Wow! Bitcoin took a short breather, dipping momentarily on the Green 1.618 Fib Circle boundary, and exploded to the up side without much of a break. I changed the color of the gray fib circle set to Light Blue, so it is easier to see. This Light Blue set is based on the same upswing channel, but takes its base from the low point of the side-banding range on November 25th, ending on January 19th. There are several points of confluence using this set, and we might have a possible end point of this parabolic micro run when it reaches the 1.618 of this Light Blue set.
All of the lower-highs have been taken out, so now we need to watch for the next critical point to be surpassed, which is the ending point of both fib circle sets on January 19th. This can happen within the next 24 to 48 hours, and will tell the story of whether or not we continue this positive swing channel. The chances are 50/50 in my opinion. And IF we surpass the January 19th level of approximately $9200 USD and sustain the positive momentum, the next level to pay close attention to is $10,500 which occurred last on October 25th, 2019.
We still have a long way to go, and at least 2 more critical high points to eclipse before we can call an end to the bearish trend. That would be the $12,300 level from August 5th, 2019, and of course the $13,900'ish level from June 19th, 2019. If Bitcoin sustains momentum past those two levels, it's time to start talking about a bull run. I could be getting WAY ahead of myself though, so it's not time to start popping champagne and celebrating the next run. It's best to be careful and take it one step at a time before calling it. But we have the targets, and just need to wait to see how time plays out.
Carlton Flowers
The CryptoPro
All of the lower-highs have been taken out, so now we need to watch for the next critical point to be surpassed, which is the ending point of both fib circle sets on January 19th. This can happen within the next 24 to 48 hours, and will tell the story of whether or not we continue this positive swing channel. The chances are 50/50 in my opinion. And IF we surpass the January 19th level of approximately $9200 USD and sustain the positive momentum, the next level to pay close attention to is $10,500 which occurred last on October 25th, 2019.
We still have a long way to go, and at least 2 more critical high points to eclipse before we can call an end to the bearish trend. That would be the $12,300 level from August 5th, 2019, and of course the $13,900'ish level from June 19th, 2019. If Bitcoin sustains momentum past those two levels, it's time to start talking about a bull run. I could be getting WAY ahead of myself though, so it's not time to start popping champagne and celebrating the next run. It's best to be careful and take it one step at a time before calling it. But we have the targets, and just need to wait to see how time plays out.
Carlton Flowers
The CryptoPro