As we have seen in the bear-market of 2018 Bitcoin price action respects the fibonacci levels, a pattern we see played out many times. This pattern is showing itself again and our theory is that it will play out and we can use it. The market is indecisive at the moment with a lot of people believing that the price of bitcoin will continue to go up and reach the new ATH (All Time High). But if we take a moment to analyse the past, we can expect a pull back that returns us to the old support. Sentiment on the short term is that the bear market is over, however until we go above $21,000 this simply is not the case.
To understand the price action we must first look at the big picture. (2018 -2019 1 week candle Time frame)
This first chart represents exactly what we see with Bitcoin on the weekly in the second chart we look at the daily for end of 2018. The price goes down and bounces up to reach the Fibonacci level of 0.618, which acts as a form of resistance which pushes Bitcoin price back down returning to either the previous level or lower before bouncing back to reach the fib 0.382 level. After reaching the fib 0.382 level price moves up and down between the fib levels or below before a big move downwards which culminates at the end of the triangle. (Daily chart Mar 2018 - Dec 2018)
As we can see these areas are respected by the price action, acting as support and resistance levels. This same pattern bounce back to reach the fib 0.618 before returning to the bottom before another run to the fib 0.382. (may 2018 - Dec 2018)
We see this pattern another time during the bear market.
This leads us to belive that a similar pattern will happen again pushing price back down to these levels.
You realize the patterns are completely different this time around. First run up was FOMO, no support created. This time, we're pausing, creating bull flags and support. Not really sure how you equate the two.
TCCSAcademy
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@mlotis, Maybe you got right! I just share a idea,we can see a lot of chart on the Bitcoin, but I don't see this idea yet, tht the reason why I post it. Can you find me the reason why this present run stop around 14k?
mlotis
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@TCCSAcademy, Because on the way down, Bitcoin paused for several weeks around that level on it's way down from 20k, creating a resistance level. Bitcoin has created a giant bull flag over the last several weeks that if confirmed will put break us through that resistance and continue up.
@chrisabcd, I like your idea, but if you can see this chart, is because this idea is free. Thank to sharing your idea.
chrisabcd
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@TCCSAcademy, People might look at this ridiculous chart and think you know what you're talking about. Clearly you don't! Stop giving people the wrong idea.
TCCSAcademy
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@chrisabcd, Ohh thank, according to you everyone showing is idea on tradingview have a average of 100%. Nice everyone is rich!! I try to see your Idea, but you post nothing. I will wait your idea, thank for your comment.
LG1234
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@chrisabcd, you epitomise the term 'keyboard warrior'. You knock this guys idea but back up your point with nothing but hot air. Instead of talking bs why don't you post something useful to back up what you are saying and "start giving people the right idea..."