Hey everyone , I wanted to share something I drew up a short while ago, regarding bitcoin all time highs and where we are headed when bitcoin reaches the $10k/11k area.
In the daily chart, I have marked the corrections we have seen this year in a manner that will show how much loss you woud take if you buy the top and sell the bottom (the numbers at the bottom of the red boxes). I have also marked where a pullback would bring us to if we correct at either $10k or $11k, using the maximum correction % we have seen this year. In the weekly chart, I have marked the lowest level of overbought conditions on the RSI where we are likely to see a market correction begin.
Bitcoin/USD consistently corrects 30/40% when a market correction is due. Overall, I am still bullish on the bitcoin and crypto markets, but would advise everyone to be prepared for a dip.
I would also recommend entertaining the possibility of seeing a true retrace (when originally playing with this chart in August, a fibonacci retracement was used as a forward-looking tool to determine future levels of resistance/support). If we see a significant retrace (entirely possible), I would not be surprised to see BTC return to the upper $4k area.
BTC/USD 1day candles: https://www.tradingview.com/x/9o4eX2aj/
BTC/USD weekly candles: https://www.tradingview.com/x/5JeV0aK4/
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