Bitcoin is testing a KEY level - will it make it or break it...
Hello everyone,
We've added about 120 followers to our family here in the past couple of days, so welcome, welcome - happy to have you. I also want to thank you all for putting me back on the the front page on the top trader section. We peaked at 3rd, so pretty happy with that.
I want to show you guys a pattern that has been recurring over and over for the duration of the bitcoin bear market. I apologize in advance for the chart being complicated, it's just a messy tool.
You will notice, that each time we form a Fibonacci retracement from the recent high to the recent low, the following recovery keeps failing at the .618 level. This pattern has just been repeating itself over and over again. We are coming to that level now and I think that if we can clearly break it, that will be a very bullish sign. I am personally more bullish than bearish, but you should be cautious at buying at these levels because we could fall down to the $6000 again. Personally, with the higher lows forming, I am going to have a nightmare deciding whether to close my position at my entry from $6300. I probably will just hodl on another move down.
I thought this would be very useful for all of you and thought I'd share it. Be watching this level and a potential breakout - it could confirm a bull run!
Like my work and follow me if I have helped you.
Thanks for reading. :)
-YoungShkreli
We've added about 120 followers to our family here in the past couple of days, so welcome, welcome - happy to have you. I also want to thank you all for putting me back on the the front page on the top trader section. We peaked at 3rd, so pretty happy with that.
I want to show you guys a pattern that has been recurring over and over for the duration of the bitcoin bear market. I apologize in advance for the chart being complicated, it's just a messy tool.
You will notice, that each time we form a Fibonacci retracement from the recent high to the recent low, the following recovery keeps failing at the .618 level. This pattern has just been repeating itself over and over again. We are coming to that level now and I think that if we can clearly break it, that will be a very bullish sign. I am personally more bullish than bearish, but you should be cautious at buying at these levels because we could fall down to the $6000 again. Personally, with the higher lows forming, I am going to have a nightmare deciding whether to close my position at my entry from $6300. I probably will just hodl on another move down.
I thought this would be very useful for all of you and thought I'd share it. Be watching this level and a potential breakout - it could confirm a bull run!
Like my work and follow me if I have helped you.
Thanks for reading. :)
-YoungShkreli
Comment:
Recently retweeted a post about the bitcoin volatility index being at a low. Last time this happened, the bull market ensued... 9900% return from then... FYI