As you can see, I set my fibbonacci according to the log scale and this is my result.
As stated before, the 0.786 fibbonacci level gets hit in each cycle before a major pullback.
However, I believe the price will push beyond the 0.786 to the 350 moving average shown.
I'm expecting a FOMO explosion during and after NYE until the ETF news is announced.
Regardless if the ETF is approved or denied, I believe it will be a sell the news event.
In the meantime, 57k is my current long target.
If that target is not reached and we get a significant pull back below the 0.786, I will consider adding to my long position at or above the 0.618 Fibbonacci level.
I hope this helps someone out there. Goodluck and God bless! And happy New Year!
As stated before, the 0.786 fibbonacci level gets hit in each cycle before a major pullback.
However, I believe the price will push beyond the 0.786 to the 350 moving average shown.
I'm expecting a FOMO explosion during and after NYE until the ETF news is announced.
Regardless if the ETF is approved or denied, I believe it will be a sell the news event.
In the meantime, 57k is my current long target.
If that target is not reached and we get a significant pull back below the 0.786, I will consider adding to my long position at or above the 0.618 Fibbonacci level.
I hope this helps someone out there. Goodluck and God bless! And happy New Year!