I have had a few people request an update on my analysis of bitcoin since the last on July 17.
Just to recap in my previous analysis I actually expected bitcoin to continue its downward movement to the weekly support level of 1355, however around July 15 2017 it hit the 0.50 of the AB Fib retracement (C= $1825USD) to begin its rally to the the 0.618 D extension ($3931USD). Confirmation of the rally was confirmed on July 18 when it broken the counter trend line and continued its rally to the .618 of the extension at $3931. Currently Bitcoin is short of this target however should hit it within the next few hours.
Once this D target is hit expect a pull back as major investors collect their profits.
The rule for using this method of analysis is that confirmation of the D will be a new high formed with two candle sticks to the left and two to the right. Once we have this completed I will re-do the analysis and let you know when is a good time to re-enter.
Just to recap in my previous analysis I actually expected bitcoin to continue its downward movement to the weekly support level of 1355, however around July 15 2017 it hit the 0.50 of the AB Fib retracement (C= $1825USD) to begin its rally to the the 0.618 D extension ($3931USD). Confirmation of the rally was confirmed on July 18 when it broken the counter trend line and continued its rally to the .618 of the extension at $3931. Currently Bitcoin is short of this target however should hit it within the next few hours.
Once this D target is hit expect a pull back as major investors collect their profits.
The rule for using this method of analysis is that confirmation of the D will be a new high formed with two candle sticks to the left and two to the right. Once we have this completed I will re-do the analysis and let you know when is a good time to re-enter.
