I decided to do btc next on this fib retracement idea. It follows the same pattern as the last idea, where the old fib lines from the 2017 impulse are in white and the new fib lines from the 2020 impulse are in blue, with arrows showing the pings from the recent bull run on the old fib lines.
There was a 2x fib again in the 17k area and a near 2x fib as well in the 32k area. I also noticed something that made sense from this recent bull run. The reason that the 51K price area was important seems to be that it was the 2.618 extension from the 2017 move. Along with the price action there before the last leg up, I saw a lot of chatter about that price in the chat.
The drop after we broke 41k bottomed out around the 32k price range, which was around the 1.618 extension of the 2017 move. Interestingly enough, this is the near 2x fib that I mentioned earlier.
Looking ahead, we may see 71k as the new ATH once we push past the current ATH, as that is the 3.618 fib extension from the 2017 move. Will we get there? Idk this is all new to me...
There was a 2x fib again in the 17k area and a near 2x fib as well in the 32k area. I also noticed something that made sense from this recent bull run. The reason that the 51K price area was important seems to be that it was the 2.618 extension from the 2017 move. Along with the price action there before the last leg up, I saw a lot of chatter about that price in the chat.
The drop after we broke 41k bottomed out around the 32k price range, which was around the 1.618 extension of the 2017 move. Interestingly enough, this is the near 2x fib that I mentioned earlier.
Looking ahead, we may see 71k as the new ATH once we push past the current ATH, as that is the 3.618 fib extension from the 2017 move. Will we get there? Idk this is all new to me...