Bitcoin /USD rate (January 2022)
Since I last published a bitcoin chart update, we have seen prices hit a level of $39.6k-$40.6k. I feel like there has been at least some semblance of correlation on my bullish Fibonacci multiple at 0.382. The price action followed and reacted off my next major multiple, 0.5.
I did post a chart on December 15th 2021 that I feel gave me some significant confirmations of my pattern ideas. (Original chart)
Quote: "I have included my own idea of an alternation on the lowest section of the fractal I have (in gold ) so that it goes lower and potentially goes back to the levels that the big wick at the beginning of this pattern hints at. I think the low for this pattern will end on either one of my fibonacci multiples at 0.5 ($43,882) or 0.618 ($40,564) around the first week of January 2022. If that is correct and the bear isn't (quite) here yet, one last major pump could come before doom."
I was right, bitcoin price saw a drop to exactly $40,500 on the 7th of January 2022 and made its negative price action during the few days before. Price touched ~$40.5k on January 8th as well, and then pierced as low as $39.6k on the 10th and settled back up near $40.5k again immediately after. To me, that would be representative of 3 major trend touches and go, but we have to wait and see regardless.
Unfortunately, I left that part out of other recent updates and it ended up being the most accurate aspect of all my charts so far. This is part of the reason why I am trying to make more and more alternate considerations; they need to be made and then watched for actual correlation to confirm any ideas.
However, I am considering that the rest of this chart idea may be incorrect, and may go back to looking more like what I had in my November 2021 Volume chart (Original chart)
I can’t say that to be for sure, I need to see more correlating price action on this chart layout first, so I’ll publish the other idea I’ve come up with in a separate chart layout with a modified fibonacci setup. I’ve had to consider multiple sets of alternations and fractal ideas, but I still like this current pattern and fibonacci layout the most. I just want to consider that the next wave could end up not going as high as I once previously had an idea for.
One thing I am considering, is that the peak of this pattern could actually end as high as $84,000 for those who can sell a fast wick. Otherwise, peak could be just below that range around $74k, or the last wave doesn't even succeed past $65k again. I would like to keep in mind that this wave idea is very rudimentary on its own with no context.
To be explicit: I believe peaks and lows that will be achieved from now until 2024 are:
Low: $6,580 (+-25%)
High: $75,320 (+-12%)
This could be wrong but I’m just documenting my ideas now so I can attempt to see where I went wrong in the future. I have said it often recently but I will keep saying it, I am biased towards being bearish on bitcoin and cryptos in general at the moment. I don’t want to change my mind which sounds crazy right now.
Previous charts I've built coming to these conclusions:
Thanks for tuning in :) Disclaimer, anyone in the trade needs to do their own due diligence and decide what is right for YOU. My charts can be wrong at any time and it's very important that you have your own strategies and plans in place. I run this channel for my own educational purposes of learning to trade, and I will never be 100% right, so please do not let me confirm any bias for you! (Dangerous to do so, stay safe and remember the basics & rules of risk assessment.) Expect the unexpected and happy trading!
Since I last published a bitcoin chart update, we have seen prices hit a level of $39.6k-$40.6k. I feel like there has been at least some semblance of correlation on my bullish Fibonacci multiple at 0.382. The price action followed and reacted off my next major multiple, 0.5.
I did post a chart on December 15th 2021 that I feel gave me some significant confirmations of my pattern ideas. (Original chart)
Quote: "I have included my own idea of an alternation on the lowest section of the fractal I have (in gold ) so that it goes lower and potentially goes back to the levels that the big wick at the beginning of this pattern hints at. I think the low for this pattern will end on either one of my fibonacci multiples at 0.5 ($43,882) or 0.618 ($40,564) around the first week of January 2022. If that is correct and the bear isn't (quite) here yet, one last major pump could come before doom."
I was right, bitcoin price saw a drop to exactly $40,500 on the 7th of January 2022 and made its negative price action during the few days before. Price touched ~$40.5k on January 8th as well, and then pierced as low as $39.6k on the 10th and settled back up near $40.5k again immediately after. To me, that would be representative of 3 major trend touches and go, but we have to wait and see regardless.
Unfortunately, I left that part out of other recent updates and it ended up being the most accurate aspect of all my charts so far. This is part of the reason why I am trying to make more and more alternate considerations; they need to be made and then watched for actual correlation to confirm any ideas.
However, I am considering that the rest of this chart idea may be incorrect, and may go back to looking more like what I had in my November 2021 Volume chart (Original chart)
I can’t say that to be for sure, I need to see more correlating price action on this chart layout first, so I’ll publish the other idea I’ve come up with in a separate chart layout with a modified fibonacci setup. I’ve had to consider multiple sets of alternations and fractal ideas, but I still like this current pattern and fibonacci layout the most. I just want to consider that the next wave could end up not going as high as I once previously had an idea for.
One thing I am considering, is that the peak of this pattern could actually end as high as $84,000 for those who can sell a fast wick. Otherwise, peak could be just below that range around $74k, or the last wave doesn't even succeed past $65k again. I would like to keep in mind that this wave idea is very rudimentary on its own with no context.
To be explicit: I believe peaks and lows that will be achieved from now until 2024 are:
Low: $6,580 (+-25%)
High: $75,320 (+-12%)
This could be wrong but I’m just documenting my ideas now so I can attempt to see where I went wrong in the future. I have said it often recently but I will keep saying it, I am biased towards being bearish on bitcoin and cryptos in general at the moment. I don’t want to change my mind which sounds crazy right now.
Previous charts I've built coming to these conclusions:
Thanks for tuning in :) Disclaimer, anyone in the trade needs to do their own due diligence and decide what is right for YOU. My charts can be wrong at any time and it's very important that you have your own strategies and plans in place. I run this channel for my own educational purposes of learning to trade, and I will never be 100% right, so please do not let me confirm any bias for you! (Dangerous to do so, stay safe and remember the basics & rules of risk assessment.) Expect the unexpected and happy trading!
