Hey there,
I will say, that compared to so many on this platform, I won´t dive into all these technical indicators this time and will keep it very simple, yet so much more exciting.
So we have been consolidating between 6000 and 8000$ for a few weeks now and had mostly sideways price action.
On this chart you see trend-based fibonacci extension using the past bearmarket of 2014-15 by connecting the high of 1200 and the low at 152 on the Bitstamp exchange.
As you see you get a almost perfect prediction of the 19980 top in 2017 with some key support and resistance levels for the past bullmarket and bearkmarket of 2018.
We are now hovering at a key level, the 5.618. As you might know, the 6.18 levels tend to be one of the, if not the most important levels of fibonacci retracements and extensions.
Not only that this level is of high significance but further we now touched the highly psychological and technical area of around 6000$.
I will not call for a bottom, but I say with the utmost confidence that the price levels we are at now, are extremely important regarding technical analysis.
If you are open for more information about how to draw and use these lines, please check out my YouTube channel "Enlightened Trading".
Also there you will get a deeper perspective on other charts which I have been looking at.
So don`t miss out.
Wish you a happy new year and to make some gainzzz, personally, physically and financially.
All the best,
Enlightened Trading
I will say, that compared to so many on this platform, I won´t dive into all these technical indicators this time and will keep it very simple, yet so much more exciting.
So we have been consolidating between 6000 and 8000$ for a few weeks now and had mostly sideways price action.
On this chart you see trend-based fibonacci extension using the past bearmarket of 2014-15 by connecting the high of 1200 and the low at 152 on the Bitstamp exchange.
As you see you get a almost perfect prediction of the 19980 top in 2017 with some key support and resistance levels for the past bullmarket and bearkmarket of 2018.
We are now hovering at a key level, the 5.618. As you might know, the 6.18 levels tend to be one of the, if not the most important levels of fibonacci retracements and extensions.
Not only that this level is of high significance but further we now touched the highly psychological and technical area of around 6000$.
I will not call for a bottom, but I say with the utmost confidence that the price levels we are at now, are extremely important regarding technical analysis.
If you are open for more information about how to draw and use these lines, please check out my YouTube channel "Enlightened Trading".
Also there you will get a deeper perspective on other charts which I have been looking at.
So don`t miss out.
Wish you a happy new year and to make some gainzzz, personally, physically and financially.
All the best,
Enlightened Trading