All markets have been falling precipitously. Bitcoin is nearing a major "line in the sand". Plotted is the parabolic bull run of 2019.
This is an example of a "Golden Fib". Gold lines are 1.618 x previous Gold. Blue lines are 1.236/.382 x last Gold.
This fib helped me plot/trade all of 2019 till now. The true beauty is in the Simplicity of the chart. Each line is a decision point for any trade position.
My previous charts catching every key turn and giving early warnings (click the links below): <= mapped within $10 <= Warning in Time <= Mapped within $5 <= the 3 Fibs of Life <= Perfect Top map <= EXACT 2018 bottom
Of course, I have had total FAILS on some ideas too, not going to pretend. But all of my plots show PRECISE entries, TIGHT stops, and EXACT targets. Precision is the way of the Fib. Almost every turn happens at a Fib Line.
$7,413 is the key weekly support. This is the 0.5 fibonacci retracement level. If we end the week below $7413, we could say that we are entering a negative trend in the weekly time frame
EuroMotif
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@PerSe01, Indeed, and agreed!
I would like see the drop slow down here, cuz a direct hit on 7413 with this much momentum will break it for sure ....