The bottom arc of BTCUSD is quite clear, with many touch points, as long as you're willing to ignore the March 2020 black swan crash.
The top arc has two clear touch points on the 2013 and 2017 market tops. It can be drawn many different ways, depending on where the next top is.
In this chart, I draw it as if the 2021 top at $69K was a touch point on the top arc. This is a real possibility that must be looked at until proven wrong.
If this is the case, we have a bottom price of $20K, barring another black swan, and a possible "triple top" just marginally higher than $70K.
There is the possibility that we see another top far beyond that and need to redraw the line. However, for now the chart drawn this way looks most likely.
There is also a middle arc that has provided resistance and support throughout the history of BTC, and is providing support at about $40K now. If you're a bull, this has to hold or we will see a capitulation to $20K, not $30K as most people are saying.
Good luck and enjoy these fun times. Don't forget to like and comment!
The top arc has two clear touch points on the 2013 and 2017 market tops. It can be drawn many different ways, depending on where the next top is.
In this chart, I draw it as if the 2021 top at $69K was a touch point on the top arc. This is a real possibility that must be looked at until proven wrong.
If this is the case, we have a bottom price of $20K, barring another black swan, and a possible "triple top" just marginally higher than $70K.
There is the possibility that we see another top far beyond that and need to redraw the line. However, for now the chart drawn this way looks most likely.
There is also a middle arc that has provided resistance and support throughout the history of BTC, and is providing support at about $40K now. If you're a bull, this has to hold or we will see a capitulation to $20K, not $30K as most people are saying.
Good luck and enjoy these fun times. Don't forget to like and comment!