My previous chart, the small trade - is on it's way to meet the target. I keep on rasing my stop there as i use high leverage, price at this range is a bit unpredictable. But today I want to share you my idea on the mid term which paints a clearer picture for me, and I see BTC going much, much higher . This is also why the majority of my holdings in BTC are in the long term, I only use a small pool of portfolio to increase my long term holdings.
Explained in chart, i see BTC making a big move in 70-100 days from today. We are consolidating right now and market participants are getting bored.
During this consolidation we will produce some spikes up and down (noise) until the large operators are prepared for next short squeeze, Liquidating short positions from the 13k range which will propel bitcoin into the "real" bull market.
The very same large operators are accumulating at this trading range as that the volume is grinding lower and the range will become tighter before next leg up. This trading range will only last for the next 3 months before next markup.
// Decrypt0
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Seem like BTC will target $11,866.00 - 0.618
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There was no correction. The firar target is almost hit.
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First*
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That is as clean as it gets. Now you understand the significance of this chart :-)
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Mark my words: IF BTC closes above 11857$ it will just be a few days until we will see 15700$!
Thanks for making educational points on the chart!
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@spyxo2x, No problemo, can get messy with all the fib tools hence the explanations, i find it useful because i will monitor these key levels more closely.
1. I used Fib retracement from ATH to "bottom" 2. I used Fib extension from bottom to first leg correction (8.2k). 3. Last was the extension from that leg (8.2k) to the recent peak.
This made me see that 9k was >>probably>> the lowest in this correction. Not saying it can go below, but watch the wick at 8k. If it does go below i see a lot of buying pushing price back up relatively fast.