Everything seems to be puking off and there are nice charts showing Wyckoff distribution and redistribution. However, one thing that matters, is the fact that Bitcoin will do what it will do. We are going to use the knowledge that history rhymes, to forecast the best prices to enter the market and get some cheap Bitcoin.
In the post I made about the best price to buy bitcoin last year (@turpsy/average-buy-price-for-btc-is-5361-usd), I used the Fibonacci retracement to know how much the market is willing to take back. The Fib numbers are 0.618, 0.65 0.786 and 0.886.
Now to the chart
https://www.tradingview.com/x/M8uPZ0dL/
Back to the table, showing the price response to Fib number over the years. We should focus more on the numbers highlight in blue, i.e 4th cycle and 5th cycle.
According to the conditions mentioned in the initial post, we can still get to Fib 0.65 (24828.02 USD) and still remain in the bull market.
"Even if it hits and retraces first to 0.618 but it didn’t go below the previous cycle, then we don’t consider the last cycle terminated."
Right now, we are yet to fulfil any of the Fibonacci conditions which will set us up for the next bull cycle. Technically, we are still in the current bull cycle as of today, 22 June 2021.
To have a safe and sound sleep after buying bitcoin, these are your levels to watch (SPOT MARKET ONLY)
* 26807.43 (0.618 Fib)
* 24828.02 (0.65 Fib)
* 16415.53 (0.786 Fib)
* and 10229.88 (0.886 Fib).
Note: These levels are places you can buy and have higher confidence that Bitcoin would go above them in the next 2-3 years.
For now, watch how prices move.
