ronfkingswanson
Long

upcoming intersection of bubble retracement + bull channel + ATH

BTCE:BTCUSD   Bitcoin / Dollar
618 1 11
Fibonacci retracement of the entire bubble, from all time high to lowest bounce, shows a very strong trend along the 0.618 line, both during the bubble and now again during the recent weeks-long bull channel rise. Many declines bounced off it and now rallies have started right from it. Thus it's likely the next fib line at 0.764 might play a part in the upcoming intersection of the bull channel on the way to revisit the all time high.

Of note, we are in a zone where falling below the blue boundary of bull channel at all would mean the definitive end of that trend channel and the likely start of a very long-term bearish decline before another attempt on the ATH             could be made.
joec PRO
2 years ago
Thank you for this analysis, very insightful, looks like we are headed to test 936 range
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