Hello friends and welcome to my first analysis on
Since im new to TA i find it easier to look at the bigger picture, therefore i compare
The
- The first dip of
BTCreached a bit over the 0.382 retracement whereas for the
NASDAQ it was not that bad, retracing only a bit over the 0.5.
- The second dip reached exactly the 0.236, where the
NASDAQ retraced even stronger
- The third dip of
BTCretraced nearly to the November low, which looks very similar to the third dip of the
NASDAQ. From there it went again to 11.7k where it failed with a double top. Since then the sell off continued but the selling pressure got lower.
- The fourth dip of the
NASDAQ was slightly below the low before the start of its massive rally. If
BTC follows the same path i expect a price of 4550 to 5050 before rallying again to the strong resistance of 11.7k. The
NASDAQ rallied after the fourth dip to the 0.382 in 2007 where it failed again and retraced back nearly to its low of 2002. After this low the new rally until today started.
I think there are some similarities and after the lack of selling pressure lately at around 6500$ i expect a slower decline to the target of 4550 to 5050$, where a new rally will (hopefully) start.
Im looking forward to your comments/ideas!
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.