This is a Simplified version of a chart I have developed over the last few years, tracing the creation of #Bitcoins Long Term Price Action.
So, That Orange Arc is part of a Fibanacci Spiral, that PA entered in October 2009. Notice how it acted as a rejection point of every ATH until June 2019, when a strong push up was rejected and we entered a Bear market till after the March 2020 Crash.
And it was in October 2020 that we broke through that Sprial. And it was HUGELY important to do that otherwise, we would have been dragged back down in a Negative Arc...as you can see by following that Orange Arc.
You can also see how a channel was created, initially, the lower line was resistance in MAY 2011
PA broke through in Feb 2013 and went to ATH, where it got rejected off the upper Trend line, which has been the point of Rejection ever since.
Trendlines become Valid on a minimum of 3 touchs and Both Upper and lower have more than that.
Using a Day count between ATH's, we can project that the next ATH will be around... OCTOBER (another October ) 2025 and for me, Is following a Very similar path to that of 2013 - 2017 PA
So, in summery, PA was confined by a Fib Spiral at first until it created a channel to rise in.
It then needed to break free of that spiral and then to "run Free" in its channel.
Why a Fib Spiral ? I can show you some calculation if you wish that create this spiral, or part of it, exactly where you see it.
And so now, we are in Lower zone of the rising channel and heading towards a Projected 400K by this time next year.
There are channels with in Channels, a bit like Elliot waves
Look at the chart and check out the number of times areas have been tested, retested and then used.
This chart is one of 5 I base ALL my Bitcoin Decisions on.
If you have read this far..thanks.
I would love any feed back, positive or negative... I can take it lol
Enjoy
