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 🤝
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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:
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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.
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Above the pivot on a Monday. Let's talk on Sunday. Officially on breakout watch. 👀
Trade active
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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. 🤝
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Are ya winning, son?
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A sizable pullback may be in the cards soon™
IMO: Any dips above the invalidation point are opportunities for buying. 📈
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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.