BTC– what the FCUK ? Is Magic Proportion 0,85 still in force?

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
Hi Traders!
So yesterday’s growth on BTC looked promising whether it was due to the fact of temporarily seizing trading on Bitmex whether rumours or analysis made by jacobcanfiled pointing out that there is a great correlation between negative/ positive tweets on CNBC profile.
Unfortunately, there is not much left from yesterday’s optimism and we landed where we were the day before yesterday.
This means we are still in the indecisive point from which the best strategy is to wait for the bounce up.

We are still slightly below TenkanSen and on the verge of VWEMA15. We really need to break it strongly for good. We need 2/3 bars over this level. Of course, the best growth is organic but we have to be careful in this case. As we all know crypto market is very emotional and susceptible for all kind of information. So if we grow over the above-mentioned level and there is no significant info in the internet regarding BTC (except positive info of ETF approval ;)) we can assume it is organic and there is the chance to go higher and earn a couple of bucks.
In our previous analysis, we outlined 0.85 magic proportion which seems to be in force every time we go up. In short words, each top is equivalent of 0,85 of the preceding peak. For more details look on our analysis outlined below.
The last climax was on $8500 so be aware of $7225 this time. Once we break it we can go further than $8500 and try even attack $10000.

So still on Weis Wave indicator, there is no much demand but finally, supply decreases.
We can also see on the chart trend angle marked (green line). It has slightly increased which is positive and may pinpoint the start of the accumulation phase.

There is also very good info. Look at the red rectangle on the chart provided down below.
Over the last 2 weeks levels of $5900 - $6200 were defended 5 times so we should go any lower than these.
Anyway, patience is still of value.

How do you guys feel about that? Are you pissed off? Fed up with constant sways?
Please do tell us if we are not alone here!!

Thanks for all support, comments and likes.

Massive Hugs!
Stay cool.

WBM Team
Comment: support zone
Comment: correction above levels were defended 6 times ;)
Comment: Looks like everyone is waiting for the SEC revision of the rejected ETF's applications. Not much volume yet but finally no supply. The price is above TenkanSen for good. Looks promising.
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Related Ideas

I think the big boys can't seem to get a large enough position going. the CNBC celebrities can't seem to scare enough people out of bitcoin. a massive pop to the upside is the next likely move.

too many shorts.

+1 Reply
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