Break Out : The Cross over - 31st Oct 2024

Price has also reached the Upper Bollinger Band on the weekly. This will be the norm rather than exception going forward till we reach Peak. The exception being during well defined drawbacks.

2. RSI :

It should also enter overbought levels on the weekly timeframe and remain there until the Peak.

Local Top

Why is 73K so important, why are Fibs very important during price discovery?
How did we know 2021 was not the top?
Actually we are still in the same cycle that started in 2018. Well I promised when we reach 73K I will share why, here is why

				1st Top (Local Top)					2nd Top (Global Top)			Parabolic Phase Timeline
Year	Post Peak Dip %	Fib 0 (Previous Base Low)	Fib 1 (Previous Peak High)	Fib 4.236 (Major Peak 1)	Actual	Variance	Fib 0 (Previous Base Low)	Fib 1 (Major Peak 1)	Fib 4.236 (Major Peak 1)	Actual	Variance
2011	-71.43%	0.01	1.95 (Assumed Peak 23rd Apr 2011)	8.23	8.85	7.53%	0.01	8.85	37.46	31.90	-14.84%	11 Days to 4x
2013	-93.43%	2.01	31.90	128.62	268.67	108.89%	2.01	268.67	1,131.58	1,177	4.03%	19 Days to 4x
2017	-85.46%	164	1,177	4,456	4,971	11.56%	164	4,971	20,528	19,765	-3.72%	37 Days to 4x
2024	-84.09%	3,148	19,765	73,534	73,794	0.35%	3,148	73,794	302,489			55 Days to 4x ?

Use BLX index in TradingView.
Let me use 2013 & 2017 for illustration.
- Take Fibonacci and place 0 on previous base low and Fib 1 on previous top in 2011, Fib 4.236 will give you the local top.
- Once the local stop is formed, adjust Fib 1 from 2011 High to 2013 Local top, Fib 4.236 will give you the global top, the range in which price peaked.
The table shows variance between actual peak plus estimated peak. For local top we see actual exceeded estimate a good thing, for global top there is a marginal error of +/-5%, not bad. #cc

2018 - 2024 cycle : Local Top & Global Top Estimate

So $69K was below the local top estimate.

Now we see why it peaked early in the year at 73.8K pulled back to retrace level of Fib .

+/-5% of $302K puts range between $287K and $317K.

However another model puts an initial peak at around $277K i.e. Fib 3.854 ($275K). #cc

Scissor Midpoint Projection

I anticipate as follows:

Price to pass $73.8K today (30th Oct 2024).
Price to hit a new peak by 1st Nov possibly $95K, possibly $87K then a major pullback (Between -10% to -21%) between 1st Nov & 3rd Nov, manage risk accordingly.
The precedence for above is 9th Nov 2013 & 10th Nov 2017 which were the first major pullback above local top. #cc

<aside> <img src="/icons/brightness-high_lightgray.svg" alt="/icons/brightness-high_lightgray.svg" width="40px" /> Get in touch: https://linktr.ee/wealth.empowerment

</aside>