EuroMotif

BTC bounce Update 2: near term Support zones of interest

COINBASE:BTCUSD   Bitcoin / U.S. Dollar
Updated plot of the near term support and resistance zones.
Currently at a decision point from which it could go either way.
Current time is 2 Hrs before NY open on pivotal Monday morning.

I am still of the opinion that a bottom (temporary?) is in already.
Mapped are the nearby Support and Resistance zones of interest.
Reaction at each zone will give further clues about overall strength.

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My previous charts catching every key turn and giving early warnings (click the links below):
Bounce Update #1
3.8k Bottom Call
9.2k Top Call
7.7k Retrace Target
10.5k Top call
9.7k Bounce <= mapped within $10
8.2k to 10k wave 5
9k barrier Foretold <= Warning in Time
8k ReBag in HiRes
8475 Top Call <= Mapped within $5
Sub 7k Foreseen
Big Picture Fibs <= the 3 Fibs of Life
14k target call <=Perfect TP
10k target call
3.1k bottom call <=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.

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Comment: Launch Success, now stage 2?

Perfect launch from the "Decision Zone" (yellow shaded area is after Idea was posted).

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Zoom IN (15 min) for a closer look at the mapped zones many Pings confirm all of the fibs in use.

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Zoom IN (8 min) and adding a fib of the bounce looks like a well confirmed fib.

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Zoom OUT (34 min) with the new Blue fib added to original plot The new fib has now reinforced the two resistance zones above.
Blue 6.618 could end this wave and cause Double Top.
Blue 9.236 would the max expectable for this bounce wave.

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SUMMARY:
- Bulls look to be in control for now.
- All original zones are still quite valid.
- There is a risk of Double Top at $69xx
- NY session on Wed will be next key decision point.
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Comment: Follow up to last pic above ^^

First target at blue 6.618 was hit It actually went past the blue to the red fib at top bound, shown next:

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Zoom OUT (3 h) for a full view of that red fib and the 3.236 that has marked the top twice now.

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So looking more closely at that red fib, we see its relevance to the recent moves AND we see the 2.618 being a likely next target.
And 2.618's are always tough when approached from EITHER direction.
So the $ 761x price point is the most we can expect before a significant pullback.

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SUMMARY:
- Bulls still look to be in control.
- Recent action highlights the red fib's relevance.
- So we can look for the red 2.618 as next target.
- And that 2.618 if reached, will likely cause a pullback.
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the Golden Ratio is my Religion
the Trading View is my Nation
the Moderator Tag is my Flag

Comments

Wow. Love your work.
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Radbikerboy Radbikerboy
@EuroMotif Did we just witness that double top?
Reply
Radbikerboy Radbikerboy
Breaking $7000 going to be third time lucky?
Reply
EuroMotif Radbikerboy
@Radbikerboy, I hope so, this is the best chance bulls are gonna get ...
Reply
EuroMotif Radbikerboy
@Radbikerboy, thanks for your kind feedback
Reply
Humble, please stay stoic
Reply
What kind of confirmation are you looking for? Would you say we just got it?
Reply
yes, the bottom probably is near, but price still can fall down to new lows and make RSI bullish divergence on daily chart, i explained it on my idea:
Reply
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