A few things I'd like to point out on this messy chart:
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First, I started my Fib retracement at a different date on this chart. Most, will start at Mar. 25th. That's fine. However, I chose to start mine at $1111 for several reasons:
1) $1111 is around the avg. price point on the daily for the few months leading up to our big pop in price.
2) When starting at $1111, I noticed how it corresponded almost exactly with major support/resistance levels. Hmmmm... interesting.
3) I'm not superstitious, but c'mon, $1111 y'all! That's dope! How can we go wrong?
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Second, it is important you know your levels. I'll only list here the levels that I have that are under our upward sloping red trendline because it is these that matter now:
$2275 - Key resistance. Also .382 Fib. Also, notice the intersection of upward sloping RED trendline, top of the RED downward sloping channel trendline, and this level at July 27, 2017. Interesting! In other words, we can say with high probability that we will NOT go higher than $2275 before July 27th.
Next level = $2110
Down from there = $2057 - Also around the .5 Fib level.
Then, all the way down to $1840 which is both around the low of May 27th and also the key .618 Fib level.
A few more levels down from here are $1772, 1682, and 1609.
Finally, we arrive down at our .786 Fib retracement level at around $1510. Now, NOTICE WHERE THIS INTERSECTS AND WHEN! The bottom support of our downward sloping red channel trendline will intersect our .786 Fib support on exactly August 1rst. What does this mean? I don't know. But I do find it fascinating to observe!
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Now, where will we go from here? Well, that's the question of the hour isn't it? A few have suggested that Segwit2x will NOT happen, that the miners will get in line and prevent the fork from even occurring, and that $1830 was our bottom. While this may be true, it seems to me there is quite a bit of speculation involved in this theory. However, you wouldn't be wrong to start your buy-in at this point. In fact, this is the price at which I have started to buy back in. However, we will need more from the charts before we really know the direction that we will go from here.
Two weeks is a good amount of time for these markets to remain uncertain and with great uncertainty comes lots of volatility. I really wouldn't be too surprised to see us hit the $1510 support. We'd have to do this within the next few weeks. But I am fairly certain we will not go lower than this at this point UNLESS, for some reason, we drop out of our downward channel before Aug 1rst. If so, I'll reanalyze then. There could be trouble.
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In conclusion, $1850 is a good price point to start your Bitcoin buy back. Dollar cost average in from here. We could go lower, but keep on buying. We could go higher. Again, keep on buying. I usually do around 20% per buy. If you missed the first $1850, no worries. I think we'll hit it again here soon before Aug. 1.
As always, happy trading friends.
*NOTE: Longer dashed support levels also represent Fibonacci levels.
-----
First, I started my Fib retracement at a different date on this chart. Most, will start at Mar. 25th. That's fine. However, I chose to start mine at $1111 for several reasons:
1) $1111 is around the avg. price point on the daily for the few months leading up to our big pop in price.
2) When starting at $1111, I noticed how it corresponded almost exactly with major support/resistance levels. Hmmmm... interesting.
3) I'm not superstitious, but c'mon, $1111 y'all! That's dope! How can we go wrong?
-----
Second, it is important you know your levels. I'll only list here the levels that I have that are under our upward sloping red trendline because it is these that matter now:
$2275 - Key resistance. Also .382 Fib. Also, notice the intersection of upward sloping RED trendline, top of the RED downward sloping channel trendline, and this level at July 27, 2017. Interesting! In other words, we can say with high probability that we will NOT go higher than $2275 before July 27th.
Next level = $2110
Down from there = $2057 - Also around the .5 Fib level.
Then, all the way down to $1840 which is both around the low of May 27th and also the key .618 Fib level.
A few more levels down from here are $1772, 1682, and 1609.
Finally, we arrive down at our .786 Fib retracement level at around $1510. Now, NOTICE WHERE THIS INTERSECTS AND WHEN! The bottom support of our downward sloping red channel trendline will intersect our .786 Fib support on exactly August 1rst. What does this mean? I don't know. But I do find it fascinating to observe!
-----
Now, where will we go from here? Well, that's the question of the hour isn't it? A few have suggested that Segwit2x will NOT happen, that the miners will get in line and prevent the fork from even occurring, and that $1830 was our bottom. While this may be true, it seems to me there is quite a bit of speculation involved in this theory. However, you wouldn't be wrong to start your buy-in at this point. In fact, this is the price at which I have started to buy back in. However, we will need more from the charts before we really know the direction that we will go from here.
Two weeks is a good amount of time for these markets to remain uncertain and with great uncertainty comes lots of volatility. I really wouldn't be too surprised to see us hit the $1510 support. We'd have to do this within the next few weeks. But I am fairly certain we will not go lower than this at this point UNLESS, for some reason, we drop out of our downward channel before Aug 1rst. If so, I'll reanalyze then. There could be trouble.
-----
In conclusion, $1850 is a good price point to start your Bitcoin buy back. Dollar cost average in from here. We could go lower, but keep on buying. We could go higher. Again, keep on buying. I usually do around 20% per buy. If you missed the first $1850, no worries. I think we'll hit it again here soon before Aug. 1.
As always, happy trading friends.
*NOTE: Longer dashed support levels also represent Fibonacci levels.
Stewdamus Trades -
Prophesying the price action of markets one chart at a time.
Crypto predictions, targets, how-tos, and much, much more!
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stewdam.us
Prophesying the price action of markets one chart at a time.
Crypto predictions, targets, how-tos, and much, much more!
Never miss a prophecy. Sign up for my free newsletter at:
stewdam.us