BTCUSD further rise. The correction was stopped by a significant level. This level is W1ATR50%. This is 50% of the weekly ATR distance. A weekly ATR distance means how much distance the price movement can move in 1 week based on the ATR value. Based on current ATR (W1) data, bitcoin 5338usd may increase or decrease. Systems (artificial intelligence or other automated trades) that trade based on ATR mathematical rule systems have an important level of ATR50%. We can still see this. The ATR50% can be a reversal level. That is, I assume that another rise may begin from this level. I would like to draw your attention to another rule. In cases where the turn starts from ATR50%, the target price is also easier to calculate. Twice the correction. This is caused by the 2RR risk management rule of Money Management. If the above is correct, we can see a further increase in the price movement of bitcoin. Target price: 51035 usd
@btcdigital, Yes. You are constantly updating my site. No change yet.
Summerset
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Can we take the yellow box out containing the correction to mean that the current correction going on in Bitcoin should terminate at $27500 ?
Or do you think that a deeper correction is fundamentally warranted ?? (vaccination roll out + Stimulus affecting stocks as an asset group to attract hot monies)
Many Thanx for sharing your studies.
Best Regards.
meszaros
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@Summerset, Thanks for the post. Unfortunately, for now, I don’t see more than what I described in my analysis. My analysis considers 50% of the W1ATR to be a support level. This means to me that if the exchange rate is higher then I will go into a long position. In the event that the W1ATR falls below 50% of a D1 closing price, I will cancel my analysis. In this case, bitcoin could drop to as much as 18,000 usd (I don’t see a chance at that right now). The yellow square is the weekly distance of the W1 ATR. For those who trade based on ATR calculations, this means that the price of bitcoin will fluctuate as much in 1 week. Currently, we can see this this week as well.
bimaxim
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thx, so the prevoius 66k level shall come after? or these are separate methods (fractal and atr level) of predicting, therefore both still are happening?
meszaros
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@bimaxim, My analysis is still valid. In case the W1ATR 50% support level is damaged (it closes below the price of D1) I will cancel the analysis. Yes, the answer to your question, if you manage to rise from this level again, I will think of a target price of 66000 usd.