I've been analyzing BTCUSD on the 5D and it looks like it is topping out right now and we are heading down in a sustained way very soon. I printed a logarithmic regression channel with 2 SD either way and we are at the top of the channel.
Wave trend analysis shows we are overbought and unlikely to make it to the 0.786 FIB level ($50k).
You can also see...
I've been analyzing BTCUSD on the 5D and it looks like it is topping out right now and we are heading down in a sustained way very soon. I printed a logarithmic regression channel with 2 SD either way and we are at the top of the channel.
Wave trend analysis shows we are overbought and unlikely to make it to the 0.786 FIB level ($50k).
You can also see...
This represents a long-term trendline that acts as significant support and resistance for BTC cycles that shows we are likely to get rejected from it late next year, corresponding to a cycle top between $75-85k. Steve at Crypto Crew University inspired this idea.
I charted out a path for BTC over the next few years based on using the previous cycle support zone as resistance for the next cycle. Looks like BTC can hit between $270-$280k on the next market cycle top if these lines are fit correctly and we do not get a recession to knock us down in a meaningful way between now and then.
