The general sentiment seems that Bitcoin will be going to 20k and that the bull market is over. I strongly disagree until we start closing daily candles under 30K. On-Chain analysis shows that there are more stable coins on exchanges than ever before ready to buy.
There is a new trendline that is developing right now and so far we have a couple of reaction points on three different occasions.
March 2020 (Trend starts here Covid crash)
October 2020 (The start of the bull run)
June 22 2020 (The current local low for Bitcoin)
Fib Date - 5th November 2021
This is an interesting Fib date because it lined up with my trendline and it could very well be possible that we break the 8/1 Gann ratio around this time.
The two orange dotted lines are potential resistances that so far have had a lot of confluence and finally the red dashed line which lines up with the break down from the head and shoulders formation in May 16th 2021.
If Bitcoin holds the orange support line we could have very well pinpointed a timeframe when the bull market would restart , as I have said many times on on my previous TAs the bull market does not restart till the 8/1 Gann Ratio is broken and retested as support.
There is a new trendline that is developing right now and so far we have a couple of reaction points on three different occasions.
March 2020 (Trend starts here Covid crash)
October 2020 (The start of the bull run)
June 22 2020 (The current local low for Bitcoin)
Fib Date - 5th November 2021
This is an interesting Fib date because it lined up with my trendline and it could very well be possible that we break the 8/1 Gann ratio around this time.
The two orange dotted lines are potential resistances that so far have had a lot of confluence and finally the red dashed line which lines up with the break down from the head and shoulders formation in May 16th 2021.
If Bitcoin holds the orange support line we could have very well pinpointed a timeframe when the bull market would restart , as I have said many times on on my previous TAs the bull market does not restart till the 8/1 Gann Ratio is broken and retested as support.
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4th reaction point with yesterday daily close on the support line , lets see if it holds
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thats a 5th reaction with a daily close on it again , looking like this support line could be the bottom of a small rally
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well still holding yet another close on this support line
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and yet again we hold the line!
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price needs to close 31700 tonight
