Quick post to map important resistance zones nearby.
Quite a bull run after bouncing from a strong Fib Confluence. Whether it is driven by the Iran crisis, or follow Gold, who knows. But what we do know is WHERE to be cautious with our capital.
$ 7780-7806 is immediate resistance and should be "Pretty Strong". $ 7875-7885 is next, and "Possible End of Wave" requiring retrace. $ 8099-8135 will be "VERY STRONG", maybe a stop hunt above 8k.
Part of my ongoing Bitcoin analysis, catching every key turn (click): <= the 3 Fibs of Life <= within 20 cents! <= Still Important <=Perfect TP <=EXACT 2018 bottom
Of course, I have had total FAILS on some ideas too, not going to pretend. But all of my plots show PRECISE entries, TIGHT stops, and EXACT targets. Precision is the way of the Fib. Almost every turn happens at a Fib Line.
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Comment
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Oops, bad placement of Callout
Just realized that my call out "Possible End of Wave" is blocking the price action. Here is the overview with that text box opaque
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Zoom IN (5min) To show that the Green Fib series is still has strong influence
And it is that Fib's 4.236 that is the core of the next Resistance zone
So $8121.86 should be the target, assume we get past the sell walls at 8k round.
- Step1: it can up to ~8130 for killing short.
- Step2: Dump from 8100 to 7700 - 7650 to retest fibonance
- Step3: Push and make a fake key up to 8400
- Step4: Dump again and go to bottom 5k
if not it will go to 7650 to retest fibonnanci.
LuckyTrader102
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Maybe we should we it retrace to 7600 and make decise long or short. But with my, i think it should be go to 8700 after that
@LuckyTrader102, tough call here. We may have topped shy of 8k..
But I am not yet seeing any rhythm/fib to the pullback yet, so cant project any targets.
The lack of fib down might mean we are to consolidate here for a while before taking a direction.
@wildbeast, I really dont have one yet, need to see the pullback develop a bit more if it is going to.
Once I can see a wave traveling downward, then I can plot its zones of interference with the waves going up....
Darkside999
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@EuroMotif, ah ok thank you. I was thinking around 7600 then maybe down to test the yearly open 7165
EuroMotif
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@wildbeast, 7600 sounds good.
7450 is my do-or-die line, if we go back below that we may not come back above for a very long time ....
Darkside999
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@EuroMotif, I will actually be happy if we go down below that. I love shorting it haha then long it around 5500 level
if it come above 7935 it will retest 8000.
- Step1: it can up to ~8130 for killing short.
- Step2: Dump from 8100 to 7700 - 7650 to retest fibonance
- Step3: Push and make a fake key up to 8400
- Step4: Dump again and go to bottom 5k
if not it will go to 7650 to retest fibonnanci.