Zulu_Kilo

Fib-Time tool tells us BTC correction below 7200 won't happen...

Long
BITSTAMP:BTCUSD   Bitcoin
I'll try to make the complex a bit simple with simple indicators.

Screenshot above is on monthly. The swing low and high retracement and the continuation of uptrend happened at 3k. Below I'll tell you why we won't go below 7200.

Retrace from swing high of 20k to 3k was right near 0.618 fib at 14k... Downtrend resumed

From swing low 2k to swing high 14k, the retrace was 7200 at 0.618 fib and 0.618 fib-time line. (uptrend resumed, we will NOT have price go lower than 7200)

Our current situation stipulates that we cannot go lower than 7200. The downtrend from 14k to 7200 has NOT retraced to the upside yet because we have not reached the minimum fib-time zone required for a retrace (minimum we must reach is 0.382, and it has to be higher than 10300 because then 10300 would have been the retrace... And since we know it could NOT be the retrace, logic dictates that retrace has to be higher).

See main chart for closer inspection of fib-time based assumption to high high up we get and trend line definition.
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