I took a look at the weekly BTC chart with the Fib retracement levels, and I saw something quite remarkable.
Since the ATH in 2017, the Weekly candles have NEVER been able to CLOSE above the 0.5 Fib level. It has tried 8 times over the past 18 months to close higher than the Fib 0.5 level, and failed each time. Even last week's meteoric rise to almost 14k, ended in failure for the weekly candle to close above this 0.5 level. The 0.5 Fib level is a huge wall of resistance.
If you have a long position, you may want to consider that although the weekly candle can go higher than 0.5 ($11,518) like it did last week, there is a high probability it can close lower.
On a brighter note. If a weekly candle CLOSES higher than 0.5, then we may have a meteoric rise. Take a look at Nov 27, 2017 when the weekly candle failed to close above the 0.5, The following 2 weeks closed above 0.5 with a 75% gain in just 2 weeks! Gains like that would make your local banker cry.
It seems like the 0.5 acts as a chain that holds back the weekly candle from closing higher. But when the 0.5 chain does break, the price goes shooting higher like a runaway rocket. It could happen this week, or 3 weeks from now. We can't know until it happens. But when it does happen, be ready for launch and don't expect a pull back when it does breaks through the 0.5 level. So make sure you are on board.
I think the 0.5 level may be a staging area where the elite (Wall Street) rev up the BTC engine prior to lift off. We could bounce around here for a few weeks before it launches. This Fib level can also be where they cancel the launch altogether if they are not ready to profit from the rise. If I'm right, then this explains why we had the major correction last week that pulled the price back under the 0.5 level. They aborted the launch. They still need a little more time to prepare for lift off. So don't think of last week's drop as a bull trend coming to an end. Think of it as a scheduled lift off being canceled. BTC will launch. After seeing this chart, I'm sure of it. It just wasn't last week's time for BTC to launch so they canceled it and have rescheduled the launch. As long as the weekly candle doesn't close below the Fib 0.618 level (next level down), we are going to launch. T-Minus 'x' and counting.
We are definitely in for interesting times in July/August.
(This is not investment advice. Please do your own due diligence when buying or selling cryptos.)
Since the ATH in 2017, the Weekly candles have NEVER been able to CLOSE above the 0.5 Fib level. It has tried 8 times over the past 18 months to close higher than the Fib 0.5 level, and failed each time. Even last week's meteoric rise to almost 14k, ended in failure for the weekly candle to close above this 0.5 level. The 0.5 Fib level is a huge wall of resistance.
If you have a long position, you may want to consider that although the weekly candle can go higher than 0.5 ($11,518) like it did last week, there is a high probability it can close lower.
On a brighter note. If a weekly candle CLOSES higher than 0.5, then we may have a meteoric rise. Take a look at Nov 27, 2017 when the weekly candle failed to close above the 0.5, The following 2 weeks closed above 0.5 with a 75% gain in just 2 weeks! Gains like that would make your local banker cry.
It seems like the 0.5 acts as a chain that holds back the weekly candle from closing higher. But when the 0.5 chain does break, the price goes shooting higher like a runaway rocket. It could happen this week, or 3 weeks from now. We can't know until it happens. But when it does happen, be ready for launch and don't expect a pull back when it does breaks through the 0.5 level. So make sure you are on board.
I think the 0.5 level may be a staging area where the elite (Wall Street) rev up the BTC engine prior to lift off. We could bounce around here for a few weeks before it launches. This Fib level can also be where they cancel the launch altogether if they are not ready to profit from the rise. If I'm right, then this explains why we had the major correction last week that pulled the price back under the 0.5 level. They aborted the launch. They still need a little more time to prepare for lift off. So don't think of last week's drop as a bull trend coming to an end. Think of it as a scheduled lift off being canceled. BTC will launch. After seeing this chart, I'm sure of it. It just wasn't last week's time for BTC to launch so they canceled it and have rescheduled the launch. As long as the weekly candle doesn't close below the Fib 0.618 level (next level down), we are going to launch. T-Minus 'x' and counting.
We are definitely in for interesting times in July/August.
(This is not investment advice. Please do your own due diligence when buying or selling cryptos.)
