BTC once again approaching this key Golden Fib. Last touch gave a 20% drop from exactly this level. If this push breaks past it, we should see new ATH.
Last touch was perfectly (click). This same fib series also gave the . And the last was also indicated perfectly .
Being a 618 multiple of the Genesis fib, it is KEY. All humans/bots/indi's recorded the last reaction. So what happens this time will be VERY telling.
I will try to post updates here as price action progresses. Use the "Make it Mine" under SHARING to make your own copy. If unable to use multi-pane charts, see this .
Local wave with fib in blue stripes also wants to end exactly on our Genesis level. So break above will not be easy, but I do think it is likely. We may well get locked into "orbit" around this fib for a while.
thats true, but
what do you think will happen Mr.Motif ?
petrichors
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Excellent insights EuroMotif. Your analysis is supported by comparative tools such as Murrey Math (for those who have heard of it). While this recent PUMP may have surprised some, it was in line with classic Gann. I have realised after 30 years trading forex, never to underestimate the algos and program trades that are busy "Composing" waves for teh rest of market to follow. Also this level up here is ideal fro the "Whales" to do further distribution....I have the luxury of watching at the moment and can be objective. Took profits on most of my positionback in March, after having gone long in 2019. Waiting patiently.
chindara
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i thnk its the best
AIcapitalist
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I’m just here for the 6 cents!
Oluwafisayomi_Folaranmi
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Please, what charting platform is this?
streetgainer
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Nice heads up post
ferGOD
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PUMP IT
ferGOD
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Bottom Line: The wave 2 bottom is likely in.
Outlook: Favoring the wave 2 low is in place at $39656.42 and a move to break $52915.84, the wave 1 high is now underway.
Analysis: Yesterday's pullback is behind us, with BTC reaching new recovery highs and trending higher. As the chart above indicates, the wave labels have been raised by one degree, although we're still favoring a third wave advance is in progress. The 51000-54000 range is a target area to complete wave (iii). We'll see if we can fine tune the estimates going forward.
aj6203
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Thanks for the insight @ferGOD ! As the price is currently hovering around 54k region, how likely will it retrace back to 52,838? Is it still possible to drop another 20% before another potential upside?
what do you think will happen Mr.Motif ?