Whats the alternative asset?
Why I'm on Bitcoin BTC
Reason Based on Fibonacci Retracement
1. Drawing Fibonacci from 5 may high to 29 june 18 low,
we can see that Fib 78.6 is playing a very key role in terms of resistance. If its broken down, BTC halts at support of 6100 very strongly, ofcourse it enjoyed the ride of 5796 at Fib 100.
Next whenever it breaks Fib 78.6 on upside, we see a good bull rally that took BTC to a whooping high of 8506 on 23rd july 18. Now you will be surprised to know, its nothing but another Fib golden ratio of 38.2. So BTC is perfectly playing on Fib levels if you notice.
As of now 78.6 is more important that 61.8 & 38.2.
2. Now lets draw next Fib. Retracement from 23rd july high to 11th august 18 low.
Again the support of 6100 played key role & 78.6 i.e. 6550 acted as a resistance and when it breaked 78.6 on upside, we saw btc at 7388 that is 61.8 fib. SURPRISED. It went back down to again of 6100 on 8 sept. 18.
3. Lets draw final fib from 4 sept high to 8th sept. low.
again big support at 6100. Pull back at 78.6 level, btc playing between 61.8 and 50 fib levels.
Now what next - where BTC is planning its next tour - UP or DOWN?
As of now BTC is continously making Higher Lows - thats good.
BTC is running in sideways, infact yesterday all coins saw heavy red, but btc managed to stay with hardly -0.58% down.
BTC is the first choice for investors before next financial crisis, & they all are preparing for same. Institution Investors, New Exchanges, Custodial Services, XRP partnerships, Bakkt, and tons of good things ahead - only indicates BTC will pump heavily - It will be a flash, & next morning you wake up with a surprise btc package above 10k. It will happen, sooner or later we all know.
How low btc can go? Risk:Reward Ratio
Rare to Rare case 5000-5500 -- thats our risk, not so big.
But Whats our reward -- unlimited.
High chances oct-nov-dec season will surprise everyone as usual.
Finally what now? what to do now?
BTC at 61.8 golden ration - key level-means key level
if we go down, dont be surprise and dont get panic to see 6396 or 6100. Its normal.
But if it breaks up to 6767 (high chance) our targets are 6920, 7400 easily. So wait and watch...
I will advise all beginners to enjoy trading, market is always profitable, only matters how you trade.
Stop Loss is your friend, it save your account from big loss. So always use stop loss check my video on how to set stop loss and exit point.
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Lots of Love
Zia (Software Developer, Crypto Trader & Influencer)