Bitcoin (BTCUSD) made last week a closing that is going under the radar by the market. The closing of the last 1W candle was made above the 0.786 Fibonacci retracement level from the November 2021 All Time High (ATH). But why is that of such a significant value? Because every time in BTC's history it closed a 1W candle above the 0.786 Fib of the ATH, the price never closed below it again.
In fact we can claim that for every past Cycle, such a 1W closing is the final confirmation for the start of the Parabolic Rally. It has to be noted that after such closing, Bitcoin made new ATH in maximum 2 months! That suggests we could see a new Historic High at the time of the Halving! Are just starting the new rally?
Feel free to let us know in the comments section below!
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thank you for your post. I tried following along with you .786 retracement idea and I'm coming up with 57k? from Oct 21 swing high, to Dec 22 swing low. am I doing something incorrectly?
unbeldi
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Finally someone who understands this market.
TradingShot
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@unbeldi, We understand just what the chart is telling us. But thank you for the compliment.
satiev1
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Not true. The 2016 cycle had a weekly close above the .786 and then dropped 40 percent after.
naidmanshah
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@satiev1 the key word here is 'closed'. BTC certainly dropped below the 0.786 FIB but recovered enough to close above that level in 2016
@satiev1, It dropped 2 weeks after but the Jan 09 2017 1W candle didnt close below the .786. On the contrary, BTC rebounded immediately straight to a new ATH. Whatever the angle you want to look at it, this signal is legit.
creepymonster
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But the last cycle was broken. The high should be without doouble top, at 100+ (if there wouldn't be such Mask manipulations). Additionally, it's still more than one month before halving. The breakouts, that you've shown here, were in 6 months after halvings.