Hello friends!
In our last analysis, we identified a perfect Fibonacci breakout setup even to the point where Fibonacci allowed us to predict the day of the breakout. There, we target $9200 with some great success. I have now removed the fib lines from the chart. With everything going on, until I can be sure that they apply in a way I can communicate, I’m keeping them off the chart.
Now, Bitcoin. We have two situations going on here. First off, this “check mark” pattern on the Daily, and even visible on the 3D chart, is bad news. Fortunately, we can take it a bit less seriously than usual, because these are strange times. So, we have a bearish 62% retrace *in red*, that points to (optimistically) a retest of the previous low, which was shown to be strong support.
Now on to scenario #2. Long term, we just tested the 79% retracement area. At this point, we saw some big buyers step in. If I had to guess. 4K was the planned algorithmic target as soon as 10.5k was touched.
I want to stick to the technicals.
The arrows are scenarios I see as being likely here. Good luck traders.
Previous analysis:
In our last analysis, we identified a perfect Fibonacci breakout setup even to the point where Fibonacci allowed us to predict the day of the breakout. There, we target $9200 with some great success. I have now removed the fib lines from the chart. With everything going on, until I can be sure that they apply in a way I can communicate, I’m keeping them off the chart.
Now, Bitcoin. We have two situations going on here. First off, this “check mark” pattern on the Daily, and even visible on the 3D chart, is bad news. Fortunately, we can take it a bit less seriously than usual, because these are strange times. So, we have a bearish 62% retrace *in red*, that points to (optimistically) a retest of the previous low, which was shown to be strong support.
Now on to scenario #2. Long term, we just tested the 79% retracement area. At this point, we saw some big buyers step in. If I had to guess. 4K was the planned algorithmic target as soon as 10.5k was touched.
I want to stick to the technicals.
The arrows are scenarios I see as being likely here. Good luck traders.
Previous analysis:
Comment:
I think 5450 might be the buy here my dudes.
