RedPillVision

The Bitcoin Cheat Sheet

Long
BITFINEX:BTCUSD   Bitcoin
Drawing fib extensions from cycle lows to cycle highs reveals that, historically, the 0.786 weekly reclaim represents a massive buy opportunity.

The trade is not active until a *weekly close* above the 0.786 at $17,284.2 takes place.

GLHF 🀝
Comment:
I've performed the analysis on the index for every cycle in the asset's history:

The First Cycle:

The Second Cycle:
Since there was never a close below the 0.768 there's no trade here.

The Third Cycle:

The Fourth Cycle:

Present:
Comment:
For clarity, I will reiterate: The weekly candle closing above the 0.786 is key. There is no way I would try to front-run this setup. Some may see prices at this level as historically cheap, and they would be right; however, history also shows us that it could drop an additional 30-50% once the 0.768 is broken with a weekly closure to the downside.

For me, waiting to buy on weekly confirmation is worth the extra cost per Satoshi.
Comment:
Above the pivot on a Monday. Let's talk on Sunday.
Officially on breakout watch. πŸ‘€
Trade active:
History suggests that this is the bottom. Invalidated upon a weekly closure back under the 0.786 pivot, which has never happened in previous instances.

Good Luck. 🀝
Comment:
Are ya winning, son?
Comment:
A sizable pullback may be in the cards soonβ„’

IMO: Any dips above the invalidation point are opportunities for buying. πŸ“ˆ
Comment:
I believe the pullback is done and if bitcoin is to keep its uptrend intact, the bottom is here. If the current level is lost, I expect 18-21k before the price would reverse to the upside. The idea for the pullback reached its target and is posted below.

I believe we are in a situation where optimism will pay in the end. Good Luck.


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