XBTUSD 1D - Long term analysis
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Over the past year, XBTUSD has followed a relatively consistent pattern consisting in a rally (averaging in a 160% to 260% growth - excepting the first rally of the year which was a relatively small 70% growth; all of these rallies were followed by a 30%-40% correction which is in line with Dow theory which says a rally will be followed by a correction ranging from 1/3 to 2/3 of the growth).
Another important pattern to support this analysis is that the RSI has been consistent in showing the tops and bottoms of these rally/correction patterns. Lastly, we could say that the tops have become quite consistently support levels for the corrections in the following wave.
If we were to follow the 160% to 260% previous growths, we could set our targets in between 20k (which coincides with the previous top) and 27k. Regarding the stop-loss, it could be either south of the 7600 bottom we had, or if you are more risk averse, south of the previous rally top at around 7950.
Another important pattern to support this analysis is that the RSI has been consistent in showing the tops and bottoms of these rally/correction patterns. Lastly, we could say that the tops have become quite consistently support levels for the corrections in the following wave.
If we were to follow the 160% to 260% previous growths, we could set our targets in between 20k (which coincides with the previous top) and 27k. Regarding the stop-loss, it could be either south of the 7600 bottom we had, or if you are more risk averse, south of the previous rally top at around 7950.
Nota
While it bottomed out at a lower support level, I believe the analysis is still valid.
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