The support fan still underpins a bullish scenario with a strong breakout by April 15th. What else could happen? All in? We compare past Gann scenarios with the current one and weigh with an indicator analysis which is more likely.
The support fan has been holding us up since January 24th, with the quadrant limit at $47,200 being the major resistance. By March 9th, Bitcoin narrowly reclaimed the subordinate quadrant limit at $40,500 in time, and we are now in the high volatility area of a subordinate quadrant. This has already been tested, and we are currently facing the decision to build a higher high to resolve the entire scenario in a bullish manner.
Today, we're looking at the larger overarching Gann and comparing it with past scenarios. The red scenario from spring 2020 and the green scenario from autumn 2020. As a reference, we take the chart course of 2018, which closed with a strong correction.
Bitcoin starts this quadrant with the well-known Corona correction on March 15. The breakthrough of the support fan succeeded on April 29 with a subsequent retest on May 11. On July 1, as well as September 7, further confirmations occurred as support, which paid off with a strong breakout in the highly volatile area by October 17.
According to indicators, we are in a different constellation than in autumn 2020. Not only have we corrected here to the fan, but also the Gann trend as well as the 200 MA do not provide us with any support.
Bitcoin starts this quadrant with the high from the summer solstice of 2019. Similar to the current case, we are correcting to the yellow dashed support fan and breaking it on the first contact by September 24th, followed by a subsequent retest from below on October 27th. Only on the green 45° fan does the Bitcoin chart climb upwards to the highly volatile area, where the uptrend discharges in a strong correction on February 13th. Again in green, our current situation.
Here, we find several matches. Additionally, we are even below the Gann trend in a negative position. Here is the current situation with the continuation of the red scenario.
As a reference for the two scenarios, we go further back in the chart to 2018. However, in the Gann, we are not in the same situation there.
Form your own opinion and don't forget.
