Bitcoin: Long Term TA part 2.
I’ve cleaned up this chart by removing the fib channels relative to the 2019 bear market and replaced them with simple parallel channels. It’s easier on the eyes. The fib channel in yellow represents the macro bearish angular momentum with the fib channel in green representing its counterpart. The confluence is obvious and the connection between the peak of 2013 and the bottom during the begin of 2019 is almost spooky.
Based on this marco bullish fib channel, the price found support at the .618 line. Further confluence for this support leave comes from the log retrace relative to the 2019 bull market and the log retrace relative to the 2018 bear market. (.5 and .382 right around 6600.) if that’s not enough, a log retrace of the entire 2016/2017 bull market shows the .236 at 6600. Crazy huh?
I’ve cleaned up this chart by removing the fib channels relative to the 2019 bear market and replaced them with simple parallel channels. It’s easier on the eyes. The fib channel in yellow represents the macro bearish angular momentum with the fib channel in green representing its counterpart. The confluence is obvious and the connection between the peak of 2013 and the bottom during the begin of 2019 is almost spooky.
Based on this marco bullish fib channel, the price found support at the .618 line. Further confluence for this support leave comes from the log retrace relative to the 2019 bull market and the log retrace relative to the 2018 bear market. (.5 and .382 right around 6600.) if that’s not enough, a log retrace of the entire 2016/2017 bull market shows the .236 at 6600. Crazy huh?