Bitcoin's recent low predetermined? 7040 a crazy coincidence?
Hi all,
When analysing the BTC chart today, I found a weird coincidence where I would like to know something more about.
As you all know, much of the trading targets are determined with the golden ratio 0.618 or the extended 1.618. Now when I calculated the extended selling target from the most recent bottom in BTC, the 1.618 extended gave me 11748 USD as a selling target. Now, this number lines up perfectly with the grand resistance we had where the double top was found. Just a mere 2 dollars off to be exact.
This made me wonder if the recent low at 7040 has been calculated by the majority of traders, where the price nicely bounced off (to everyone's surprise).
If we take the difference between the high of 11750 and 9950, which gives us 1800, and multiply that with 1.618, this would give us 2912. If we subtract that number from our recent high (9050), this would give us: 7038.
A coincidence? Or have most traders unlike me seen this invisible support through this calculation method?
Alhough I was under the impression that prices could retrace further to the 6800 region where the long-term support would be found, I am surprised to see this. That crazy Leonardo Fibonacci always.
Please let me know about your opinions! I'm eager to hear about it :)
When analysing the BTC chart today, I found a weird coincidence where I would like to know something more about.
As you all know, much of the trading targets are determined with the golden ratio 0.618 or the extended 1.618. Now when I calculated the extended selling target from the most recent bottom in BTC, the 1.618 extended gave me 11748 USD as a selling target. Now, this number lines up perfectly with the grand resistance we had where the double top was found. Just a mere 2 dollars off to be exact.
This made me wonder if the recent low at 7040 has been calculated by the majority of traders, where the price nicely bounced off (to everyone's surprise).
If we take the difference between the high of 11750 and 9950, which gives us 1800, and multiply that with 1.618, this would give us 2912. If we subtract that number from our recent high (9050), this would give us: 7038.
A coincidence? Or have most traders unlike me seen this invisible support through this calculation method?
Alhough I was under the impression that prices could retrace further to the 6800 region where the long-term support would be found, I am surprised to see this. That crazy Leonardo Fibonacci always.
Please let me know about your opinions! I'm eager to hear about it :)