50 (red trend-line) is the closer (short-term) one and a Higher Highs trend-line poses as the Resistance. Naturally, the new Bull Cycle aims on each and every Fibonacci retracement level upwards.
As long as the price actions stays under the Higher Highs trend-line, we can see it following a structurally timed rise with clear pull-backs (red Rectangles) and growth patterns (green Rectangles) that can potentially double each time.
As a result we set Target 1 on the 0.618 Fib at 0.17000. If at any point in time, the price closes above the Higher Highs, we will instead aim higher on the 0.786 Fib at 0.3500.
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