Bitcoin correction (Wave 2) aftermath and final support!
Shown are the technical pivots that had influence over the past months during the Bitcoin correction.
The high came very close to the .65 Fibonacci retracement resistance based on the entire bear market from the high 19k to the low 3k levels. In fact, it perfectly hit the .64 Fibonacci level drawn on my chart. .65 is also called/believed to be the golden pocket by many traders, although some prefer .66 for that.
Before today, I never used the Shiff pitchfork myself, but I have seen good results in charts from other traders. After using it, I was very impressed by how some technical pivots perfectly alligned with the lines of importance of this pitchfork as well as how the chart beautifully stayed within the pitchfork territory.
I drew the .618 and .65 of our recent 1 wave to predict the low that will hopefully hold because of major support. Note that the .382 of our bear market also finds itself within this support structure.
If we were to break and close a daily candle below 6700, I expect a major rally downwards towards prices around 4k where we find the first support levels based on previous resistance with high market acceptance. I do not expect bears to go that far, but please keep this possibility in mind when trying to trade the absolut bottom of this correction without decent confirmatioins!
The high came very close to the .65 Fibonacci retracement resistance based on the entire bear market from the high 19k to the low 3k levels. In fact, it perfectly hit the .64 Fibonacci level drawn on my chart. .65 is also called/believed to be the golden pocket by many traders, although some prefer .66 for that.
Before today, I never used the Shiff pitchfork myself, but I have seen good results in charts from other traders. After using it, I was very impressed by how some technical pivots perfectly alligned with the lines of importance of this pitchfork as well as how the chart beautifully stayed within the pitchfork territory.
I drew the .618 and .65 of our recent 1 wave to predict the low that will hopefully hold because of major support. Note that the .382 of our bear market also finds itself within this support structure.
If we were to break and close a daily candle below 6700, I expect a major rally downwards towards prices around 4k where we find the first support levels based on previous resistance with high market acceptance. I do not expect bears to go that far, but please keep this possibility in mind when trying to trade the absolut bottom of this correction without decent confirmatioins!
Comment:
Conclusion, it broke out of my downward channel when 1% above my ultimate BUY target. For those that layerd their way in, congrats. For those that bought when the mini channel broke, congrats. For those that waited too long, checkout my newest Idea, same Pitchfork still 100% in play and new target area is known for second entries!
