Bitcoin and Aligning origin of rallies candlestick patterns fibs
Typically in technical analysis we tend to look for patterns in retracements to work as references for (1) how deep corrections can get, and (2) if buyers have memory when will they act, and create those volume spikes which send price up.
Trader and investor behavior is just like other asset classes and in our case here we want to anticipate where the big money will be accumulating their inventory.
In our case here, the retracements in bitcoin BTC/USD are very straight forward. They should act as support areas and I have included two zones of support the first and closest to current price is 94641 and 11345, it turns out that the 50% retracement aligns with a price level inbetween the high and low point of the range. 10208 is the 50% retracement!
2898 and 4364 is deeper in demand and also coincides with the 78.6% retracement
And also I would put this type of holding period in the more investment type of category, its possible to act quickly on BTC type of trades but in recent years the long only buy and hold investors of the coin made the most money.....
Stay tuned as I continue to post more on much more higher and refined time frames.
-Damian
Trader and investor behavior is just like other asset classes and in our case here we want to anticipate where the big money will be accumulating their inventory.
In our case here, the retracements in bitcoin BTC/USD are very straight forward. They should act as support areas and I have included two zones of support the first and closest to current price is 94641 and 11345, it turns out that the 50% retracement aligns with a price level inbetween the high and low point of the range. 10208 is the 50% retracement!
2898 and 4364 is deeper in demand and also coincides with the 78.6% retracement
And also I would put this type of holding period in the more investment type of category, its possible to act quickly on BTC type of trades but in recent years the long only buy and hold investors of the coin made the most money.....
Stay tuned as I continue to post more on much more higher and refined time frames.
-Damian