I will keep this simple and short. Every two simple parameters are filled, Bitcoin starts a parabolic bull run.
Those are the MA50 making a new High on the 1W time-frame and trading above the 0.786 Fibonacci retracement level. That happened at least back in late 2012 and 2016.
On present day, two weeks ago the 1W MA50 made a new High, while last week the price broke above the 0.786 Fib.
Can BTC hold onto these levels and kickstart the parabolic bull run? Are those alone enough? Feel free to share your work and let me know in the comments section!
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Yes, it can. :) Just an observation though: the previous times the moving average slope was steeper. Now it has just turned around. So it might not be an explosive take-off yet. Perhaps just started burning the rocket engines. :)
TradingShot
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@idz, I agree IDZ and personally I am a full supporter of the "lengthening cycles" theory which I've posted numerous times here.
@CompSciAndFly, I had a target at around 15400. To be honest I don't know whether we might have any meaningful correction soon. Yet... it could be, i.e., we might still have the pullback, but the correction could be rather short lived.
UnknownUnicorn100937
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@CompSciAndFly, Market paused. Target for correction could be in play.
@Kjakail, I don't know. There are rumors that some government agency is knocking on Tether Treasury door and they're printing USD-Tether like a madman now to prop prices up and/or buy BTC with the little time they've got left. You can check the USD-T transfers @whale_alert Twitter account.
WMWToronto
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This chart is very clever of you in detecting the 0.786 Fibonacci retracement level at these 3 points in time, as well as the 1 week MA of 50. This is very similar to my ETH/BTC "December Effect" chart, which I have not published as of yet. Now tell me, and don't be shy, we are all friends here. How did you detect this ? And continuing on, can you please comment on where and when you anticipate the price moving to from today ? History is one thing, but I'm here to learn how to see into the future.
Thanks for the chart and your work. I am going to print it out and post it on my wall to follow up on.
Thanks again,
Ward Weaire
Toronto, Canada
WeAreSat0shi
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@WMWToronto first drop to 12 11 then may june previous highs.
TradingShot
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@WMWToronto, Thanks WW. There is no big secret here I just conduct various regressions and analyses daily so that to get meaningful results. I am eagerly awaiting for you to share your ETH BTC chart with us!