We might be ready for a significant pullback here soon. Or the King may just keep marching onward and upward. But if a retrace starts, the plotted zones are worth watching.
12,525/531 is first support, not strong but might do. 12,196/151 should be pretty good support for strong bull. 11,916/986 should be strong support after 12k stop hunt. 11,555.592/646 should be rock solid and best not approached. 11,000/097 would be a crash zone possibility and damaging.
Part of my ongoing Bitcoin analysis (click): <=Perfect TP <=Perfect TP <=6 wks ago <=Perfect Entry (the EXACT bottom)
Of course, I have had total FAILS on some ideas too, not going to pretend. But all of my plots show PRECISE entries, TIGHT stops, and EXACT targets. Precision is the way of the Fib. Almost every turn happens at a Fib Line.
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We topped out as expected, and pulled back to a pre-planned zone. Now watching for possibility of one more leg down to the "Strong Support" zone.
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yup, 11.9k locked and loaded, considering red Fib of pullback wave
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We went higher than expected, and now slammed back into the "Very Strong" support zone Lets see if it holds, this does have the potential to reach the "Crash Zone"
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Tested again with another good bounce
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Beautiful bounce thus far. Next concern is 12,151-196 zone which will surely be some resistance
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entering the danger zone
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Currently thinking we gonna hit the 11k "crash zone"
Well, the price bounced off of your 11,555 strong support level like it was a ball and changed direction. Good call!
Now the ball is up in the air and needs to break through 12k. Will it have enough momentum? Or will it fall back to earth and retest the 11,555 support level? Time will tell.
EuroMotif
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@BDG, Hi. Thanks for your comments. Lets see how this goes.
As you mentioned, we really need to break above 12k and confirm it as support again before having confidence in the bounce ....
CryptoFlier
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Indeed...your analysis has been spot on! Thanks for sharing @EuroMotif!
What is your time frame for next leg down to Strong Support level? Seems like we're on the cusp...
Will you be chasing this mini-bounce at 12.2K or waiting for 11.9K to reload?
EuroMotif
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@CryptoFlier, Hello and sorry for slow response.
I am in a Hodl'ers strategy, where I sell some at resistance and buy some back at supports, etc.
I did buy sell some at 12.8k bought some back at 12.2k, and the second tap and bounce was convincing enough to iuy back some more.
But I still have enough dry powder to buy the next two zones if it goes there...
CryptoFlier
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@EuroMotif, No worries! Thanks for your reply! ;-) I'm trying to follow the same/similar strategy, which is exactly why I appreciate the ideas you've shared thus far.
I missed buying at 12.2K...so I'm stuck here looking at 12.6K resistance, where there appears to be some indecision. If we break resistance here, I'm going to take a shot at following the momentum higher. Otherwise, I'll wait for my next entry opportunity. Thanks again and best wishes!
Now the ball is up in the air and needs to break through 12k. Will it have enough momentum? Or will it fall back to earth and retest the 11,555 support level? Time will tell.