I'm testing ideas for the possibiilty of an April bull run for BTC.
Setup: Resistance drawn from the Dec 2017 ATH and support drawn from Feb 2018 low, Fibs based on those two points.
Note support and resistance will converge on April 8th. By then, it's decision time. What's possible in this short window of time:
A) We bounce off support at 7700 around May 29th and continue range trading closer to convergence.
B) Bulls wake up and pierce resistance at 9000 then have to battle busting thru 9200 0.236 fib level to break out of range.
C) 7700 doesn't hold and Fib 0 at 6000 is in play.
As you can see, the sooner BTC bulls start to run, the closer together resistance and Fib 0.236 are. Option B is tough.
Option C, well, OK possible, but it's option A that seems like more fun.
Option A more specifically:
If... BTC can bounce off 7700 resistance and keep between support and resistance to April 5th, then it can break resistance at 8400, then onto Fib 0.236 at 9200. A better chance of momentum than option B and.. I love to procrastinate, so B affords procrastination - human nature.
So, 7700 bounce, thread the support/resistance needle closer to the convergence point, then break 8400. Doing that makes busting through Fib 0.236 optional or just icing on the cake...
Setup: Resistance drawn from the Dec 2017 ATH and support drawn from Feb 2018 low, Fibs based on those two points.
Note support and resistance will converge on April 8th. By then, it's decision time. What's possible in this short window of time:
A) We bounce off support at 7700 around May 29th and continue range trading closer to convergence.
B) Bulls wake up and pierce resistance at 9000 then have to battle busting thru 9200 0.236 fib level to break out of range.
C) 7700 doesn't hold and Fib 0 at 6000 is in play.
As you can see, the sooner BTC bulls start to run, the closer together resistance and Fib 0.236 are. Option B is tough.
Option C, well, OK possible, but it's option A that seems like more fun.
Option A more specifically:
If... BTC can bounce off 7700 resistance and keep between support and resistance to April 5th, then it can break resistance at 8400, then onto Fib 0.236 at 9200. A better chance of momentum than option B and.. I love to procrastinate, so B affords procrastination - human nature.
So, 7700 bounce, thread the support/resistance needle closer to the convergence point, then break 8400. Doing that makes busting through Fib 0.236 optional or just icing on the cake...