Based on a number of areas of confluence, is it possible that BTC will bottom in September 2022 at around the 17,250 mark?
1) Hitting the Fib retracement at 0.786
2) Representing a 40% retracement from the most recent low (around the 0.618 Fib)
3) Continuation from the currently weekly/monthly downtrend corridor bottom
4) Below the prior ATH from the last bull market, so most likely would be a wick below with a close at 19.5k-20k
5) Below the 200w SMA which typically represents the bottom of the bear market
For me this is the absolute downside scenario and I would be a heavy buyer at anything below 20k, and would not expect a wick anywhere below 17.25k
1) Hitting the Fib retracement at 0.786
2) Representing a 40% retracement from the most recent low (around the 0.618 Fib)
3) Continuation from the currently weekly/monthly downtrend corridor bottom
4) Below the prior ATH from the last bull market, so most likely would be a wick below with a close at 19.5k-20k
5) Below the 200w SMA which typically represents the bottom of the bear market
For me this is the absolute downside scenario and I would be a heavy buyer at anything below 20k, and would not expect a wick anywhere below 17.25k