Friends, I hope you are all having a lovely Friday. I wanted to repost a CRITICALLY IMPORTANT chart regarding the .786 Fib and its key to ALL Bitcoin bottoms. I am drawing this chart on the MONTHLY time frame to drown out the short time frame noise. In drawing this chart, we can clearly see that the .786 is THE MOST IMPORTANT FIB level marking EVERY Bitcoin bottom. Please note, I am only using the past few tops and bottoms for simplicity, but suffice it to say, the .786 was the bottom for the prior cycle as well (NOT SHOWN). What I have done with this iteration was to EXCLUDE CANDLE WICKS! In candle stick analysis the most important part of the candle is the BODY. The wick is the NOISE. When drowning out all the noise we can clearly see that $BTC HAS NOT VIOLATED its current .786 Fib. This is true both on the weekly and monthly time frames. So while many will continue to suggest that Bitcoin is dead, nothing could be further from the truth. Also, the news is ALWAYS the worse at the bottom. Bitcoin has had exhange collapses in the past, it has also dropped MORE in prior bottoms than our current low. So while it is painful out there NOW, just remember that the ones who make real wealth don't buy when everything and everyone are singing crypto's praises, they buy when times are the most turbulent. I think if Bitcoin bottoms here, it makes THE MOST SINCE from both a technical and sentiment standpoint! Godspeed
Comment:
*sense
JT