This is the BLX, the index showing all of BTC's price action since its inception.
Outside of a singular event in 2010 BTC has never moved outside of the 'territory' between the upper and lower dotted curves.
And, in all its phases of BULL and BEAR markets, Bitcoin has always retraced to the .382 FIB level of its previous move from BOTTOM to TOP.
In the beginning not reaching the .382 but along the way bottoming nearer to the .382
And now, in 2022 we retraced to just below the .382
If Bitcoin will continue to move between the upper and lower curves, we can conclude that this IS the bottom.
But also, that Bitcoin will NEVER go beyond around 200K, this being the upper limit of the upper dotted curve, if we extend it into the future...
Hmmmm, what are your thoughts?
Outside of a singular event in 2010 BTC has never moved outside of the 'territory' between the upper and lower dotted curves.
And, in all its phases of BULL and BEAR markets, Bitcoin has always retraced to the .382 FIB level of its previous move from BOTTOM to TOP.
In the beginning not reaching the .382 but along the way bottoming nearer to the .382
And now, in 2022 we retraced to just below the .382
If Bitcoin will continue to move between the upper and lower curves, we can conclude that this IS the bottom.
But also, that Bitcoin will NEVER go beyond around 200K, this being the upper limit of the upper dotted curve, if we extend it into the future...
Hmmmm, what are your thoughts?
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