Get the popcorn ready! The season finale is about to start!
Like my previous post stated (Giant waves and choppy seas ahead!), I expected the chop we have seen for the last couple of months (white circle). There are two main reasons for this.
1) BTC needs to establish major support around 10500 after breaking out of the multi-year bear cycle we've been in. Now that the market feels confident we've confirmed the break out we can move upwards.
2) We were in phase D of Wyckoff accumulation, which comes with the show of strength we saw when we pushed to ~12k and the subsequent accumulation.
We're now in phase E of the Wyckoff accumulation and as my fractal shows we should expect exciting bullish movement up to the previous all-time high. Within this phase, it's common for BTC to generate violent sell-offs (purple circle) before reaching the target at 2.618 fib level (typical target after a sell-off during a bull run- pink circle). I expect this run to complete sometime around Dec 2020 - Jan 2021. After this run, we can still expect a multi-month selloff down to the 1.618, but I will update you all later on actual time frames and price points. While this is not the end of the show, it's still the season finale, so expect some wild twists that will leave you on the edge of your seat! Good luck and please like and follow if you enjoyed this short recap and fan theory.
1) BTC needs to establish major support around 10500 after breaking out of the multi-year bear cycle we've been in. Now that the market feels confident we've confirmed the break out we can move upwards.
2) We were in phase D of Wyckoff accumulation, which comes with the show of strength we saw when we pushed to ~12k and the subsequent accumulation.
We're now in phase E of the Wyckoff accumulation and as my fractal shows we should expect exciting bullish movement up to the previous all-time high. Within this phase, it's common for BTC to generate violent sell-offs (purple circle) before reaching the target at 2.618 fib level (typical target after a sell-off during a bull run- pink circle). I expect this run to complete sometime around Dec 2020 - Jan 2021. After this run, we can still expect a multi-month selloff down to the 1.618, but I will update you all later on actual time frames and price points. While this is not the end of the show, it's still the season finale, so expect some wild twists that will leave you on the edge of your seat! Good luck and please like and follow if you enjoyed this short recap and fan theory.
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