Crypto_Mercy

Bitcoin BTC BLX - Monthly View analysis - Retracement of Wave 2

Long
BNC:BLX   BraveNewCoin Liquid Index for Bitcoin
Good morning everyone,
Bitcoin is in a complex wave 2 with multiple ways for investors to approach an entry for extreme upside.
Everyone knows that the next halving is near (May 2020).
I decided to take a step back and show you the montly chart and introduce you to potential entry points.
The chart might look like a mess but regroup all the Bitcoin history ( BLX chart) and can be very indicative of where Bitcoin can potentially retrace.

Probabilities and most common retracements for a Wave 2 :
-15% of Wave 2 are correcting between at 38% of Wave 1.
-75% of Wave 2 are correcting between 50% and 61.8% (golden fib).
-15% of Wave 2 are correcting under 61.8% fib.

Support on the Monthly chart
7K range
-Renko at 7797$
-61.8 golden fib 7230$
-VWMA 20 at 7112$
-Monthly EMA 21 at 7025$

if 7K range doesn't hold... 5K range
-78.6 fib : 5435$
-Renko at : 5199$
-85% fib : 4750$
-90% fib : 4216$

Monthly Vortex indicator give the hand to the bulls.
Monthly EMA Ribbon is currently supporting 5k to 7k range.

Comments

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