40% Retracement according to Fibonacci? Short

Bitcoin / United States DollarCoinbase

Description

⋅ Jan 5, 2021 12:25 AM

FRT shows 61.8%-50% level around the same target area as 40% dump target.

Possibility that we will see 20k, or at worse 18.5k; accumulate (short-term)--sideways; then parabolic upward pass the 50% Fib Level (Growth Curve).

Simplified TA, not advice.

Fibonacci

Comments

Mattysalads

⋅ Jan 5, 2021 12:28 AM

When are you proposing this would occur? I’m seeing a symmetrical triangle with a bearish trend to 28,000

Jjesterr

⋅ Jan 5, 2021 12:36 AM

@Mattysalads, I wouldn't know when it would happen exactly. Just a stat that shows a possibility of a estimated price target. A dump can happen at any moment now with the weekly RSI still being in overbought zone 80pts plus on weekly TF. Even other folks with more detailed TA's are in agreement that a up to 40% dump could occur at any time. Although, I, and others, think that a move to the upside from this point wouldn't be at all far-fetched either due to the sheer amount of buys occurring around 28k-30k area. The FOMO is starting to rally a bit at this price region.

Also, I do agree with the symmetrical triangle, 1hr TF, same target at around 28k area.