Reversal expected at Fib Time Zone, in other words very shortly!
Good day Traders
Using the $8500 July 2018 highs as a starting point (the peak before we broke market structure), you get interesting results if you use a schiff pitchfork to then connect the December 2018 lows to the recent $5975 peak for 2019. Using the same starting point, add Fib Time Zones connecting the December 18 lows, and we find anticpated areas of reversal based on elapsed time.
As you can see we are right at the next fib time zone, so expecting a reversal very soon. If you then add a trendline from the ATH, a fib circle connecting the Dec 18 lows to the recent $5975 peak, and add a bar pattern from the July 2018 starting point, (same starting point we used for the pitchfork and initial fib time zone), you'll see that the forces seem to line up quite nicely.
I'm expecting a resumption of the downtrend shortly, with our next capitulation event happening after retesting the ATH trendline resistance, as we break out of the 2.618 fib ring circle, and below our channel support.
For a bottom target, by adding a fib retracement from the $8500 July 18 peak to the $3200 Dec 18 lows, I'm anticipating at least a 1.214 fib extension to around $1970 which coincides with our channel support and which coincides with our next fib time zone, making this the perfect reversal area. We should then consolidate along that support, until we breakout above the top pitchfork channel resistance, before breaking above the ATH trendline resistance and resuming the next bull run.
Good luck and happy trading!
Using the $8500 July 2018 highs as a starting point (the peak before we broke market structure), you get interesting results if you use a schiff pitchfork to then connect the December 2018 lows to the recent $5975 peak for 2019. Using the same starting point, add Fib Time Zones connecting the December 18 lows, and we find anticpated areas of reversal based on elapsed time.
As you can see we are right at the next fib time zone, so expecting a reversal very soon. If you then add a trendline from the ATH, a fib circle connecting the Dec 18 lows to the recent $5975 peak, and add a bar pattern from the July 2018 starting point, (same starting point we used for the pitchfork and initial fib time zone), you'll see that the forces seem to line up quite nicely.
I'm expecting a resumption of the downtrend shortly, with our next capitulation event happening after retesting the ATH trendline resistance, as we break out of the 2.618 fib ring circle, and below our channel support.
For a bottom target, by adding a fib retracement from the $8500 July 18 peak to the $3200 Dec 18 lows, I'm anticipating at least a 1.214 fib extension to around $1970 which coincides with our channel support and which coincides with our next fib time zone, making this the perfect reversal area. We should then consolidate along that support, until we breakout above the top pitchfork channel resistance, before breaking above the ATH trendline resistance and resuming the next bull run.
Good luck and happy trading!
Until we break 2.168 fib of the blue circle, I think $4/$4.2k will become the new "unbreakable $6k" support until it breaks.