reynar

Bitcoin Encapsulation Fib Circle 15 APR Update

COINBASE:BTCUSD   Bitcoin / U.S. Dollar
As the title says...
BTC is currently encapsulated in a Fib Circle.
I expect to move around the Turquoise & Blue Circle for a while.
Breaking 9000 and staying there would be a good bull run confirmation for me.

We shall see how it develops.
For now... it will bounce between those circles.

Trade active: Still viable...2 days after I posted it

Comments

It will be interesting to see if it bounces off the red arc.. and if it does, I'll wonder where you got it from :)
Reply
reynar lazytrade
@lazytrade, The Big Red Arc is from the Fib Circle starting in December-January.
It might not bounce *exactly* on it, but it acts as a strong support right now.
As you can see, it dropped below it a few days ago only to pursue it again.
Reply
What makes you think so, and how do you choose a center for a fib circle study?
Reply
reynar lazytrade
@lazytrade,
Look at the outer circles. Whenever the price entered a new area, it changed it's behavior.
Regarding the recent price: Observe the pump breached the turquoise circle and hit the blue one - then stopped.
Afterwards it remained "trapped" between those two points of resistance and support.

And I'm not setting the fib circles the conventional way.
This circle was setup 2 weeks ago, and it fit almost perfectly (with a slight $200 deviation)
It is my own technique that I call "Fib Circle Triangulation" - you can look it up here:
+1 Reply
reynar reynar
@reynar, Almost 3* weeks ago, actually*
Reply
@reynar, Thanks.. I have only seen one other good Fibonacci circle pattern, but I didn't really understand why it fit so well. I'm looking at the longer term pattern from a trend line perspective and .. if it sticks to your pattern.. it will invalidate mine...fortunately, we're going to find out pretty quick which way it goes. :)
Reply
reynar lazytrade
@lazytrade, Seen it where?
And sorry I forgot to say: I'm choosing the center based on resistance and support patterns.
If you look at the price, you can see that most of the time it resembles a circle at some point of another.
I'm looking for 3 points of validation (support and resistance) before I place the circle, so I get a bit of science in the mix.
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@reynar, I played with the tool once and found a pattern.. but I didn't know why or how I could have found it intentionally :)
Reply
reynar lazytrade
@lazytrade, Also, I'm not saying it will go UP.
I'm saying that it will move inside this circle.
I saw something similar a month back, and it went down went it reached the middle of the arc of the circle.
Reply
reynar reynar
@reynar, when* it reached
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