BITCOIN FIB PROJECTIONS LOOKING DOWNRANGE OVER THE NEXT DECADE
Before Bitcoin had hit its ATH (All-Time-High) and when it was trading around $7,400 in Oct '17, we were speculating that the upcoming launch of the CME futures could mark an important occasion for the thing based on some of our previous experiences with new product launches. We could not have known then just how right that observation would have been: www.totemasset.com/T...Gessays/TAGOCT17.PDF
Now, as the deFi trend and other factors have it closing in on that ATH, let's think about where it may be able to go IF it does indeed take this high out. Using this monthly chart, we use the relevant lowest low and highest high to establish a range, then project out 1.618, 2.62... using Fibonacci levels, which at this point seems as good as any into the great unknown. Tail wags dog.
32k, 52k? These are just a couple of the more obvious technical levels which could come into play down the road and in the years ahead.
Now, as the deFi trend and other factors have it closing in on that ATH, let's think about where it may be able to go IF it does indeed take this high out. Using this monthly chart, we use the relevant lowest low and highest high to establish a range, then project out 1.618, 2.62... using Fibonacci levels, which at this point seems as good as any into the great unknown. Tail wags dog.
32k, 52k? These are just a couple of the more obvious technical levels which could come into play down the road and in the years ahead.
Comment:
A new ATH has just now been made. What happens next is anybody's guess, but we have identified a couple of logical upside technical levels which may come into play at some time. Remember, when there is panic out there, people will tend to reach for technical straws.
Comment:
Happy New Year!!! BTCUSD just came to within $400 of the first key fib level.
We are not in the Top-Calling business, but fibs may help in identifying potential asymmetric risk/reward opportunities. With a 20-day ATR of about 1,400 currently, we like to think about a +/- 1 ATR box around this level and look for resolution in either direction. If to the upside, then on to the next fib level?
If to the downside, well, the best trades are always tested. It is when they overcome these tests that the re-emerge strengthened and on this most recent tranche there have not been any real tests yet.
We are not in the Top-Calling business, but fibs may help in identifying potential asymmetric risk/reward opportunities. With a 20-day ATR of about 1,400 currently, we like to think about a +/- 1 ATR box around this level and look for resolution in either direction. If to the upside, then on to the next fib level?
If to the downside, well, the best trades are always tested. It is when they overcome these tests that the re-emerge strengthened and on this most recent tranche there have not been any real tests yet.
Comment:
Feel like we need to be aware of the 52k level now... Let's use that as a hinge and put a nice ban around that.
Comment:
That was "band" around it. Not ban on it.
Freudian perhaps as Central Banks watch control slipping away from them...
Freudian perhaps as Central Banks watch control slipping away from them...
Comment:
50.6k current high today... C'mon, let's just at least get that 52k print out...