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BITCOIN 50% FIB FRACTAL | ACCUMULATION UNDER 50% FIB - $7400
Bitcoin
Short
BITCOIN 50% FIB FRACTAL | ACCUMULATION UNDER 50% FIB - $7400
By JayanVarsani
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Updated
Apr 10, 2020
2
6
1
1
Apr 6, 2020
2015
50% Fibonacci Level held as a pivot as price traded under it whilst testing it
50% Fibonacci was re-tested upon breakout
Capitulation was -65%
Capitulation wick was -22% below the close
Price simply traded sideways within a range
2020 vs 2015 Similarities
50% Fibonacci Level being tested as of now and this is a key pivot zone
Capitulation was -62% which is similar to -65% of 2015
Capitulation wick was -26% below the close which is similar to -22% of 2015
______________________________________________________________________________________________________
Summary of Both Charts:
Big Capitulation
Initial Retracement
Sideways Accumulation Between Low & Retracement Level
VERDICT
: Bitcoin to remain under $7400 and trade sideways for a few months, bouncing between $3800 and $7400
Apr 10, 2020
Note
accumulation
Bitcoin (Cryptocurrency)
Chart Patterns
Cryptocurrency
distribution
retracement
sideways
Trend Analysis
JayanVarsani
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