The W pattern To 100k (Bitcoin)
So I have been going over Log Fibs quite a bit the last few weeks and found amazing patterns regarding the Blue Fib log you see in front of you, take a look at the TA below .
What I noticed was that Bitcoin tends to do a double bounce off the Blue Fib log before moving higher, right now with just had that double bounce. Now looking further into each bounce we can see that sometimes Bitcoin created W formations with these bounces.
Here are a few examples
2019
W formation
2017
Another W formation
2010
Not as clear be somewhat W formation
This is what we could be creating right now and a massive W formation that has taken one year to form. We did the same thing previous years in a much smaller time frame because the market cap was much lower , now that we need to go to 175k the W pattern needs to be much larger to swing that momentum , let's see if it plays out.
I also have a different scenario one that is more bearish take which would take Bitcoin down to 35k , I really doubt we go lower if this happens , some of the calls down to 20k is just so ridiculous not saying it can't happen but we talking about a black swan event to get down there.
Just take a look , Bitcoin has only ever touched the blue fib log under the 50% line once in 11 years and it was the Covid crash , people think Bitcoins going down to 20k with a simple correction are not seeing things clearly , just look at where a 20k Bitcoin lands same place as the Covid crash , so yeah anything is possible but to get there we need a black swan event at this point.
Fib Time Zones
0.5 - 20th Feb 2022
0.618 - 2nd March 2022
1.618 - 23rd May 2022
What I noticed was that Bitcoin tends to do a double bounce off the Blue Fib log before moving higher, right now with just had that double bounce. Now looking further into each bounce we can see that sometimes Bitcoin created W formations with these bounces.
Here are a few examples
2019
W formation
2017
Another W formation
2010
Not as clear be somewhat W formation
This is what we could be creating right now and a massive W formation that has taken one year to form. We did the same thing previous years in a much smaller time frame because the market cap was much lower , now that we need to go to 175k the W pattern needs to be much larger to swing that momentum , let's see if it plays out.
I also have a different scenario one that is more bearish take which would take Bitcoin down to 35k , I really doubt we go lower if this happens , some of the calls down to 20k is just so ridiculous not saying it can't happen but we talking about a black swan event to get down there.
Just take a look , Bitcoin has only ever touched the blue fib log under the 50% line once in 11 years and it was the Covid crash , people think Bitcoins going down to 20k with a simple correction are not seeing things clearly , just look at where a 20k Bitcoin lands same place as the Covid crash , so yeah anything is possible but to get there we need a black swan event at this point.
Fib Time Zones
0.5 - 20th Feb 2022
0.618 - 2nd March 2022
1.618 - 23rd May 2022
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