Bitcoin to $9400 Early or Mid July - Fibonacci DMA’s
Just to get this out of the way, I am very bullish on bitcoin in general and expect us to reach ATH’s in the winter of 2019, I just see this as a very natural and healthy correction that needs to happen before we can get there!
Using the 350 DMA Golden Ratio Multiplier indicator and looking back at bitcoin’s history since 2011, I’ve found that every time we cross above the Green daily moving average, we have a correction to the Blue and then later the Gold daily moving average.
Green Line = 350 DMA x2
Blue Line = 350 DMA x1.618
Gold Line = 111 DMA
If you look at the daily chart and go all the way back to previous cycles, the first times we went above the 350 DMA x2 we were rejected and corrected to the 350 DMA x1.618 and then shortly after the 111 DMA before a higher advance in price and ATH’s. (Please see my chart as I’ve marked every time this has played out since 2011.)
I expect the price to drop to around $9400 area in early to mid July as a touch on the blue line (350 DMA x1.618.
Then I expect some more consolidation and sideways movement maybe until August or even closer to September when we correct to touch the Gold line (111 DMA) which should be in the early $8k’s considering how fast the line is rising.
Looking to make some good swing trades until the end of the summer using this amazing indicator that has worked very well in the past.
Using the 350 DMA Golden Ratio Multiplier indicator and looking back at bitcoin’s history since 2011, I’ve found that every time we cross above the Green daily moving average, we have a correction to the Blue and then later the Gold daily moving average.
Green Line = 350 DMA x2
Blue Line = 350 DMA x1.618
Gold Line = 111 DMA
If you look at the daily chart and go all the way back to previous cycles, the first times we went above the 350 DMA x2 we were rejected and corrected to the 350 DMA x1.618 and then shortly after the 111 DMA before a higher advance in price and ATH’s. (Please see my chart as I’ve marked every time this has played out since 2011.)
I expect the price to drop to around $9400 area in early to mid July as a touch on the blue line (350 DMA x1.618.
Then I expect some more consolidation and sideways movement maybe until August or even closer to September when we correct to touch the Gold line (111 DMA) which should be in the early $8k’s considering how fast the line is rising.
Looking to make some good swing trades until the end of the summer using this amazing indicator that has worked very well in the past.
Comment:
This is still in play, we’re getting a lot of consolidation. It’s possible it may take longer than originally expected because of the psychological $10k area. Will keep updating as we retrace down!
Comment:
$10.6k as of now. Getting closer to our target, pretty much right on time! I think it may be possible we go right down to the 111 DMA all the way in the mid $7k’s instead of bouncing off the $9.5k level on the Blue DMA. We’ll see soon!
Trade closed: target reached:
UPDATE: Target Reached! We just touched the blue 350DMA x 1.618 perfectly!
