BTC likely to drop down to $5K before running to $8K
All year long BTC seems to be following a type of the Fib ratio but instead of basing future projections off the ratio of the high and low point, price seems to be running off of the highs and $0. Meaning, whatever the "high" is ($2000, $3000, $5000, $8000, etc.) the pull back will be to .61% of the high and the next high to 1.61% of the high. Crazy right?
Go back and look at every high of 2017 and then look at what BTC retraced back to. You'll notice the new high is always 161% of the last high and the pull back is always .61% of the high. This is the golden ratio for exponential growth. We see the Fibonacci ratio throughout nature and curiously, we also see it in stocks and FX.
It makes sense if you think about it. Prices in the stock/currency markets is a sort of reflection of human psychology. Our psychology has its roots in nature like everything else and low and behind these Fibonacci ratios show up for "some reason"... I can't wait until people figure out why this happens... you'll never guess the reason! :)
$1900 x 1.61 = $3000 UP
$3000 x .61 = $1830 DOWN
$3000 x 1.61 = $5000 UP
$5000 x .61 = $3000 DOWN
$5000 x 1.61 = $8000 UP
Essentially, each new high eventually becomes the support and the overall trend is upwards. Bitcoin is the future of money and this bubble has at least a decade if not three decades to play out.
Long and extremely bullish
Go back and look at every high of 2017 and then look at what BTC retraced back to. You'll notice the new high is always 161% of the last high and the pull back is always .61% of the high. This is the golden ratio for exponential growth. We see the Fibonacci ratio throughout nature and curiously, we also see it in stocks and FX.
It makes sense if you think about it. Prices in the stock/currency markets is a sort of reflection of human psychology. Our psychology has its roots in nature like everything else and low and behind these Fibonacci ratios show up for "some reason"... I can't wait until people figure out why this happens... you'll never guess the reason! :)
$1900 x 1.61 = $3000 UP
$3000 x .61 = $1830 DOWN
$3000 x 1.61 = $5000 UP
$5000 x .61 = $3000 DOWN
$5000 x 1.61 = $8000 UP
Essentially, each new high eventually becomes the support and the overall trend is upwards. Bitcoin is the future of money and this bubble has at least a decade if not three decades to play out.
Long and extremely bullish
Trade closed: stop reached:
BTC is in its death throes as the market rejects it and moves to BCH! Bitcoin Cash.
Expect BCH to rally until BTC drops to $5k
Expect BCH to rally until BTC drops to $5k