BTC Fibonacci study and predictionThis is a study and short term prediction on the Bitcoin chart based on Fibonacci price action retracements and extensions,
based on identified patterns in ranges of time for price movement on previous low to highs, high to lows and high to highs.
The predictions are created using the previous ranges of time and the Fibonacci golden ratio on retracements and extensions
to get an estimate on the possible next support and resistance areas, also considering the basic Elliot Waves patterns in impulse and corrective waves for likely direction after the areas are encountered.
If the study's prediction is accurate
the Bitcoin price should hold support near 43.5k with a max potential drop of 30% to 40.5k within this week / early next week,
it would expect a move upwards all the way to a new resistance near 75k within 24 days after it begins,
where we expect a corrective wave with the first leg dropping another ~25 - 30% where it could find resistance around 55k with a max 30% drop to 51.5k
with a next potential bounce off to 63.5k range and potentially dropping another ~30% to the 43.5k support
News around Bitcoin are huge, crazy and unpredictable so attempting to call out moves further in time is more unlikely to be accurate,
but based off the historic March drop, we could expect sideways movement for a while before continuing its glorious rise.
Recharge your laser eyes and polish those diamond hands, we're going to the moon!
