Ellis01
@t_Ellis01
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Base on simple measurements of each BTC swings, it's not difficult to notice that BTC has its own maximum swing hight. On the chart, the 3 yellow lines are identical, and we measured BTC swing hight. After each swing there were corrections, therefore in a short term, I don't expect BTC to grow. Instead, there should be some corrections. Let's wait and see how it unfolds.
BTC had reached the top based on the two lows on 21-Nov-2022 and 11-Mar-2024.If we use the price 15,476 as a reference to project an angle 3 x 15.476 ~= 46.44 degree (you may also use a 45 degree), as well, using the price 38,555 to project 1.5 x 38.555 ~= 57.83 degree, they both formed a major resistance of this BTC swing. We may find support at levels using 2x and 1x the angles projected from the 2 BTC low on the chart.(Correction) The second low date should be 23-Jan-2024. Also 2.618x - 2.5x the first low should also be able to find some supports.BTC has reached a top at the 45 degree angle of the first low 15,476 and is now supported by the angle 1.382x 38.555 of the second low. BTC seems to have completed a 5 waves up and may correct to the low of the fourth wave of one lesser degree. Should BTC breaks down the 1.382x, it should "bounce" at 1x and 0.5x of 38.555 angles. Also, if I am not mistaken there should be some high price actions around the vertical lines (dates) on the chart.
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