In my previous post we hit my upper target of 48k at 0.618 fib. As Bitcoin managed to close over on weekly time frame and broke my yellow downtrend like last cycle, I have to be bullish until it gets invalidated. To summarize:
a retest of 31k I would say is where we are going. Around the 0.236 fib area, last cycle we had a correction that took us down around there too, also the cycles before check it yourself. But if people fomo here then maybe we'll see a wick up to 57k next fib and close a CME gap at 52k
I didn't expect it to hit so soon, we only had a pullback to 38.5k to fill a CME gap at 39.5 and not 31k as I thout might happen, thats still in the cards if we go below our yellow trendline again. And the higher we go the harder the fall if we don't build market structure along the way.. Or have we just entered our parabolic route earlier than usual? If you look at the yellow trendline last cycle, we retested it a couple of months, this would be so bullish if we could do it again and build a strong foundation for the parabolic phase. Its declining so it could be 48k now or 45k in a couple of months. If not I think it will be a weak run and my peak target for this cycle is around 90k if so. I love Bitcoin and I know it sucks.. But we are having diminishing returns cycle after cycle and I should act based on facts not hopium. But I think Alts will easily do 10x. See here why.
To close the talk on Bitcoin, I did post this chart with ecency waves some weeks ago if any saw it, so next target is 64k short term if this pattern is not invalidated.
Now, quick update on ETH. Hit my first target of 3k.2k, next is 4k target for the ascending triangle that has formed over 1.5 years.
the target for the pattern is actually 4k, I'm aiming for 3k.2 first. Invalidation, close below 2k.1.
It's running as expected, nothing new to say, I expect it to reach around 4k at some point, any dump along the way is to buy imo as long as pattern is not invalidated. DYOR NFA blah blah.
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Ascending triangle on Lido DAO, will it do as ETH did?
Christopher
Kristiansand, Norway
Source: Photos are chart-screenshots by me from Tradingview.com
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